What is the NEO blockchain?

NEO is an open-source blockchain platform and cryptocurrency designed to digitize assets, automate the management of digital assets using smart contracts, and to realize a "smart economy" with a distributed network.

NEO was founded in 2014 by Da Hongfei and Erik Zhang. The NEO blockchain is a distributed ledger technology (DLT) that enables users to create, store, and transfer digital assets securely. It is based on a Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism which allows for high throughput and scalability.

The NEO blockchain also supports smart contracts which are self-executing computer programs that can be used to facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts are written in the NEO Virtual Machine (NeoVM), which is a lightweight virtual machine designed for efficient execution of smart contracts. The NEO blockchain also supports decentralized applications (dApps).

dApps are applications that run on the blockchain and are powered by smart contracts. They allow developers to create decentralized applications that can interact with the blockchain in order to access its features such as asset management, identity verification, data storage, and more. In addition to its features mentioned above, the NEO blockchain also has an advanced governance system called dBFT 2.

0 which allows for faster transaction processing times and improved scalability. The dBFT 2.0 system also enables users to vote on changes to the network such as upgrades or new features.

This ensures that any changes made are approved by the majority of users before they take effect on the network.