The Neo blockchain has two native tokens for its ecosystem: GAS and NEO. The GAS token is used to represent the right to use the Neo blockchain, and its NEO token represents the right to manage the blockchain.
NEO token holders can participate in both on-chain and off-chain governance structures. For on-chain governance, holders can use their NEO to vote on network protocol upgrades and receive GAS as an incentive for participating. Off-chain governance decisions can be voiced to the Neo Council. The council is responsible for making strategic and technical decisions and for implementing changes.
Of the 50 million NEO retained by the Neo Council, the team guaranteed that the council wouldn’t use more than 15 million tokens per year and that tokens would be distributed as follows:
Like the prices of many other cryptocurrencies, NEO’s price stagnated for most of 2018. Then, it failed to rise above $25 in 2019 and 2020. But during the crypto bull run in May 2021, NEO’s price surged to $140, which was the highest price in more than three years.
How does Neo work?
Neo is a distributed network that uses blockchain technology and smart contracts to automate digital asset management. The blockchain’s mission is to make any asset, digital or physical, accessible to real human beings and to computer programs with minimized trust and permission.
Neo’s NeoContract smart contract system consists of three parts, including a universal blockchain virtual machine (NeoVM), interoperable services (InteropService) and a compiler with an IDE plug-in (DevPack). By creating a uniform system with an IDE for NeoContract development, developers can write and deploy contracts in a variety of programming languages, including Python, Java, Go and C#.
Key events and management
As the Antshares community continued to grow, the team sought to expand its operations internationally. To better represent the brand on an international level and highlight Antshare’s newly integrated Smart Contract 2.0 upgrade, the Antshares blockchain was renamed Neo in 2017.
Alongside the rebranding, Neo distributed its NEO tokens via the ICO and established the Neo Council, which consists of the project’s founding members, a management committee, a technical committee and a secretariat who are responsible for the promoting and developing the product.