Recap of NEO devcon: the future of China’s Ethereum
What is NEO?
NEO uses blockchain technology with digital identity to digitize assets, automating the management of digital assets through smart contracts, to realize a ‘smart economy’ that places particular emphasis on remaining regulatory-compliant with the Chinese government. Since their rebranding from ‘AntShares’ in 2017, NEO has secured over 30 strategic partnerships including with Microsoft China. NEO has recently seen a surge in popularity as a platform to host ICOs, earning it the nickname of the ‘Ethereum of China’.
The NEO DevCon (San Francisco, 30-31 January 2018)
The NEO DevCon consisted of 42 presentations and 3 workshops in the course of two days. Most presentations are conducted by the NEO team including Founder Da HongFei and Co-Founder Eric Zhang, with the remainder presented by founders of ICOs launched on the NEO platform.
Key topics on the agenda included:
- The New NEO Vision,
- Deep diving into NeoVM and NeoContract,
- The state of regulation and asian blockchain/crypto insights,
- ICOs launched on the NEO platform, and
- Future use-cases including tokenized research, medical encyclopoedias and ID verification.
For the full agenda please see http://devcon.neo.org/file/DevCon.pdf
Key takeaways:
- By 2020, NEO aims to handle 100,000 Transactions per second (TPS) without sharding
- For comparison, Ripple currently processes ~1,000TPS natively on-chain, with plans to increase to 10,000TPS over time, and Stellar (XLM) processes a maximum of 2000TPS.
- If Da’s predictions could be materialized, NEO will possess one of the fastest transaction processing times for cryptocurrencies, which it aims to achieve through dBFT (delegated Byzantine Fault Tolerance) verifications for blocks.
- NEO StackExchange beta is now live and dedicated to NEO developers.
- Reiterated focus on staying regulatory-compliant.
- One of NEO’s core foundations rested on staying regulatory-compliant with and gaining recognition from the Chinese government. This was reiterated on Day 1 with NEO’s prominent backer, Fenbushi Capital citing the platform’s collaboration with the Chinese regional government using OnChain to develop public services and digital identity in 2017 as a political opportunity to immunize NEO from recent Chinese regulatory attacks targeting exchanges and ICOs.
- Given the State Council of China has laid plans for a Social Credit System rating all its citizens on a set of metrics by 2020, there lies significant potential for the NEO platform and OnChain to be adopted for such initiatives.
- Prominent projects at NEO Devcon:
- Ontology: multi-source identity system for people through identity authentication, comprehensive personal profiles and data tracking
- O3: aims to provide solutions for financial institutions to issue fiat pegged to cryptocurrencies via smart contracts, thereby eliminating trust and creating ‘tethers that aren’t terrifying’
- Zilliqa blockchain: explores decentralized applications in the following areas: shared economy, payment networks, parallel auctions, scientific computing, high assurance computation
- Enigma: aims to build an off-chain computational network that works with blockchains, with the goal of more scalable blockchains with better privacy for data
- Bluzelle: aims to increase access to storage space through decentralized fragmentation of private data that requires node consensus to retrieve. Bluzelle currently has several high-profile partners including: Forrester, World Economic Forum, AIA, Microsoft, and HSBC among others.
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Resources
Official NEO Devcon website
CoinCentral - media partner of NEO DevCon.
NEO Devcon giveaway
NEO Devcon Opening Video
Devcon Agenda
NEO Reddit
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