NEO is the first decentralized cryptocurrency and blockchain platform launched in China.
We have recently interviewed NEO’s founder Da Hongfei.
In this interview, he shared with Token News the concept and vision of NEO.
Can you tell us more about how you started NEO and the concepts behind the project?
I came across blockchain fairly early in 2011, so at that time there was no real community in China. There was no blockchain or crypto community in China. Then I spent like two years researching on Bitcoin and altcoins and other cryptocurrencies. In 2014 I did a speech at the first Bitcoin conference in China in Beijing. The title was DAO for Crowdfunding. DAO is like a virtual organization organized by blockchain technology. But this project s for crowdfunding; it’s very similar to the ICO today. So in 2014 we had already decided to build a blockchain to serve a similar role to ICO. So that’s how NEO is started.
Now, what do you want to achieve with the project?
The vision of NEO has shifted a little bit, so now our vision is simple – towards smart economy. We believe the economy in the future will be smarter. Everything will be digitized, so every asset will be a digital asset and those digital assets will be programmable. So it can be manipulated or managed by a smart contract. The real economy and the blockchain will be linked together in one system. Yes, so that’s our vision now.
So some people have called NEO the Ethereum of China. They are both based on smart contracts. So, what is the difference?
NEO and Ethereum are both contracts to run smart contracts on, but I think the main difference is design philosophy. It’s quite different. Ethereum is more. experimental and their tagline is “build unstoppable applications.” They are more decentralized, more anti-censorship. With NEO our mission is to serve a real economy, the smart economy. We want to be more compliance-ready and we would like to link to preach the digital with real practice. The most important part in NEO is we want to bring the real economy onto blockchain. We have models like digital identity so we can map the real relationship in the physical world to the blockchain world. I believe that’s the main difference in design philosophy. Then it comes to many technical differences and governance model differences. The biggest technical difference is we have very high transactions per second so we can handle hundreds or even a thousand transactions per second right now compared to other blockchains. Usually they handle like tens of transactions per second.
How do you see the change of the cryptocurrency market in the future?
I think it will be regulated more. It’s unregulated in most jurisdictions so it’s like the Wild West. It’s like the capital market or stock market without regulation. I think it will be more compliant.
What kind of company or industry do you hope to see adopting the use of NEO? And how do you achieve that?
At first, it will be developers from the community and we are looking at many decentralized applications at a structural level like decentralized exchange, digital identity state channel, those are more technical projects.
Is there any special approach to the Japanese market now?
Not really a special approach to the Japanese market yet.
Are there any words you would like to say to your current or potential token holders worldwide?
We hope to bring more developers on board.As the development, the developers the ecosystem is the most important part to us.
TokenNews: To improve it and elevate the whole project?
NEO: Yes, right.
TokenNews: Thank you so much for your time today it was really nice to talk to you.
NEO: Thank you.