NEO, formerly known as Xiao Yi, is an early public link project in China, billed as China's version of Ethereum. NEO is a distributed network that utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets through smart contracts to achieve a "smart economy." To put it simply, it is to digitize the assets of the physical world and transfer them to the blockchain. It is mainly used for the registration, management and circulation of the company's equity, which can be used in the fields of equity registration, equity incentive, equity crowdfunding, creditor's rights transfer, securities trading and so on. It is an equity transfer and trading system based on blockchain technology.
NEO's underlying layer is based on blockchain technology, and its equity database is not controlled and maintained by a centralized company, but jointly maintained by all NEO participants. Activities such as equity issuance and trading in NEO are performed by and directly by users, without the need for a third party.
There are currently more than 30 Dapps running on the Neo network, 11 of which are games, such as DeFi platform Flamingo, decentralized exchange Switcheo, Nash, Wallet O3, NeoLine, and asset tokenization platform Liquefy.
Neo works with Poly Network, an interoperability protocol, to connect other public chain assets and applications to the N3 Network.
There are two native tokens built into Neo, Neo and GAS. NEO is a management token used to manage the NEO network. Management rights include voting for consensus node election and Neo network parameter change. NEO has a minimum unit of 1 and is not divisible. GAS is a fuel token used for resource control over Neo network use. Neo networks charge for token transfers and the operation and storage of smart contracts to provide financial incentives for consensus nodes and prevent resource abuse.