Questions » What is the NEO network?

What is the NEO network?

NEO is a cryptocurrency and blockchain platform that was launched in 2014 under the name “Antshares”. It is often referred to as the “Chinese Ethereum” due to its similarities with the Ethereum network in terms of its smart contract functionality.

The NEO platform is designed to support the development of decentralized applications (dApps) and smart contracts, and it provides developers with a variety of tools and resources to build and deploy their own applications. The platform uses a consensus algorithm called delegated Byzantine Fault Tolerance (dBFT) to validate transactions on the network.

One of the key features of NEO is its ability to support multiple programming languages, including popular languages like C#, Java, and Python, which makes it more accessible to developers who may not have experience with blockchain programming languages.

NEO also has a unique token economics model, with two types of tokens: NEO and GAS. NEO is used for voting on important decisions related to the development of the platform, while GAS is used as a transaction fee and to pay for the use of smart contracts on the platform.

Overall, NEO is designed to provide a robust and flexible platform for the development of decentralized applications and smart contracts. Its support for multiple programming languages and unique token economics model make it an attractive option for developers looking to build on a blockchain platform.