NEO co-founder shares his views on NEO 3.0

  • The development of the internet closely parallels the development of blockchain technology, according to Da Hongfei, the NEO co-founder.
  • NEO 3.0 will support only smart contract-based assets instead of UTXO-based assets.

During an Interview at NEO’s DevCon event, NEO co-founder, Da Hongfei shared his views on global digital adaption. He explained how the financial industry gradually utilized the blockchain technology saying:

“After 2014, bankers realized that some geeks invented a protocol that could transfer value across countries in a few minutes. So they are curious about the technology and they abstracted it and called it blockchain.”

Hongfei also shared his views on NEO 3.0. He first pointed out the similarities between internet and blockchain.

“We think that blockchain will take a similar route as to how the internet developed. It will be layered into different layers. TCPIP is at the bottom and HTTP protocol is on top of TCPIP.

If you are building an internet application, you don’t have to bother about TCPIP these days, you don’t even need to worry about HTTP. You have different middle layers to build on top of that. So blockchain will take a similar road.”

Then he shared his views on the architectural changes that NEO 3.0 will bring in:

“So, for now, all the decentralized apps are built on top of layer one directly on the blockchain. But we believe that in the future, there will be different layers, a lot of layer 2 solutions.

Many (if not all) of these DApps will be built on top of layer two solutions. So we need better or native support for layer two solutions.

This is one of the reasons we need to change the architecture and also current new designs. On NEO, there are some complicated, global assets which are UTXO-based very similar to the model of Bitcoin. And we also have smart contract assets, so we want to unify the two things. In the future, there will be no more UTXO assets, or global assets, and you have to issue assets with the smart contract.”

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