The Neo blockchain has just lately launched its newest replace, Neo 3, which it refers to as “probably the most feature-complete blockchain platform. We spoke to Lili Zhao, Neo Ecosystem Development and International Growth Director. They gave us perception into the misperception of Neo, the way forward for NFTs, and the imaginative and prescient for Neo.
Requested what Neo means to her, Zhao likened the blockchain to its Hollywood counterpart.
“Neo is the one. Once I take into consideration the blockchain platform, Neo is de facto the one. The imaginative and prescient is to open the door for the good financial system. We stay in a sensible financial system which is outlined by three parts; digital belongings, digital id and good contracts.“
Neo 3 and its options
The brand new model of the Neo blockchain comprises a number of new options that enable it to make such a declare. New options embody improved blockchain interoperability, elevated transaction fee, decrease fuel charges, Neo Digital Machine good contracts, inbuilt oracles, and file storage. Many of those options require dApps, layer two options, and off-chain transactions on different layer one networks. The storage of content material for NFTs, for example, requires a reference to companies similar to IPFS to retailer information utilizing blockchain expertise decentrally. Whereas an NFT can exist on chains similar to Ethereum, the video and picture content material is commonly saved on IPFS or centrally saved platforms similar to AWS. Storing information on central servers relatively than a blockchain gives many issues, together with the flexibility for the media to be deleted.
One other new Neo 3 (N3) characteristic is that it has inbuilt an oracle. This might theoretically assist defend in opposition to oracle-targeted exploits. Particulars on how precisely the in-built oracles will defend initiatives from such exploits are one thing that Zhao stated is finest to return from the builders themselves. We’re engaged on a bit for our Edge members to deep dive into this at a later date.
Zhao acknowledged that the blockchain group is beginning to pay extra consideration to Neo as a result of “people who find themselves trying on the fundamentals see that we’re working onerous to create probably the most feature-complete blockchain platform.“
Neo is sometimes called a Chinese language challenge. That is one thing that Zhao doesn’t imagine is a good evaluation of Neo in its present state. She highlights that solely considered one of our core builders is Chinese language. The remaining are in Europe, the US, and Brazil.
“Neo was based by two Chinese language people however in the present day it is vitally a lot international. It’s an open-source challenge which by definition has no authorized jurisdiction, it has no nationality. We don’t label different open-source initiatives with the nationality because the funders and it ought to be the identical case with Neo.”
Neo NFTs and DDCs
Zhao additionally celebrated how NFTs have created their group that brings the mainstream to crypto. By means of NFTs, crypto is “penetrating the mainstream advertising” in keeping with the Neo route. She additionally remarked how there are a lot of totally different use instances for NFT however that the identify could also be inflicting points. The phrase Non-Fungible Token is a tough one to know at first look. The time period fungible will not be commonplace inside every day language. This may very well be inflicting a barrier to mainstream adoption. She believes the phrase ‘distributed digital certificates, DDC, is best suited to the tokenization of belongings. Zhao defined that
”business consultants predict belongings value billions shall be tokenised on the DDC. It might have began as a distinct segment however that is undoubtedly a mainstream adoption space.“
Whereas some might criticize the validity of a centrally managed state-backed blockchain, the usage of Neo’s expertise to construct such an enormous instrument is undoubtedly spectacular. With the launch of N3 and their Polaris Launchpad, Neo may very well be one watch. Will builders see the advantage of a single feature-rich blockchain in comparison with connecting a number of chains and expertise similar to Ethereum?