Recap of NEO devcon: the future of China’s Ethereum

What is NEO?

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NEO uses blockchain technology with digital identity to digitize assets, automating the management of digital assets through smart contracts, to realize a ‘smart economy’ that places particular emphasis on remaining regulatory-compliant with the Chinese government. Since their rebranding from ‘AntShares’ in 2017, NEO has secured over 30 strategic partnerships including with Microsoft China. NEO has recently seen a surge in popularity as a platform to host ICOs, earning it the nickname of the ‘Ethereum of China’.

The NEO DevCon (San Francisco, 30-31 January 2018)

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The NEO DevCon consisted of 42 presentations and 3 workshops in the course of two days. Most presentations are conducted by the NEO team including Founder Da HongFei and Co-Founder Eric Zhang, with the remainder presented by founders of ICOs launched on the NEO platform.

Key topics on the agenda included:

• The New NEO Vision,
• Deep diving into NeoVM and NeoContract,
• The state of regulation and asian blockchain/crypto insights,
• ICOs launched on the NEO platform, and
• Future use-cases including tokenized research, medical encyclopoedias and ID verification.

For the full agenda please see http://devcon.neo.org/file/DevCon.pdf

Key takeaways:

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1. By 2020, NEO aims to handle 100,000 Transactions per second (TPS) without sharding
   • For comparison, Ripple currently processes ~1,000TPS natively on-chain, with plans to increase to 10,000TPS over time, and Stellar (XLM) processes a maximum of 2000TPS.
   • If Da’s predictions could be materialized, NEO will possess one of the fastest transaction processing times for cryptocurrencies, which it aims to achieve through dBFT (delegated Byzantine Fault Tolerance) verifications for blocks.
2. NEO StackExchange beta is now live and dedicated to NEO developers.
3. Reiterated focus on staying regulatory-compliant.
   • One of NEO’s core foundations rested on staying regulatory-compliant with and gaining recognition from the Chinese government. This was reiterated on Day 1 with NEO’s prominent backer, Fenbushi Capital citing the platform’s collaboration with the Chinese regional government using OnChain to develop public services and digital identity in 2017 as a political opportunity to immunize NEO from recent Chinese regulatory attacks targeting exchanges and ICOs.
   • Given the State Council of China has laid plans for a Social Credit System rating all its citizens on a set of metrics by 2020, there lies significant potential for the NEO platform and OnChain to be adopted for such initiatives.
4. Prominent projects at NEO Devcon:
   • Ontology: multi-source identity system for people through identity authentication, comprehensive personal profiles and data tracking
   • O3: aims to provide solutions for financial institutions to issue fiat pegged to cryptocurrencies via smart contracts, thereby eliminating trust and creating ‘tethers that aren’t terrifying’
   • Zilliqa blockchain: explores decentralized applications in the following areas: shared economy, payment networks, parallel auctions, scientific computing, high assurance computation
   • Enigma: aims to build an off-chain computational network that works with blockchains, with the goal of more scalable blockchains with better privacy for data
   • Bluzelle: aims to increase access to storage space through decentralized fragmentation of private data that requires node consensus to retrieve. Bluzelle currently has several high-profile partners including: Forrester, World Economic Forum, AIA, Microsoft, and HSBC among others.

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Resources

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Official NEO Devcon website
CoinCentral - media partner of NEO DevCon.
NEO Devcon giveaway
NEO Devcon Opening Video
Devcon Agenda
NEO Reddit

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