NEO’s Da Hongfei: Blockchain Needs More Adoption To Stay Afloat Due To “Existing Regulatory Restrictions”

Da Hongfei, Founder Of NEO, Says Blockchain Tech Is Struggling To Stay Afloat Thanks To “Existing Regulatory Restrictions”

Da Hongfei, the man behind NEO, has never been one to shy away from difficult questions. This time around, Hongfei was interviewed as part of NEO’s second anniversary celebrations, wherein he was asked many pressing questions about his firm’s vision and upcoming project announcements.

While talking about NEO, Da constantly made reference to the gaming industry and how it has “strongly influenced” the adoption of blockchain tech globally. Similarly, in regards to the current state of the crypto finance industry, he mentioned that even though this niche’ sector has a lot of “potential”, it is plagued by a problem of excessive regulation.

As such, Da was noted as saying:

“In the early days, people were expecting to see blockchain being applied to the finance industry as the new technology may disrupt the traditional finance industry. However, implementation has been faced with regulatory barriers as the finance industry is strictly regulated virtually everywhere in the world. There are only two possible ways to integrate blockchain into finance industry by either cooperating with a licensed traditional financial institute … or you may bypass the license by doing something that doesn’t need a license”

Hongfei: “Gaming And Blockchain Are Two Digital Sectors That Can Easily Co-Exist With One Another”

On the topic of cryptocurrency adoption, Hongfei stated that as more and more dApps come into the market, the use of blockchain will continually increase throughout the globe.

“Gradually some game developers turned to NEO for development and noticed that game development is also popular in other platforms like Ethereum. Game assets and tokens go together naturally.”

Lastly, it is worth mentioning that much like shapeshift CEO, Eric Vorhees, Da Hongfei too is of the belief that the adoption of different crypto assets and DLTs will “steadily increase” as more and more people become aware of the true potential of these technologies.

Final Take

Even though the past couple of years have seen the emergence of rival platforms such as EOS and TRON, Dongfei sees these projects as nothing more than “healthy competition”.

In this regard, he was quoted as saying:

“There are many public chains, but we are running short of upper-layer application and developers. It’s like you have developed an operating system, but there are no apps running on it, without which the operating system is same as dead. Yes, we do feel some sort of threat. Facing the competition from our peers, NEO reacts by exploring how to develop an ease-of-use and developer-friendly public chain.”

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