On the 28th of July 2020, our Community Manager Dahee had a Live AMA session with John Wang, Director, Ecosystem Growth of NEO
Dahee: Welcome to NEO x Crypto.com Community AMA! Today we are welcoming the guest from NEO, John Wang, Director, Ecosystem Growth.
John: I am the head of NEO Ecosystem Growth and have many years of experience in supply chain management consulting, and several times successful entrepreneurial experience, and currently I'm responsible for NEO ecosystem development.
NEO is an open-source, community-driven platform that is leveraging the intrinsic advantages of blockchain technology to realize the optimized digital world of the future.
1. NEO just recently joined InterWork Alliance (IWA) as a founding board member. How it will be beneficial to NEO to develop tokenization standards to be used in enterprises around the world & encourage mainstream adoption of blockchain technology?
John: We have recently announced that we will be joining the InterWork Alliance (IWA) as a founding member alongside Microsoft, Accenture, SDX, and Digital Asset, to realize its vision of the “Next-gen Internet” (NGI). Really happy to work together with these partners. You can refer to the full details here.
NGD (NEO) Seattle’s John deVadoss will sit on the board of directors. Other launch members include companies such as IBM, Nasdaq, UBS, Hedera Hashgraph, DID Alliance, Hyperledger, and more. The IWA is a non-profit organization that aims to empower organizations to adopt protocol-agnostic token-powered services and Dapps.
As a member, NEO will influence the development of global standards and ensure our products are up-to-date with the leading standards. The first framework, the Token Taxonomy Framework (TTF), provides token classifications and definitions intended to bridge the gap between blockchain developers, business executives, and regulators. Standards set by the TTF have already been implemented in NGD Seattle’s Visual Token Designer.
2. When I first saw the proposed features of NEO 2.0 it was the first time I realized NEO was more than just a blockchain, it was a complete ecosystem. I was blown away and have been a fan ever since. However, NEOFS, and NEOX did not end up getting delivered and are now advertised to be part of NEO 3.0. Again the feature set of NEO 3 looks incredible, but how do we know these features will actually be included this time? Can you please highlight the features that will be integral pieces of NEO 3 from day 1, and if possible could you confirm how progress is going and when it is likely we will get to see and experience the new platform?
John: NEO3 is obviously very important to us. NEO3 will be released at the end of 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 to access the Internet. Also, NEOID, a decentralized identity protocol built on NEO, NEOID will support the issuance of decentralized identifiers in addition to being compatible with the industry-standard X.509 level certificate issuance model.
NEOVM will be completely decoupled from the blockchain in NEO 3.0, which is intended to offer several benefits including the support of non-blockchain applications and easy contract debugging without needing blockchain data.
Finally, there will be significant reductions in smart contract deployment costs, which is great news for everyone building on NEO. We have a whole section devoted to NEO3 on NEONewsToday.
3. Presently NEO has 2 DEXes in its ecosystem which are Nash and Switcheo, does NEO has any plan of adding more Dexes to it ecosystem so as to give it users more options of choosing from?
John: Maybe there will be some, but mostly we will focus on Nash and Switcheo, which are great already. Just consider the recent updates from Switcheo. Earlier this year Switcheo announced the development of its second trading platform, Demex, which aims to be a fully non-custodial platform that focuses on margin and derivatives trading.
Also, take a close look at Switcheo’s future order matching engine, Switcheo TradeHub. It will feature an automated market-making (AMM) model that allows users to stake tokens into liquidity pools for spot trading, similar to the Uniswap protocol on the Ethereum blockchain.
Switcheo intends to implement a process where staked tokens will earn SWTH from transaction and trading fees as compensation for acting as the transaction validation collateral.
Other SWTH token use cases will include the ability to contribute to liquidity pools of Switcheo TradeHub, contribute to the insurance fund system of the Demex derivatives exchange, and serve as the native currency for future listing fees.
Check out Switcheo, it's very hot right now!
4. Explain more about NEOFS, What role does NEOFS play in the NEO ecosystem?
John: 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. Right now you can check it out here.
Some technical details from our earlier article: "NEOFS sources storage space from any users, with commodity or enterprise-grade hardware, who can rent out unused HDD/SDD capacity to the network in return for GAS. Data placement is calculated deterministically through the use of rendezvous hashing over a network multigraph, making the solution extremely scalable despite the distributed environment by removing the need for unnecessary metadata transfer between nodes. The solution also introduces an interactive zero-knowledge proof protocol, which is based on homomorphic hashing to preserve data integrity across the network asynchronously. This protocol provides consistent auditing; failure to pass the audit prevents payment, preventing nodes from trying to game the network by deleting data.”
5. Why did NEO choose the dBFT consensus algorithm, as opposed to other consensuses like PoW, Pos or etc?
John: First of all I have to mention that dBFT is truly a much greener consensus type then some other ones. Compared to other blockchains with thousands of miners, NEO dBFT requires fewer nodes that without mining consume much less electricity.
And compared to both Proof of Stake (PoS) and POW, dBFT has 100% finality. (large nodes cannot collude to recreate blockchain records (canceling transactions, for example, someone sending you money, then receiving the payment for you, and then deleting the record of sending you money).
Both Libra and Ton were going to use dBFT too!
6. NEO 3.0 will be a brand new blockchain, what will happen to our current NEO tokens? Will they be exchanged or upgraded? NEOVM will be completely separated in the NEO 3.0 update and become a true virtual machine. What’s the benefits of this action?
John: To answer your first question, in general, we won’t change our economy mechanism, NEO token still will be used for voting and governance, GAS will be used as a system fee, NEO won’t become divisible, but NEO and GAS will become contract assets which are same as all NEP-5. It will affect NEO/GAS liquidity in a positive way. As you know smart contracts can`t invoke NEO/GAS in NEO2.X, but in NEO 3 they will be able to invoke contract-assets. It will also really simplify development a lot.
About our Virtual Machine, I replied a bit above, decoupling of NEOVM from the blockchain in NEO 3.0 is intended to offer several benefits, including the support of non-blockchain applications and easy contracts debugging (without needing blockchain data).
7. How can China Blockchain Infrastructure help people towards NEOs adoption?
John: NEO has announced it is joining the Blockchain-based Service Network (BSN), part of China’s national initiative designed to boost the integration and adoption of blockchain in the enterprise, small business, and local government.
NEO is among the first batch of public blockchain platforms to partner with BSN and aims to become one of the technological pillars of the service network. BSN has also partnered with the Chinese State Information Center, China UnionPay (largest bank card processor), and China Mobile (top 2 telecom provider).
It's good for NEO because the corporate partnership with the government is very important in China and will ensure the stable and successful operation of NEO in the country and abroad.
Can check out this article. We are really excited about the IWA and BSN partnerships.
LIVE Q1. To help my understanding, can you tell me what plans are set in motion to add value to NEO in 2020? Can you share NEO vision for decentralized finance (DEFI)? What features are built into NEO to support DEFI?
John: NEO does not aim to become a top 10 market cap project, but the most developer popular 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.
On the Defi side, we are preparing something exciting, too early to announce, but you can check out Switcheo for now. Staking is coming, and already you can exchange NEO to eth and back in a completely decentralized manner!
LIVE Q2. Many Blockchain-based Projects are coming with exciting Developments & Applications, can you tell us about the idea to start with the NEO project?
John: The project was founded by 2 partners, Erik Zhang, the talented blockchain developer, and Da Hongfei, who had experience in the business. They had the idea that smart contract space is still ripe for innovation and so they started NEO.
LIVE Q3. What are the plans to measure NEO wallet and do you plan to make a physical wallet? Will it be used as a change in the future? and what other uses are planned for the NEO blockchain?
John: A few hardware wallets support NEO already, such as Ledger (of course!) and others, such as SafePal.
LIVE Q4. You are an established and well-known company. So why does NEO need to do AMA? Are we really curious to know what is the main purpose behind that?
John: It's always good to talk to the community, get the feeling about our project, and of course share the updates! Not everyone has heard about IWA and BSN, even though these two are rather major developments in the industry!
LIVE Q5. Did you hear about Fraction bias and do you think the fact that NEO doesn't support transactions of NEO fractions was one of the reasons why some people lost interest in NEO?
John: Actually Gas is divisible, and NEO produces gas for its holders, these 2 features make both tokens attractive already, but it's something to think about.
LIVE Q6. What are NEO's smart contracts and how is it different from Ethereum smart contract? How are you dealing with the security issues on blockchain technology?
John: The main difference is that NEO produces Gas, and gas can be used for micropayments (in games, Dapps, etc) deployment.
LIVE Q7. I understand part of your team is in China. How does the recent COVID-19 affect harmony, especially technically? What precautionary measures do you have to secure your team?
Do you have any plans to attract non-crypto investors to NEO and how? What are the actions to increase awareness around Bezos in non-crypto space?
John: Thankfully we were able to come back to the office early on, 2 weeks after the Chinese New year, in mid-February. We are lucky to be in the digital space, and developers in our community have been working from their homes all over the world.
Finally, epidemy like this shows the strengths of digital currencies, when banks and offline payment outlets are closed, you can use cryptocurrency like NEO to pay others, in your country or cross-border!
Dahee: Much appreciation for your insightful responses, John! Today’s NEO x Crypto.com Community AMA is done. We appreciate the folks who stayed all the way.
All questions that were addressed during the AMA will share a pool of 50 NEO. Congratulations to all of the winners! Our Community Manager will reach out to the winners individually.
NEO rewards will be issued within 14 days after the campaign ends. You can log in and see your App's NEO wallet section.
Also, the Crypto.com X NEO Live Quiz event will be held in our Crypto.com Official Telegram community in about 2 hours at 1 PM CET/7 PM HKT today with CRO & NEO prizes to be won... Stay tuned for the official announcement!