Binance, the world's leading cryptocurrency exchange, has announced its support for a significant upgrade and hard fork on the Neo network, set to take place today, Wednesday. The move aims to stimulate a more intelligent economy by digitizing assets and identities via smart contracts.
The network upgrade and hard fork for Neo is scheduled to occur upon reaching the 4,120,000th block height, projected to be around 13:00 GMT (09:00 ET). In preparation for this event, Binance has imposed a temporary suspension on deposits and withdrawals on the Neo network, starting from approximately 12:00 GMT today.
Neo, an innovative blockchain project founded in 2014 by Da Hongfei and Erik Zhang under the name AntShares, was designed to fully digitize assets and identities using smart contracts. This approach aims to promote a smarter economy where digital assets and identities serve as key components to enhance individuals' quality of life. By establishing a distributed, network-based, intelligent economic system using decentralized applications, Neo seeks to automate the management of digital assets through smart contracts.
In June 2017, AntShares underwent a rebranding process and took on its current name - Neo. The platform operates with two native tokens: NEO and NEO Gas. It distinguishes itself from other blockchain platforms like Bitcoin and Ethereum by emphasizing compliance and serving as a development platform for decentralized applications. Notably, it uses a unique consensus mechanism known as Delegated Byzantine Fault Tolerance (dBFT).
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