Ethereum is a platform and a programming language that makes it possible for any developer to build and publish next-generation decentralized applications. Ethereum can be used to codify, decentralize, secure and trade just about anything: voting, domain names, financial exchanges, crowdfunding, company governance, contracts and agreements of most kind, intellectual property, and even smart property thanks to hardware integration. Ethereum borrows the concept of decentralized consensus that makes bitcoin so resilient, yet makes it trivial to build on its foundation. To find out more about how Ethereum works, consult the whitepaper.
NEO is an open source project driven by the community. It utilizes blockchain technology and digital identities to digitize assets and automate the management of digital assets using smart contracts. Using a distributed network, it aims to create a "Smart Economy". NEO was founded in 2014 and open sourced on GitHub in June 2015. Its MainNet was released in October 2016 and has been running in stable capacity for two years. Its vision of a "smart economy" was set up along with the project rebranding in 2017.
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