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NEO-CEO Since Hongfei in an Interview: There are big differences between the NEO and Ethereum

The biggest event of the Blockchain Week in Berlin, the Web3 Summit was. Here are the global Tech Elite and the CEOs and CTOs of the Blockchain-scene together.

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NEO-CEO Since Hongfei in an Interview: There are big differences between the NEO and Ethereum

The biggest event of the Blockchain Week in Berlin, the Web3 Summit was. Here are the global Tech Elite and the CEOs and CTOs of the Blockchain-scene together. The prominent Blockchain-business Hongfei, the founder and CEO of the NEO platform, was spot on. We have used the opportunity and asked him for his platform and the major hurdles for the crypto-Economy spoken.

By Sven Wagenknecht
24. August 2019 BTC$10.023,94 -2.03% part Facebook Twitter LinkedIn xing mail

BTC-ECHO: NEO has recently opened an office in Seattle. There are plans to promote the NEO also more in Europe?

Since Hongfei: We have no office in Europe. But we have a representative in Zurich. We are in Zurich, as the city is one of the European centres for the Blockchain and the crypto-industry. Berlin also seems to have the right crypto to be friendly. Even my Uber driver has been investing in crypto currencies.

by the Way: One reason why we are expanding to Seattle, is the sheer amount of Microsoft developers that are resident there.

BTC-ECHO: are you currently working on the NEO Version 3.0. What are the main implementations that we can expect from the Update?

Since Hongfei: In the past few years, we noticed a lot of what you could improve on. We have therefore opted for a large Update. The Update is so extensive that we had to revise the basic system architecture, and so we have decided to start a whole new Blockchain. Each user will be able to migrate from NEO 2.0 NEO 3.0. We assume, however, that NEO 2.0 and NEO 3.0 will co-exist for a while; in the transition period, a separate Protocol will enable the communication between the two blockchains.

BTC-ECHO: So some people call NEO, the "Ethereum China". You will find justified in this comparison?

Since Hongfei: Ethereum was the first Smart Contract platform at all. In the Blockchain-industry Ethereum is very well known. If you want to explain projects, such as NEO, it is good to have a kind of reference, such as Ethereum. Nevertheless, There are big differences between the NEO and Ethereum.

BTC-ECHO: For example?

Since Hongfei: The Design is very different. For example, we weight the transaction finality is very strong. The consensus mechanism that we have chosen, is called the default Byzantine Fault Tolerance, in short, dBFT. We are the first worldwide company that has built this consensus algorithm in a public Blockchain. In addition, our Smart Contract System is very different from that of Ethereum. Our System is much more user friendly, because developers don't have to learn their own programming language.

BTC-ECHO: Is there a use case for the NEO, which is closest to your heart?

Since Hongfei: Currently, there are two kinds of decentralized applications and Blockchain Applications that I like. First Of All: Video Games. Everyone likes video games. In the next few months, dozens of video games will appear on the NEO platform. Secondly, decentralized financial institutions, such as decentralized Exchanges (DEX).

BTC-ECHO: are you Talking about the Nash Exchange, which belongs to your Ecosystem?

Since Hongfei: Nash makes a Cross-Chain DEX. So investors can exchange Assets between two different block chains. In addition to Nash, there is a more DEX, which has already started operation: Switcheo.

BTC-ECHO: What are the biggest hurdles for the crypto-Ecosystem are in your opinion currently?

Since Hongfei: I think, to use the barriers that block chains are still too high. One of the main reasons why about Blockchain Games still have not made it, is the fact that the process is too complicated. Blockchain applications are simply not user friendly enough. I think we are still a couple of years of the mass adaptation of Blockchain Apps.

The Other is the interoperability of block chains are really important for the adaptation. Today, it is still so that the block chains isolated relatively from each other exist. What we need are the Cross-Chain protocols, in order to transfer Assets from one to the other Blockchain.

You also need to standardize how developers of distributed applications should be developed. I imagine the future: There are several block chains, which are connected to each other, so that the Token of a Blockchain can be transferred.

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