AMA Session with Neo
On June 5th, we had an AMA session with Neo, an open-source, community-driven platform in our Telegram Chat.
Neo is the platform that is leveraging the intrinsic advantages of blockchain technology to realize the optimized digital world of the future.
The team members present on the discussion with our community were John Wang (Head of Neo Ecosystem Growth) and Denis Suslov (Associate Manager of the project).
Here are the essential points of the AMA session:
Please welcome John (J), Denis (D), and the questions from our Telegram chat members (Q).
Q: What is your future plan for NEO?
J: Great question! Neo does not aim to become a top 10 market cap project but a most popular developer project. To achieve it, first is Neo3, which will make Neo ready for large scale commerce. Second is Neo EcoBoost project, which together with Eco Partners will provide full life cycle support for Neo eco projects. It will attract many talented developers and projects to Neo. Third is Neo aims to become the most developer-friendly blockchain, our Seattle office is focusing on it to lower blockchain development threshold to bring more external developers and we aim to become an important infrastructure of the next generation of internet.
Q: Can you tell us more about Neo3?
D: Neo3 will be released later in 2020, with some of the features first released on Neo2.0 earlier this year. Some of the major features will be: built-in oracle implementation, which will allow smart contracts access internet resources. Also, there will be NeoID, which is a decentralized identity protocol built on Neo.
Q: Can you also tell us a bit about NeoFS?
J: Yeah, as one of the most important parts of Neo3, NeoFS deserves to be known by people and actually, most of the development work of NeoFS is done by NSPCC. NeoFS will be a decentralized file storage platform built on Neo. It will be primarily used by Dapps as data storage infrastructure, in addition to acting as a Content Delivery Network. You can now test it here.
Q: Most of the DEX platforms are not easy to use and require a high level of technical know-how. How will NEO DEX make DEX platforms become user friendly and easy to use for traders?
D: So now we have 2 DEXes in our ecosystem, Nash and Switcheo. Both have very strong technology teams. Their KYC requirements are slightly different, but I recommend checking out both. Both are user-friendly. it’s quite easy to understand, you just have to have the wallet installed.
Q: All activity seems to be taking place on DeFi. Does Neo have a plan for DeFi or does it have other interesting paths apart from DeFi?
J: Yes! That’s it! Defi is a quite important director of US, as you guys know, the value of a blockchain is based on onchian assets. we have to build better infrastructure to enable developers to make awesome defi applications for users. We are doing a lot on Defi such as: DEXs, stable coin (which is an entrance of defi), borrow and lending protocol, atomic swaps etc.
Q: Can you talk about your past? How did you decide to start the Neo project and why is the project called Neo?
D: Well, we have 2 founders, a classic combination I would say: a technical and a business founder. Da Hongfei had experience in leading companies before founding Neo, and saw this opportunity to contribute to global technology. Eric Zhang is one of the first blockchain developers in all of China, but he saw that the best consensus actually will be DFBT. Then Neo became the first project to use this consensus, and later it was selected by Libra and Telegram’s ton!
Q: What’s your outlook on the future of cryptocurrencies? What can you do to keep increasing adoption?
J: Well, in general, as a payment method, cryptos must be accepted by lots of people. For us public blockchains, we have to lower the user and developer entry barrier.
Q: As one of the five sponsor-members of the InterWork Alliance, how do you think this collaboration will benefit the whole project?
J: As you see, the founding members in interwork are all big names. they all have great influence in this world. but what they lack is experience in the blockchain industry, that’s what we have. We are going to explore how to make blockchain mass adoption
Q: Many projects have died because of bear market and COVID-19, how will you survive this?
D: Well, here in China it’s been fine now for 2 months, and we are lucky to be in the Internet industry – all our core developers all over the world comfortably sit at home and continue shipping the code.
Q: What are the advantages that Neo offers to Dapps developers? Does Neo project have any plan to attract more quality Dapps developers?
D: Yes, Dapp developers really enjoy our tools, and the fact that they don’t have to learn a new programming language to start developing. Also we support dapps with promotion and cover some fees, please write to me if you plan to develop a Dapp on Neo.
Q: For someone to build on Neo, what programming language is needed? What other things are needed?
J: We support most of the mainstream programming languages, so if you are a python/go/java/JS/C# developer, you will feel comfortable on Neo, and actually, we are trying to lower the entry barrier, so just read our docs. Looking forward to seeing your project in the future.
Q: Your metamorphosis is laudable, how have you been able to survive consecutive bear markets and continue evolving into greatness? Your aim is to become the foundation for next-gen Internet, how do you view the contribution of the internet, 5G network, to help you achieve your aim?
J: Thank you. In fact while other projects were jumping up and down, we did stay in top 20 and higher all this time. 5G will contribute greatly by bringing more people to the internet, and often this means these are the users from countries with unstable currencies – they’ll benefit greatly from Bitcoin, Neo, and stable coins.
Q: Does Neo have any program for the integration of your project with the universities?
D: Yes indeed, we had courses with a number of universities in Switzerland (Zurich), Russia, Vietnam, US and more. We have materials ready and can provide teaching staff. Universities should talk to me about this.
Q: What role does the community play in Neo? What have you done and what will you do to attract people to join Neo and build a thriving community?
J: Community is the most important part of Neo, there are 9 Neo developer communities around the world and based on this, it brings more than 2 million users to Neo, over 50 Dapps deployed on Neo. So yes come on and join us.
Q: Why is Neo better than your main competitors? How can Neo provide security to users’ data?
J: Because we stay hungry all the time. We keep following what we should have on Neo.
Q: Are there any new partnerships and interesting upcoming use-cases?
J: All InterWork alliance members are our new partnership. and for the upcoming use cases, I think Defi, NFTs, STOs are all the directions we will focus on.
Q: What is the role of developers in the Neo ecosystem? Who can build on the platform? What are the Requirements?
D: Very important for sure. Experienced senior blockchain developers can contribute as core developers and dapp/game/blockchain developers can develop using our platform.
Q: Neo blockchains are running on DBFT consensus algorithms, but why did Neo blockchain choose DBFT consensus algorithms rather than any other consensus like PoW, PoS. PoA, etc?
D: DBFT doesn’t require burning electricity like POW does. And compared to both POS and POW, DBFT has finality – large nodes cannot collude to recreate blockchain records (cancelling transactions, for example someone sending you money, then receiving the payment for you, and then deleting the record of sending you money).
Q: Presently Neo has 2 DEXes in its ecosystem which are Nash and Switcheo, does Neo have any plan of adding more Dexes to it ecosystem so as to give it users more options of choosing from?
D: Yes, there will be some more, but you can check out these 2 first.
Q: What is happening with the other implementations of NEO, such as Java and Go?
D: Go implementation is going really well, developed by the NSPCC community.
We were glad to host Neo on our Telegram. Thanks to the team and all the members of the session!