Is Neo the one? The misconceptions of the Neo Smart Economy

The Neo blockchain has precocious launched its latest update, Neo 3, which it refers to arsenic “the astir feature-complete blockchain platform. We spoke to Lili Zhao, Neo Ecosystem Growth and Global Development Director. They gave america penetration into the misconception of Neo, the aboriginal of NFTs, and the imaginativeness for Neo.

Asked what Neo means to her, Zhao likened the blockchain to its Hollywood counterpart.

“Neo is the one. When I deliberation astir the blockchain platform, Neo is truly the one. The imaginativeness is to unfastened the doorway for the astute economy. We unrecorded successful a astute system which is defined by 3 elements; integer assets, integer individuality and astute contracts.“

Neo 3 and its features

The caller mentation of the Neo blockchain contains respective caller features that let it to marque specified a claim. New features see improved blockchain interoperability, accrued transaction rate, little state fees, Neo Virtual Machine astute contracts, inbuilt oracles, and record storage. Many of these features necessitate dApps, furniture 2 solutions, and off-chain transactions connected different furniture 1 networks. The retention of contented for NFTs, for instance, requires a transportation with services specified arsenic IPFS to store files utilizing blockchain exertion decentrally. While an NFT tin beryllium connected chains specified arsenic Ethereum, the video and representation contented is often kept connected IPFS oregon centrally stored platforms specified arsenic AWS. Storing files connected cardinal servers alternatively than a blockchain offers galore problems, including the quality for the media to beryllium deleted. 

Another caller Neo 3 (N3) diagnostic is that it has inbuilt an oracle. This could theoretically assistance support against oracle-targeted exploits. Details connected however precisely the in-built oracles volition support projects from specified exploits are thing that Zhao said is champion to travel from the developers themselves. We are moving connected a portion for our Edge members to heavy dive into this astatine a aboriginal date. 

Neo misconceptions

Zhao stated that the blockchain assemblage is starting to wage much attraction to Neo due to the fact that “people who are looking astatine the fundamentals spot that we are moving hard to make the astir feature-complete blockchain platform.“

Neo is often referred to arsenic a Chinese project. This is thing that Zhao does not judge is simply a just appraisal of Neo successful its existent state. She highlights that lone 1 of our halfway developers is Chinese. The remainder are successful Europe, the US, and Brazil.

“Neo was founded by 2 Chinese individuals but contiguous it is precise overmuch global. It is an open-source task which by explanation has nary ineligible jurisdiction, it has nary nationality. We bash not statement different open-source projects with the nationality arsenic the funders and it should beryllium the aforesaid lawsuit with Neo.” 

Neo NFTs and DDCs

Zhao besides celebrated however NFTs person created their assemblage that brings the mainstream to crypto. Through NFTs, crypto is “penetrating the mainstream marketing” according to the Neo direction. She besides remarked however determination are galore antithetic usage cases for NFT but that the sanction whitethorn beryllium causing issues. The operation Non-Fungible Token is simply a hard 1 to recognize astatine archetypal glance. The word fungible is not commonplace wrong regular language. This could beryllium causing a obstruction to mainstream adoption. She believes the operation ‘distributed integer certificate, DDC, is amended suited to the tokenization of assets. Zhao explained that 

”industry experts foretell assets worthy billions volition beryllium tokenised astatine the DDC. It whitethorn person started arsenic a niche but this is decidedly a mainstream adoption area.“

While immoderate whitethorn knock the validity of a centrally controlled state-backed blockchain, the usage of Neo’s exertion to physique specified a immense instrumentality is undoubtedly impressive. With the motorboat of N3 and their Polaris Launchpad, Neo could beryllium 1 watch. Will developers spot the payment of a azygous feature-rich blockchain compared to connecting aggregate chains and exertion specified arsenic Ethereum?