Co-founder NEO: our project is not a “Chinese Ethereum”

Co-founder NEO: our project is not a “Chinese Ethereum”

NEO gradually loses the HYIP, which can be observed around the cryptocurrency in 2017. Then “Chinese Ethereum” was among the ten largest coins with the highest of hopes. At this point NEO has lost the lion’s share of its capitalization and fell several times.

Recently co-founder of the Eric Zhang gave an exclusive interview to journalists CCN about his plans for future NEO. He noted that for the most part only interested in the technical side of the development. It does not care about the price of NEO.

Exit from the matrix

Everyone has heard about the Creator of NEO Yes Hongfei. You prefer to work behind the scenes? What is Your role in the project?

Yes Hongfei did a good job in promoting Neo and made a huge contribution to the whole industry as a whole. Yes it was in public, while I focused more on the commits in Github.

Can we call NEO “the Chinese Ethereum“?

It is for the most part, due to the hype. We never promoted NEO in this way, and I myself am against such a view. And although the project was founded by two Chinese people, I do not believe that their nationality should be directly associated with the nationality of a startup. In my eyes the founder is nothing more than a mascot. Finally, the one who can defeat the Ethereum will never be a “second Ethereum”.

Both projects have their own tokens. They can work with smartcontract, but there are differences between them. First, in the mechanism of consensus. If Ethereum is based on PoW, NEO — dBFT.

Second, smartcontract cryptocurrencies are developed in different programming languages. The developers of Ethereum are Solidity, while we work on C#, Python, Java, Golang and JavaScript. In the end, Ethereum will become the world’s computer, and NEO is more of a smart economy.

At the WEB SUMMIT in Lisbon Yes Hongfei said that NEO is ready to the real economy. What does it mean?

From the point of view of social revolution, we must constantly monitor the blockchain for mass adoption and good design. We have often witnessed improper use of the potential of cryptocurrencies.

The vision of the smart economy team NEO consists of smartcontract, digital identities and digital assets. The creation of the digital ID verification is another important task for programmers.

You believe in regulation of cryptocurrencies?

Local authorities still encourage new development in the field of blockchain. I think, while this process develops in a positive way.

Trade is not prohibited, in China only exchanges outside the law. This will not affect the NEO, or any other projects. Now the coin cannot be exchanged for Chinese trading platforms, but it can be freely done on foreign resources.

What are the plans of developers?

We plan to integrate support for large commercial applications on the blockchain. To achieve this goal will require improvements in the infrastructure of NEO and make some changes to the mechanism of consensus dBFT. Over the last we have been working for six months.

Plus we are moving in the direction of the development of decentralized storage network NeoFS. Thanks to them, the applications on the blockchain will be able to process huge amounts of data. The first release version NeoFS should appear in the third quarter of 2019.

What about hard forks?

In 2019 NEO will receive one of the most important upgrades. To improve to NEO 3.0 we need to have at least one hardwork. You may need even the transition to the new blockchain. However, all these issues are still under discussion. In any case, the code project will have no major interventions until 2020.

How do You see the future of cryptocurrency?

I don’t think they can achieve real success in the practical application of the blockchain. This technology reduces costs at the expense of decentralization, which is contrary to the very nature of such institutions.

Do You have any predictions for us?

No, I’m not a magician.

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