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In the wet and rainy Pacific Northwest, Seattle, NEO (remember?) Held its DevCon conference last weekend. It was an opportunity for Zion City's pbadionate developers, APP developers, NEO enthusiasts and skeptics to unite to discover the ambitious projects of the cryptocurrency project and listen to the founder of the charismatic Da Hongfei.
While he was jumping on the stage, the crowded conference room applauded, and he smiled widely, confessing that he had not expected such involvement.
The Neo price is around $ 9 after exceeding $ 150.
NEO, like most other crypto-currencies, has had a brutal year, with the price of the token dropping a cliff from its peak of January 2018 from $ 161 to $ 9 today.
Da Hongfei started giving information about NEO, formerly called AntShares, founded by himself and Erik Zhang. He also gave an overview of the nature of the Chinese blockchain community in which they contributed to the creation.
NEO and the early Chinese blockchain community, author image
He also gave an overview of upcoming upgrades in NEO 3.0 – and paused for a moment as he reached his slide, indicating that NEO's mission was to become the next Blockchain # 1 from here 2020.
The crypto-visionary has already made bold statements like this. A little over a year ago, he promised TPS speeds of 100,000 without sharing, always within the same time frame.
100,000 tps by 2020 is the intended goal, and @dahongfei thought $ NEO can do it – without sharding. pic.twitter.com/rCHKnW38qC
– NEO News (@NEOnewstoday) January 30, 2018
Yet this time, he smiles a little sheepish, aware of being blamed for having promised too much – and realizing that 2020 is now next year.
"It depends on how you define 2020, at the beginning or the end, but at most it's two years. Time is running out, so how can we do it? What is the number one blockchain? This is not the most expensive nor the biggest solution, it is to become the most favorable platform by offering the best performance, a diversified ecosystem and compliant solutions. "
How will NEO become the number 1 crypto by 2020?
So, how will NEO solve its well-known platform stability, gas price and centralization criticism problems to become the best platform for developers?
1 / NEO wire. I have never paid attention to this project because "it's a Chinese Ethereum!" It sounded so stupid for reasons that I did not even know where to begin to explain. If, like me, you ignored NEO for this reason, here is a brief recap of the hilarious difficulty of this project:
– Eric Wall (@ercwl) March 4, 2018
Upgrades to the NEO platform are essentially aimed at enabling the blockchain to enable large-scale commercial applications.
Some of the features available for NEO 3.0 include native contracts that anyone can run without having to use the NEO virtual machine, access to Internet resources, an improved dBFT consensus mechanism, and a low-cost distributed storage network for large businesses. companies.
NEO Nabs Former Microsoft Executive
He also explained:
"We are now in Seattle, the hometown of one of the world's largest software companies, Microsoft. I think Microsoft, no one probably knows better how to win a platform competition than Microsoft, especially for framework and computer language platforms … So we decided to create an office here … NGD Seattle and managed by former Microsoft executives to encourage developers to adopt.
Former Microsoft John DeVadoss, NEO Seattle Head
He talks about the former Microsoft MD John DeVadoss, head of NEO Seattle, who built Microsoft Digital from zero to half a billion dollars worldwide and has worked with Fortune 100 customers around the world.
At the conference, Mr. DeVadoss said: "I'm a platform guy, I love platforms, I love building platforms and evangelizing platforms."
It should be noted that this "hard fork" that everyone looks forward to is not really a hard fork. This is a complete redesign of the blockchain that should probably start from a Genesis block. And that has not yet been agreed by the community.
Hongfei said:
"The features we mentioned are possible changes … We do not have the power to decide everything … we will look at the response from the community."
When will NEO 3.0 be released?
A question asked by many concerned community members is "When NEO 3.0?" And they will not get their answer anytime soon.
While Da Hongfei and the NEO team may have set the 2020 target, it is clear that they realize that it is ambitious.
The founder of NEO is convinced that the smart economy will be the future. Still, he readily admits that he can not predict how long it will take to get there, nor when exactly NEO 3.0 will take off.
NEO Updates 3.0, Author Image
CCN asked Hongfei to explain in detail what these updates mean for the cryptography project and in what kind of timeline they can be expected.
NEO is based on the principle that, according to them, the blockchain will develop in the same way that the Internet will comprise various layers.
He explained:
"TCP / IP is down and the HTTP protocol is at the top of TCP / IP. If you're building an Internet application, you do not have to worry about TCP / IP or even HTTP … So blockchain will follow a similar path. "
What NEO is fundamentally trying to accomplish with a complete redesign of its platform is to build robust Layer 2 solutions. This brings us back to the promise of scaling up without cutting and the fact that NEO sees most programming applications under construction, no longer directly on the channel, but over Layer 2 solutions.
"That's one of the reasons why we need to change the architecture and the new designs."
What about regulation in China? How is NEO doing in a country that is often hostile to crypto?
Hongfei insists that China's hostile position on cryptography is not a problem and that Chinese residents have a very good understanding of new technologies.
"I think most of China, including the government and regulators, are open to new ideas as long as it proves the overall well-being of society and the country."
"The current regulation has banned two things. One of them concerns ICOs, which consist of raising funds intended for Chinese individual investors in general without approval. It is a thing that is forbidden. The other is currently running a trading facility, an organized OTC service, apart from that, everything should be fine. I did not experience or feel a lot of regulatory pressure. "
"As a technology, the Chinese government and regulators are very new technologies. If it's about finance, and in particular about raising money or offering trading facilities, it's a trading problem that requires a license or an impossible solution. "
He further explains that NEO does not work actively with regulators. However, China has recently opened an Internet Information Management Center (it was not sure of the name in English). This entity requires all companies working with blockchain to register with them.
"You have to register with them, tell them who you are and what kind of technology you use. It's just a registration, you have to fill out an online form. "
Can NEO survive the bear market Bitcoin?
Can NEO resist the bear market of Bitcoin? Source: Shutterstock
For those who doubt that NEO is resisting the bear market of Bitcoin, Hongfei badured his audience that he still had a lot of funding – at least $ 2 million from their original ICO and millions of dollars in Bitcoin, Ethereum and NEO.
But the bear market aside, what about the global economic downturn and the slowdown in Chinese growth?
"Yes, we are certainly affected by that. We have seen many applications of NEO deal with a financial problem, whether layoffs or failed projects. Yes, it's a problem for us.
He goes on to explain that common sense and good governance will help crypto startups overcome the bear market, and he says NEO is more than prepared.
"If you're doing serious business and you're not too aggressive in the bull market, most teams are fine. They reduce their marketing activities and focus on basic development. It is a difficult time, but we will succeed. "
Featured image of Web Summit / YouTube. TradingView Price Charts.
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