With the current standing of NEO, the blockchain’s co-founder, Erik Zhang, was interviewed by CCN to get his stand on various NEO-related matters including its difference to Ethereum.
Although swathed with undeniable potential, NEO has recently slipped from 10th place to 18th place in the ranking of top cryptocurrency assets. But despite that, Zhang remains positive and even remarked that this does not matter. He said that this it is not a capital game but a blockchain project and that his primary goal is to make it better.
Apart from that, he was asked about his stand on NEO being coined as “Chinese Ethereum.” Zhang clarified that they never introduced NEO this way and he is against this labeling. He shed light that NEO is totally different from Chinese Ethereum.
“Although it was initiated by two Chinese people, I believe that the founder’s nationality is not the nationality of the project,” he said adding that NEO is a global project that is merely conceived in China.
The network’s smart contract features are also different since Ethereum’s interfaces are simple and are usually from EVM instruction set. On the other hand, NEO supply a large number of powerful APIs for smart contracts, the same way as virtual devices are provided.
As for their vision, Zhang said that NEO wants to serve the smart economy which is fully distinct from Ethereum’s vision to be a world computer. The co-founder also explained more about NEO’s vision as a blockchain project.
“NEO’s vision of smart economy is composed of ‘smart contract,’ ‘digital identity,’ and ‘digital assets,’ of which ‘digital identity’ is a prerequisite for compliance and a feature of NEO,” he said. “Digital identity is also the area NEO wishes to focus on to facilitate the development of the real economy using blockchain technology.”
Aside from building the future of smart economy, it is NEO’s goal to use blockchain technology to empower the real economy and improve the existing economy.
“NEO’s goal is to have the ability to run large-scale commercial applications. To achieve this goal, we are doing two things. The first is to improve NEO’s infrastructure so that it has higher tps and a more reliable dBFT consensus algorithm,” Zhang said. “The second is to develop a distributed storage network, NeoFS, so that applications can store massive amounts of data. The development of the first release candidate (RC1) of NeoFS is expected to be completed in Q3 2019.”
Zhang ended saying that more details about NEO’s progress will be revealed during the second NEO DevCon on Feb. 16-17 in Seattle. NEO is a non-profit community-driven blockchain project that was founded in 2014, prior to this year’s drop of over 95%, NEO had a glorious price of $189.30 in 2018.