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NEO Cofounder Praises the Ethereum Dev Community, Talks About the Future of Blockchain Tech and NEO 3.0

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Da Hongfei, Co-Founder of NEO and the visual face of the venture, gave one of the vital important displays of the NEO DevCon in Seattle. During the development, the neighborhood was once in a position to be informed about a very powerful tendencies which might be being made in this platform in addition to the growth of NEO 3.0, the “evolution” of the blockchain, deliberate for the impending months.

One of essentially the most related issues to be famous is Da Hongfei’s imaginative and prescient of consolidating NEO as a very powerful blockchain of 2020. A difficult purpose relating to adoption and a lot more if the marketplace cap of its token measures the “success” of the blockchain.

NEO 3.0: Goodbye UTXO Tokens and Welcome to 100 % Smart Contracts

The “Chinese Ethereum” has a 2019 filled with demanding situations and tough paintings. The implementation of NEO 3.Zero is thinking about making this blockchain the best option for massive enterprises, optimizing the improvement of Smart Contracts and getting rid of UTXO tokens.

In this regard, the NEO cofounder commented that despite the fact that this can be a tough activity, they’re operating laborious to optimize the blockchain and make the improvement of packages more uncomplicated by means of standardizing the processes and traits of the tokens that run on NEO:

“On NEO, there are some complicated, global assets which are UTXO-based very similar to the model of Bitcoin. And we also have smart contract assets, so we want to unify the two things. In the future, there will be no more UTXO assets or global assets, and you have to issue assets with the smart contract.”

Layer 2 Solutions: The Future of Blockchain

Da Hongfei additionally defined that one day, layer two answers would play a preponderant position within the huge adoption of a blockchain. The building of this kind of applied sciences may affect now not most effective the scalability of tasks but in addition the benefit in their programming:

“You don’t want to know the way to put in writing HTML you simply use WordPress. So, for now, the entire decentralized apps are constructed on most sensible of layer one immediately at the blockchain. But we consider that one day, there can be other layers, numerous layer 2 answers.
Many (if now not all) of those DApps can be constructed on most sensible of layer two answers. So we want higher or local toughen for layer two answers.”

NEO Cofounder Praises Ethereum Community

Also, in an interview for The Bitcoinist, Mr. Da Hongfei made it transparent that despite the fact that there are obtrusive comparisons between NEO and ETH, each tasks have other approaches. This, on the other hand, was once no impediment for the person accountable for NEO to reward Ethereum for having one of the vital cast communities of builders within the ecosystem:

“Ethereum currently has the strongest community of developers; they are like the go-to solution. If you want to study how to do a smart contract, you will probably do it on Ethereum. So those DApps will become like nobody will use.”

He additionally talked concerning the strategy of “decentralization” of the nodes. For Da, figuring out when to switch the ability of nodes held by means of the NEO Foundation is important for a balanced long run for EOS:

“Leading a blockchain corporate isn’t like main a centralized corporate. You don’t seem to be homeowners; you don’t seem to be in entire keep an eye on, infrequently in case you are controlling an excessive amount of, the neighborhood will say you might be too centralized. We have seven consensus nodes, and the NEO basis controls 5 of the nodes.
We are slowly within the strategy of decentralizing the consensus nodes. So sure, it’s like an artwork; you want to steadiness between potency and decentralization.”

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