# NEO: China's Answer to Ethereum
## What is NEO?
NEO is often considered China's answer to Ethereum. Both cryptocurrencies use smart contracts, but NEO aims to improve Ethereum's network with its unique blockchain. NEO defines itself as a distributed network that represents digital assets with digital identities supported by smart contracts.
## Interesting Facts About NEO
- NEO first appeared in the West as Antshares in 2016.
- It uses a modified proof-of-stake protocol known as Delegated Byzantine Fault Tolerance (dBFT) for blockchain consensus.
- During its 2016 ICO, NEO raised 6,119 TC and created 100 million NEO tokens.
- By the end of 2017, NEO had a market cap of $5 billion, ranking among the top 20 cryptocurrencies.
In essence, NEO uses easily programmable smart contracts to ensure the secure trade of real-world assets.
## NEO's Network Design
- NEO's network is built on two tokens: NEO and neoGAS (GAS).
- NEO tokens were fully pre-mined during the genesis event, totaling 100 million tokens.
- The GAS token acts as the fuel for the NEO blockchain, facilitating daily operations and rewarding users.
## Smart Contracts: Based on Ethereum's Design
NEO uses Ethereum's design to build the economy of the future. Trust is a fundamental issue in the modern economy, and both NEO and Ethereum address this through smart contracts. Users can digitize their assets and trade them securely.
