NEO.ORG | What is NEO and how does it work?

NEO: What is NEO? NEO is a non-profit community-based blockchain project that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a “smart economy” with a distributed network. NEO was founded in 2014 and was real-time open source on GitHub in June 2015. 

Since its inception, the NEO team has experienced the upsurge and boom of the blockchain industry and the frenzy and cooling of the digital money market. 

NEO team believes technology drives progress and together we can create the future. Motivated by this, NEO has been created to shift our traditional economy into the new era of the “Smart Economy”. 

  

– The technology underlying NEO supports multiple types of digital assets. Users can register, transfer and trade at will on NEO. 

– Digital certificates are supported, placing trust into the public chain. This provides full legal protection for all assets digitized through the NEO platform. 

– Facilitate P2P exchange of digital assets. Buyers and sellers of digital assets and currencies will be handled peer-to-peer without the need for third party exchanges. 

– Turing-complete smart contract, which will have high certainty and finality, support parallel operation, sharding and unlimited scalability when run in NeoVM. 

– NeoContract supports multiple programming languages such as C#, Java, and Go. Developers can rapidly develop smart contracts based on the NEO platform without learning a unique language. 

– Neo Virtual Machine (NeoVM): NEO’s lightweight stack-based virtual machine provides shorter startup times with efficient execution. Deterministic calling tree-technology allows NEO to achieve unlimited theoretical scalability. 

– Consensus nodes use Byzantine Fault Tolerance Algorithm to reach consensus and ensure the finality of transactions. It also ensures that the system keeps its finality and availability as long as Byzantine fault occurs on less than 1/3 of the nodes. 

– Comprises Cross-chain Assets Swap Protocol and Cross-chain distributed transaction protocol and can achieve atomic assets swap and guarantee the operation consistency of smart contracts executed on different chains. 

– Introduced Lattice cryptography-based signing and encryption technique to avoid quantum crisis by Turing encryption and decryption problem into the Shortest Vector Problem (SVP), which cannot be solved by current quantum computers. 

The NEO Team and community have created various wallets for different platforms. You can download the wallets or access the web wallets. 

Digital Assets are programmable assets that exist in the form of electronic data. With blockchain technology, the digitization of assets can be decentralized, trustful, traceable, highly transparent, and free of intermediaries. 

On the NEO blockchain, users are able to register, trade, and circulate multiple types of assets. Proving the connection between digital and physical assets is possible through digital identity. Assets registered through a validated digital identity are protected by law. 

Digital identity refers to the identity information of individuals, organizations, and other entities that exist in electronic form. The more mature digital identity system is based on the PKI (Public Key Infrastructure) X.509 standard. In NEO, we will implement a set of X.509 compatible digital identity standards. 

This set of digital identity standards, in addition to a compatible X.509 level certificate issuance model, will also support the Web Of Trust point-to-point certificate issuance model. 

  

The NeoContract smart contract system is the biggest feature of the seamless integration of the existing developer ecosystem. Developers do not need to learn a new programming language, but can use C#, Java and other mainstream programming languages in their familiar IDE environments (Visual Studio, Eclipse, etc.) for smart contract development, debugging and compilation. NEO’s Universal Lightweight Virtual Machine, NeoVM, has the advantages of high certainty, high concurrency, and high scalability. 

The NeoContract smart contract system will allow millions of developers around the world to quickly carry out the development of smart contracts. NeoContract will have a separate white paper describing the implementation details.