The NEO token is the native currency for the NEO blockchain, a platform built to host and maintain decentralized applications and smart contracts. The NEO network uses proof-of-stake as a consensus algorithm and can support up to 10,000 transactions per second. It also contains an oracle component that enables smart contracts to access data from external sources. NEO's plan to institute cross-chain interoperability features come from NeoX, a platform that manages cross-chain asset transfers and decentralized transactions.
Additional technology used by the Neo platform includes dBFT2.0 (A consensus algorithm with high stability, high TPS and single block finality), NeoVM (A lightweight, cross-platform and scalable virtual machine), NeoID (A customizable decentralized self-sovereign identity protocol), NeoFS (A distributed object storage solution for on-chain data applications), Dual Token (An innovative dual token economic model that optimizes on-chain governance and utility), Oracle (A built-in oracle component enabling smart contracts to access external resources), Voting Mechanism (A voting mechanism that enables participation of on-chain governance), and Smart Contract (A cross-platform, multi-language supported smart contract system).
NEO, formerly called Antshares, was founded by Da Hongfei and Erik Zhang and is China's first open-source blockchain protocol. It was created to facilitate the development of a digital economy that could use digital identities, assets, contracts, and payments. Neo aims to provide a scalable, dynamic platform that supports a variety of programming languages.