NEO Founder: "Blockchain can barely survive the existing financial settlement system"


From Hongfei, the founder of NEO, the blockchain known as the Chinese etereum, was recently interviewed on the official project blog on the second anniversary of the launch of his mainnet.

Mr. Da comments that the gaming industry has strongly influenced the development of his blockchain. Emphasizes that the financial market, while having immense potential to contribute to the growth of the ecosystem, has slowed its progress due to excessive regulation:

"In the early days, people expected to see the blockchain applied to the financial industry, as the new technology could disrupt the traditional financial sector, but the implementation has undergone regulatory barriers as the industry Financial is strictly regulated almost anywhere in the world.There are only two ways to integrate the blockchain in the financial sector by cooperating with a licensed financial institution … or you can bypass the license by doing something that does not need a license …
In essence, the blockchain can barely survive the existing financial regulation system".

For The Mastermind Behind NEO, games and Blockchain can walk together

He noted that in order to realize the dream of adoption, it is necessary to promote the development of multiple applications. Currently software development in blockchain technologies is at a very early stage, so real applications tend to be very limited:

"Little by little game developers have turned to NEO for development and have noticed that game development is also popular on other platforms such as Ethereum." Gaming resources and tokens go together in a natural way.
However, some existing blockchain games only add some compatible blockchain featuresfor example, the digital resources of some games can be recorded on the chain. For such games, their blockchain compatibility is simply an additional function, in essence, they have not been transformed into that. "

Da Hongfei said that this problem could complicate adoption as the public will not feel the need for blockchain technologies. Like Eric Vorhees, Da Hongfei is convinced that the adoption of encrypted and DLT is a gradual cultural process that will increase when the public feels comfortable with this innovation.

Healthy competition is good for businesses

For the man behind NEO, the launch of competing projects such as EOS or TRON represents a threat; however, the NEO team takes this as a challenge to develop an increasingly secure blockchain in which adoption is a real possibility.

"There are many public chains, but we run out of top-level applications and developers. It's like I've developed an operating system, but there are no apps on it, without which the operating system is dead. Yes, we feel a kind of threat. Facing the competition of our peers, NEO reacts by exploring how to develop an easy-to-use public chain and developer. For example, we believe that documents and exercises are important as they can quickly teach a developer to develop smarter NEO contracts. "

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