NEO Founder: Blockchain Infrastructure Not Ready for Mass Adoption

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At a basic level, is he talking about programs and applications like WordPress?

Yes, you don’t need to know how to write HTML you just use WordPress. So, for now, all the decentralized apps are built on top of layer one directly on the blockchain. But we believe that in the future, there will be different layers, a lot of layer 2 solutions.

Many (if not all) of these DApps will be built on top of layer two solutions. So we need better or native support for layer two solutions.

This is one of the reasons we need to change the architecture and also current new designs. On NEO, there are some complicated, global assets which are UTXO-based very similar to the model of Bitcoin. And we also have smart contract assets, so we want to unify the two things. In the future, there will be no more UTXO assets, or global assets, and you have to issue assets with the smart contract.

And this has the effect of streamlining and making everything faster?

Yes, everything will be unified. We want to make everything right.

Can NEO Really Pull This Off?

Staring at the magnitude of reinventing the entire NEO blockchain and essentially starting from new from a Genesis block, I wonder if Da Honfei is at all worried at the size of the task before him. He smiles slowly nodding his head.

Migration will be a great challenge. We need to have a very thought-through migration plan, we need to talk to chains and we need to talk to DApp developers so we get their support.

We don’t have a migration plan yet because the features we mentioned at the conference are possible changes. This is because we don’t have the power to decide everything, we propose, and we will look at the community’s response. The core development is not done by Erik (Zhang) alone, a lot of the contribution will come from the community.

Does he ever wonder if he’s in over his head and if it’s worth all the hassle being a pioneer in the space?

Yes, sometimes, leading a blockchain company is not like leading a centralized company. You are not owners, you are not in complete control, sometimes if you are controlling too much, the community will say you are too centralized. We have seven consensus nodes and the NEO foundation controls five of the nodes.

We are slowly in the process of decentralizing the consensus nodes. So yes, it’s like an art, you need to balance between efficiency and decentralization.

I told him that Bitcoinist reported the other day about the utility of ETH DApps. 93% had done zero transaction in 24 hours. He laughs, and I ask what’s it would be like on NEO.

I would say probably similar, maybe better, I don’t have the statistics here with me, but I would say probably better. Ethereum currently has the strongest community of developers, they are like the go-to solution. If you want to study how to do a smart contract, you will probably do it on Ethereum. So those DApps will become like nobody will use.

I think we are not ready. The blockchain infrastructure is not ready for mass adoption, for those decentralized applications, we are a few years away from that, we need to get the layers in first.

The Takeaway

Remember all the hype about world-changing solutions and blockchain technology solving all our problems? Well, 2019 is already proving that projects have learned their lessons. The NEO team is still very much focused on what they want to achieve. They just realize that it’s further off than they thought–and it’s an industry-wide issue.

Do you agree with NEO’s founder? Share your thoughts below!


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