Bold Blockchain Beliefs Belong to Da Hongfei: NEO Will be the BEST Crypto Project by 2020
Last week, the city of Seattle hosted NEO Blockchain’s DevCon conference. The event’s main agenda revolved around the current state and the future plans of the NEO digital currency. As expected, the founder of the NEO blockchain platform, Da Hongfei, was in attendance.
Over the past 12 months, NEO has suffered the same fate as the majority of other cryptocurrencies. It has plummeted for a record high of $161 in January last year to its current value of $9.
Da Hongfei started by giving a brief history of NEO. He followed this by talking about the features of the much-anticipated NEO 3.0 update. However, he captured the attention of attendees when he declared that NEO intends to become the world’s leading blockchain network by 2020. This is not the first time that he has made such a big promise. Previously, he stated that the NEO blockchain would improve its speed to enable 100,000 transactions per second.
Some crypto enthusiasts have blamed Da Hongfei of issuing unrealistic promises. In response to this, the NEO founder said that by his definition, the period between now and the end of 220 is almost two years.
This means that they still have time to fulfill both of the aforementioned promises. He also added that the ‘best’ blockchain is not the most popular or the most expensive, but the one that epitomizes reliability, diversity, and compliance.
How NEO Plans To Become The Best
Before anything, NEO would have to find solutions to their main challenges, namely instability, high gas prices and ‘centralization.’ The upcoming NEO 3.0 is seemingly focused on allowing large-scale commercial apps to run seamlessly on the NEO blockchain.
Some of its features include an improved consensus mechanism, internet resource access, native contracts that eliminate the necessity of NEO VM, and a cost-effective storage network for big organizations.
NEO 3.0 Launch Date
Although Da Hongfei talked a lot about NEO 3.0, he didn’t issue a definitive date for its launch. And the 2020 deadline for his promises is appearing impractical. Regardless, he is confident that the future will drive by smart economies.
When asked to set a timeline for the promised upgrades to the NEO blockchain, Da Hongfei affirmed that they believe that the blockchain will grow gradually as the internet has since its inception. He particularly alluded to the TCP/IP and HTTP protocols that were developed years ago and still act as the base for modern internet-based applications.
Therefore, NEO will change its current platform in favor of the more reliable layer 2 solutions. This new approach will enable developers to build their DApps on layer 2 solutions instead of developing on-chain. As a result, NEO would achieve scaling without sharding, as promised by Da Hongfei.
Opinion On China
Despite the ban imposed on cryptos by Chinese authorities, Da Hongfei still maintains that the country is open to adopting ideas that have a meaningful impact on its development. He pointed out that the ban only restricts ICOs and OTC trading services, adding that any other venture would easily acquire a license to operate.
Additionally, Hongfei said that NEO doesn’t work with regulators. This, however, could change after the establishment of an information agency that requires all blockchain platforms operating in China to register with them.
Will NEO Survive The Bear Market?
Since the begging of 2018, the crypto market has witnessed a drastic drop in valuation. In fact, many altcoins have collapsed entirely. Da Hongfei, however, assured NEO enthusiasts that they still have adequate funding in their reserves to ensure that NEO survives this seemingly unending bear run.
Lastly, he acknowledged that the lagging global economy has had a negative effect on the NEO blockchain. In this regard, he mentioned that some DApps have had to be stalled, while some have been abandoned prematurely. He concluded by saying that good governance is needed to ensure that startups endure this bear market.