NEO
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NEO · 11w

The purpose of the new NEO blockchain protocol upgrade, is to scale sufficiently to allow for the building of a fully-integrated digital economy. This, the founders Da Hongfei & Erik Zhang hope, will make NEO “the number one blockchain by 2020”.

After a rousing introduction to NEO DevCon 2019 by platform co-founder Da Hongfei on the evolution towards a smart economy, Erik Zhang joined the 500-or-so-strong audience via video link to talk about how NEO aims to build out its vision of the future. His presentation focused on proposed techniques to improve the overall efficiency of the NEO platform.

The purpose of the new protocol upgrade, touched upon by Hongfei and elaborated by Zhang, is to scale sufficiently to allow for the building of a fully-integrated digital economy – something deemed impossible using current tech. This, the two founders hope, will make NEO “the number one blockchain by 2020”.

NEO 3.0: Bringing Blockchain Tech up to Enterprise Level

In his presentation titled “Possible Improvements in NEO 3.0”, co-founder of NEO, Erik Zhang, talked about the evolution of the project from its current version to NEO 3.0. The goal of the protocol reimagining is primarily to create a decentralised platform capable of supporting large-scale commercial applications. These will form the backbone of the project’s vision of a smart economy.

 

A crowded house for the start of Dev Con 2019.

Currently, the possible applications of blockchain and smart contracts are limited by inefficiencies within the technology itself. The team hopes to improve this with the launch of NEO 3.0 – an upgrade that will simplify the architecture of the platform.

Zhang spoke about the three pillars around which the project will be built. These are:

Reliability. Increased storage capabilities. Increased transaction per second output.

To achieve these goals, Zhang details a radical simplification and streamlining of various aspects of the existing protocol. NEO 3.0 will be optimised to support a majority of applications built upon it on a second layer:

“… we will streamline the architecture of the main chain and work hard to increase TPS of the main chain.”

As part of th...

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