NEO 2.0

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History

NEO 2.0 was established after the rebranding from "Antshares" to NEO on in August of 2017. [1] The new NEO whitepaper focused its priorities for the new Smart Economy in three primary areas: digital assets, digital identity, and smart contracts. Additionally, the white paper covered key changes such as NEO and GAS distribution, the creation of a governance mechanism, refinement of the blockchain’s smart contracts, cross chain interoperability, and quantum computing resistance. [2]

Digital Assets

Programmable assets that exist in the form of electronic data which are to be decentralized, trustful, traceable, highly transparent, and free of intermediaries. In the NEO ecosystem, digital assets may be registered, traded, and circulated among participants. NEO has two forms of digital assets: global assets and contract assets. Global assets can be recorded in the NEO ecosystem and identified by all smart contracts and clients. Contract assets are recorded into private storage and require a compatible client to recognize them.

Digital Identity

Digital identity is a connection between digital and physical assets. Once assets are registered through a validated digital identity, they're able to be protected through legal regulation. This includes identification information of individuals, organizations, and other entities. Whitepaper 2.0 includes tools to provide the ability to implement mature digital identity system standards to support future authentication techniques such as the use of facial features, fingerprint, voice, and SMS.

Smart Contracts

A smart contract is executed when a pre-programmed condition is triggered, and both parties have met the corresponding contract terms. Smart contracts on the NEO platform are subdivided into three types: validation contracts, function contracts, and application contracts. To build a smart contract on the NEO platform, developers do not need to learn a new programming language.

NEO Smart Contract 2.0

NeoContract

Created to provide seamless integration into the developer community. With NeoContract, developers don't need to learn a new programming language, but can use the language they’re most familiar with in their integrated developer environment (IDE) to develop, compile, and debug a smart contract.

Languages that are currently and planned for support include: C#, VB.Net, F#, Java, Kotlin, Python, C, C++, Golang, and Javascript [3]

NeoVM

NeoVM is an intelligent contract execution environment that has advantages of high certainty, high concurrency, and high scalability. The platform launches very fast and requires only a small amount of resources, which is very suitable for smart contracts (such as short procedures). It was designed to debug and test smart contracts to allow for easier and faster development.

DevPack

A compiler and integrated development environment (IDE) allows programmer’s to design and code in a language they’re familiar with, so they can immediately begin to develop smart contracts once they’ve installed the program.

InteropService

A virtual machine, designed for other virtual machines, to achieve higher functionality of smart contract services. It is through this low-coupling design, that NeoVM can be ported to other blockchain and non-blockchain platforms, which increases the utility of smart contracts for real-world services.

NeoVM Interoperability Service Layer

The virtual machine that executes the smart contract code. It's a light-weight, general purpose machine with an “architecture that reads and executes instructions found in a contract, in sequence, performs process control that is based on the functionality of the instruction operations, and logic operations.” The NeoVM can also be adapted/ported to non-blockchain systems, or integrated with the IDE for increased developer and development experience.

NeoID

NeoID is used to prioritize the scale of transactions and operations with pre-qualified identities. “NeoID is a to be defined standard for [identification] in blockchain that is to serve as [the] platform’s foundation,” it will act as the infrastructure to serve global digital identification certification standards. Smaller scale transactions and smart contracts that don’t have a pre-established NeoID can receive priority for block confirmation by paying extra GAS to get to the front of the queue.

NeoX

NeoX is a cross-chain interoperability agreement designed to move data, information, and value across blockchain platforms. Cross-chain interoperability can take place in the form of atomic token swaps between users across chains, or executing portions of a smart contract on multiple blockchain platforms. A cross-chain assets exchange agreement ensures all steps in the whole transaction process either succeed or fail together.

NeoFS

A distributed storage protocol that utilizes a distributed hash table (DHT) technology. DHT provides a lookup table where participating nodes can retrieve any values that are associated with a given key.[4] With NeoFS, data is indexed through file content (hash) as opposed to a file path(URI). This allows for larger files to be minimized to fixed-size data blocks to be distributed and stored on different nodes.

NeoQS

NEO Quantum Safe (NeoQS) was designed to minimize the ability for quantum computers to solve large numbers of decomposition problems and elliptic curve discreet algorithms. Quantum attack resistance will be implemented using Shortest Vector Problem (SVP) and the Closest Vector Problem (CVP), as quantum computers don’t have the ability to quickly solve the problems.

Economic Model

NEO (NEO) is the governance coin, and NeoGas (GAS) is the utility token that powers transactions on the blockchain. NEO coins are indivisible, which does not allow for the smallest unit of NEO to be less than 1; whereas the minimum unit of a GAS token is 0.00000001. At the genesis block, 100 million NEO coins were minted. Eventually be an equal amount of GAS as it will be a 1:1 ratio of NEO:GAS. GAS is released when each new block on the chain is created, along with an inherent 22-year “decay algorithm” that won’t allow the 100,000,000th GAS token to be minted until 2038.

GAS is generated with each block at an average interval of 15 - 20 seconds between each block generation. The decay algorithm of the GAS utility tokens would have an initial 8 GAS tokens released with every block, set to decrease by a token a year until 1 GAS token is generated per block by Year 8. Once 1 GAS token is generated per block, it will be held at that rate in perpetuity, until another standard for GAS generation is established.

Governance Mechanism

Onchain governance designed to give voting options to NEO coin holders as owners and managers of the blockchain network. Offchain governance consists of NEO Council, largely comprised of founding members. The NEO Council designed to include a management committee, technical committee, and a secretariat to be held responsible for strategic decision-making, technical decision-making, and specific implementation.