NEO: Distributed Smart Economy Network

neo-smart-economy

NEO is the use of blockchain technology and digital identity to digitize assets, the use of smart contracts for digital assets to be self-managed, to achieve “smart economy” with a distributed network.

What is NEO?

NEO, formerly Antshares, is China’s first ever open source blockchain. Founded in 2014, NEO’s mission has been to reinvent the way commerce is done. We believe 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.

Smart Economy

  • Digital Asset
  • Digital Identitiy
  • Smart Contract

Digital Assets

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.

NEO has two forms of digital assets: global assets and contract assets. Global assets can be recorded in the system space and can be identified by all smart contracts and clients. Contract assets are recorded in the private storage area of the smart contract and require a compatible client to recognize them. Contract assets can adhere to certain standards in order to achieve compatibility with most clients.

Digital Identity

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 compatible X.509 level certificate issuance model, will also support Web Of Trust point-to-point certificate issuance model. Our verification of identity when issuing or using digital identities includes the use of facial features, fingerprint, voice, SMS and other multi-factor authentication methods. At the same time, we will also use the blockchain to replace the Online Certificate Status Protocol (OCSP) to manage and record the X.509 Certificate Revocation List (CRL).

Smart Contract

The smart contract was first proposed by the cryptographer Nick Szabo in 1994, only five years after the creation of the World Wide Web. According to Szabo’s definition: When a pre-programmed condition is triggered, the smart contract will execute the corresponding contract terms. Blockchain technology provides us with a decentralized, tamper-resistant, highly reliable system in which smart contracts are very useful. NEO has an independent smart contract system: NeoContract.

A Transparent and Fair World

In this new Smart Economy, a paradigm shift from the “Internet of Information” to an “Internet of Value” is taking place. This will allow for seamless integration of the traditional economy and digital economy, facilitating the free flow of all assets. Exchange of value and economic activities are provided in a trustless mode. The rules, policies, and organizations of traditional society will be rightfully transparent and fair. This is an “Internet of Order” and the ultimate goal of NEO Smart Economy.

The Technology Behind NEO

Through technologies such as P2P networking, dBFT consensus, digital certificates, Superconducting Transactions, and cross-chain interoperability the NEO blockchain enables management of smart assets in an efficient, safe and legally binding manner.

China’s first original public chain
NEO project started in 2014 and has been open-source on Github since 2015. NEO applies unique technologies adapted for future industry demand, and is the strongest comprehensive domestic public blockchain.

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

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

Superconductive trade mechanism
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
Turing-complete smart contracts which will have high certainty and finality, support parallel operation, sharding and unlimited scaling when run in NeoVM.

Program smart contract with advanced languages
NeoContract supports multiple programming languages such as C#, Java, and Go. Developers can rapidly develop smart contracts based on the NEO platform without having to learn a unique language.

Light-weight stack NeoVM (NEO Virtual Machine)
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 acheive unlimited theoretical scalability.

Innovative dBFT consensus mechanism
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 that 1/3 of the nodes.

Original Cross-chain interoperation protocol
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.

Lattice cryptology-quantum computer-proof technology
Introduced Lattice cryptography-based signing and encryption technique to avoid quantum crisis by turning encryption and decryption problem into the Shortest Vector Problem (SVP) which cannot be solved by current quantum computers.

Website: https://neo.org/
Download: https://github.com/neo-project
Documentation: http://docs.neo.org/en-us/index.html

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