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NEO 3.0: Making NEO #1 Blockchain By 2020

The NEO blockchain is still on track to be the world’s number one, says the platform’s leadership – Da Hongfei and Erik Zhang – though they admit it may take some time. While answering questions in a Reddit Ask Me Anything (AMA) session on Friday August 3 which was meant to address some concerns about the project, Hongfei and Zhang say the proposed release of NEO 3.0 will be pivotal to achieving NEO’s vision of a global smart economy that will spread smart contract use among many enterprises and individuals.

Da Hongfei and Erik Zhang AMA

Da Hongfei and Erik Zhang AMA

NEO 3.0 will be a new version of the NEO platform that will provide higher TPS and stability, expanded APIs for smart contracts and optimized economic and pricing models among others. Responding on how to achieve a goal set to make “NEO the No. 1 blockchain by 2020”, Da says it is imperative to make the platform the most developer-friendly first through NEO 3.0, optimize its fundamental architecture and ensure current development on NEO is not slowed down.

Zhang adds that the NEO platform should be able to serve large-scale commercial applications which requires NEO’s high stability, great TPS and the ability to store massive amounts of data. “In NEO 3.0,” he notes, “We will focus on the implementation of these goals. And NeoFS will provide NEO with the ability to store massive amounts of data.” They plan to design a stable and powerful smart contract system by providing a complete development environment and tools which includes providing financial and technical support for projects in the ecosystem.

Zhang highlights that their decision to focus on community-based development mainly differentiates NEO from other projects. The community will propose governance guidelines and interesting ideas. They don’t have developers like normal companies do. Rather, lots of developers contribute to NEO from around the world. The NEO 3.0 new whitepaper and roadmap are still under discussion but would be released afterward.

On NEO dApps such as Deepbrain Chain, NKN and Apex (CPX) creating their own chain instead of using the NEO platform, Da notes that this is a business decision as market tends to give “a higher value to independent blockchains” even though they are not necessary and the market will react with time.

He also clarified how the NEO smart contract platform differs from Ontology (ONT) which is focused on identity and data exchange. Zhang adds that NEO seeks to serve the smart economy while ONT is an authentication and trust network whose onchain identity is expected to lead to legal compliant smart contracts that can widen adoption and push blockchains’ performance further into the real economy. The two networks – with independent teams, work in separate offices and are funded independently – are being positioned to complement and cooperate with each other.

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