Da Hongfei, co-founder of NEO, the evolution of Blockchain Technology

03/02/2019

Da Hongfei, co-founder of NEO, the evolution of Blockchain Technology

So, we want to do abstraction of assets. Today, there are two kinds of assets, smart contract assets and global assets on NEO. We will abstract them into one kind of asset. So, in the future, there will be no global asset, everything will be under smart contracts, mostly net five assets.

Da Hongfei spoke about his perspective on blockchain technology. Here, he remarked that the blockchain, in its “minimal form,” is a ledger technology, adding that it is much more than that. Blockchain technology is a platform that allows developers to build decentralized applications on top of it, he added. More so, the technology is also a network protocol and is a platform where people can transfer value via the Internet.

The Founder went on to say that the revolutionary technology has more aspects than the ones mentioned above. According to him, Blockchain Technology is a “new institutional technology,” which enables people in the space to form new forms of institution. Here, he refers to an institution as some sort of social system, which has many rule sets structuring peoples’ interaction with each other.

This was followed by the Founder remarking that blockchain is an “evolution of ledger technology”. He stated that everything will soon have a digital representation including assets, securities, IoT devices and even personal ID, adding that these have to be based on a decentralized system to prevent hacks and the potential creation of honey pots. Since they would be decentralized applications, the trust, in turn, would not be based on centralized system, but the technology in itself, thereby creating a transparent and inclusive ecosystem.

This was followed by Da Hongfei stating that NEO 3.0 is ‘an open network for smart economy,’ briefly speaking about its technical and governance aspects. He went on to say that public blockchains are going to be the infrastructure for the future smart economy, along with cloud computing, Internet of Things, Artificial Intelligence and Big Data.

According to him, blockchain technology along with other leading technologies is going to pave the path that would help facilitate and build the future smart economy, adding that NEO’s vision for the upcoming year is to “better serve the smart economy.”

 

NEO Devcon Conference 2019 was one of the most-awaited conferences of the year.  The conference was a knowledge hub as it covered topics regarding Blockchain technology, developer communities, crypto-economics and decentralization as a whole.

The keynote speakers of the conference for the first-day included,

  • Da Hongfei – Founder of NEO, who spoke about ‘The Promise of Smart Economy’,
  •  Erik Zhang – Founder of NEO, who presented the possible improvements in NEO 3.0
  • Miha Kralj – Managing Director at Accenture, who presented on the topic ‘Big Trend in Blockchain’
  • Pablo Junco – Director of Worldwide Apps Solutions Strategy at Microsoft, who’s speech was about ‘Blockchain Use Cases and Enterprise Needs on the Microsoft Platform’
  • Dr. Chris Berg – Senior Research fellow at RMIT, presented on ‘Crypto-economics and the Future of the Global Economy’
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