At the recent NEO Devon Conference 2019 held in Seattle, Da Hongfei, the co-founder of NEO talked about the history of NEO and Blockchain, Smart Economy and possible improvements expected in NEO 3.0.
The primary focus of the conference was the development of the NEO ecosystem and the contribution made by projects associated with NEO to the ecosystem. The keynote speakers on Day 1 of the conference included Hongfei, Erik Zhang – Founder of NEO, Miha Kralj – Managing Director at Accenture, Pablo Junco – Director of Worldwide Apps Solutions Strategy at Microsoft, and Dr. Chris Berg – Senior Research fellow at RMIT.
NEO is a remarkable project primarily due to the Delegated Byzantine Fault-tolerant (dBFT) consensus mechanism. NEO was also the first project to implement dual token economy, NEO and GAS. What sets apart NEO for developers is in a way that they can use Java, Python, C#, JS and several other common computing languages instead of learning any new language.
NEO foundation, Hongfei said, is dedicated towards development of NEO and its ecosystems. Foundation, reportedly, has around $2 million in cash and crypto equivalent to $7 million. NEO has two entities under it – Neo Global Development [NGD], focuses on executing strategies and Neo Global Capital [NGC], focusing on funding.
Hongfei declared that a “smart economy” would be the revolution in economics that everyone’s been waiting for. It would pull the world away from an industry-based economy and towards a digitally-based one. A Smart Economy will be entirely digital, programmable, and interoperable. Blockchain and distributed ledger technology (DLT) will undoubtedly play a significant role in this hypothesized new global economic system and will also offer the advantage of decentralization. He said that everything would be represented digitally including assets, securities, IoT devices, and even personal ID. And since they would be decentralized applications increasing the trust factor, thereby creating a transparent and inclusive ecosystem.
Hongfei ascertains that NEO will provide a solid base for such an economy, as the network encourages multiple projects in a wide range of industries to build services and products that can offer benefits from everyone.
NEO 3.0 will see many added benefits, including upgrades to the architecture of NEO, add support for layer two and sharding solutions, and offer more significant incentives for optimization of on-chain governance solutions, at the same time increasing the network’s security. Apart from that NEO 3.0 will also include internet resource access, direct access to the internet and better security. NEO 3.0 will feature a new infrastructure model and NEO FS, a distributed off-chain storage solution, along with a new identity solution, NEO ID.
“[The mission is] to make NEO the number one blockchain by 2020, to make it the most favorable platform to build applications on top of it by providing best performance, diversified ecosystem and also compliant solutions,” said Da Hongfei, signing off.