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Author: Admin | 2025-04-28
What Is NEO? NEO is a blockchain developed to fully digitize assets and identities through smart contracts, which will facilitate the emerging smart economy. In the theory behind a smart economy, digital assets and digital identities are seen as being essential to improving the quality of life for everyone. NEO aims to automate digital asset management through smart contracts, with the eventual goal of building a distributed, network-based, smart economy system using decentralized applications.Key TakeawaysNEO is a blockchain ecosystem designed to be used to build a smart economy.NEO has two native tokens. NEO is used to establish ownership and management roles in the blockchain, and NEO Gas is used to pay for transactions on the blockchain.NEO defines a smart economy as one that uses smart contracts to manage and secure digital identities and assets. Understanding NEO NEO was founded as AntShares by Da Hongfei and Erik Zhang in 2014. It was rebranded to NEO in June 2017. It is a blockchain-based platform that supports two native tokens, NEO and NEO Gas. The NEO project's blockchain is designed to digitize identities and assets and use smart contracts to track and transfer ownership—a smart economy. NEO originally described its smart economy system as: Digital Assets + Digital Identity + Smart Contract = Smart Economy. Digital Assets Digital assets are not only digital property but are also physical assets tokenized by transferring their value to the blockchain and having it issue a token for each asset. Tokenization creates a decentralized, trustworthy, traceable, and transparent manner for asset management, free of intermediaries and their associated costs. Users can record, buy, sell, exchange, or circulate various assets. NEO developers believe this digitization supports asset protection because they are registered on its platform, giving them a validated digital identity. Digital Identity Digital identity enables verifiable key information about participating individuals, organizations, and other entities that exist in the digital context. The developers believe that securing individual information through blockchain, consensus mechanisms, and encryption methods is essential as life becomes more and more digital.NEO and NEO Gas are not minable cryptocurrencies. There will only be 100 million NEO—50 million of which went to fund-raising supporters, and the remaining 50 million are for developers, cross investments, and contingencies. NEO Gas is awarded for blockchain work and transaction fees. However, you can purchase NEO on exchanges. NEO uses the Public Key Infrastructure standard (X.509) as a guide for managing identities by creating encrypted private and public keys used to verify identities. Digital identities can be verified using facial recognition, fingerprints, voice, SMS, and multi-factor identification methods. Smart Contracts Smart contracts are code that automatically execute transactions and agreements between different parties. Smart contracts remove the requirement for third-party involvement
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