Neo

Neo is an open-source layer-1 blockchain launched in 2014. It was previously known as Antshares, which was rebranded to Neo after it implemented smart contracts 2.0 in 2017. Smart contracts 2.0 uses a combination of high concurrency and dynamic partitioning that improved its performance and expandability. The network upgraded to its third version–N3, with its mainnet launched in 2021. 

Neo incorporates a virtual machine and smart contracts that allow developers to create scalable dApps. The network uses a consensus mechanism similar to proof-of-stake called delegated Byzantine Fault Tolerance (dBFT), which achieves consensus via proxy voting through a specialized node delegation process. It also features a decentralized file storage system, an identity system (NeoID) for assigning identities to validator nodes that can be linked to real organizations or individuals, and an out-of-chain data access service (Oracle Service) that allows users to access external data sources.

The network uses a unique dual token model (NEO and GAS) to separate governance from utility. NEO token holders are the owners of the network and are able to participate in the governance process, while GAS is used to pay for network fees, smart contract deployments, and in dApp purchases.

Key customers and partnerships

Neo has collaborated with several blockchain infrastructure providers to improve the blockchain’s functionality and features. It collaborated with SeQure (November 2022), which employs artificial intelligence and machine learning to monitor the network and discover hackers and flaws in real time, as well as to assist in potential asset recovery. It also teamed with Simplex (September 2022) to provide onramp and offramp features, allowing customers to purchase NEO and GAS using Visa, Mastercard, SEPA, SWIFT, or other fiat currencies without using external exchanges or fiat-to-cryptocurrency payment gateways. Furthermore, it collaborated with blockchain infrastructure company InfStones (October 2021), with the latter running a node and offering a Neo N3 public API service, which provides developers with quick and easy access to Neo network on-chain data. Neo also partnered with Phoenix (June 2024), a decentralized AI infrastructure provider, to explore how Phoenix's AI solutions can accelerate blockchain technology and drive adoption on Neo X.