WATCH: In Conversation with Da Hongfei, Neo: China-Born Digital Asset Protocol

Chinese blockchain companies received a substantial windfall following President Xi Jinping’s bullish support for the development of the technology, and Shanghai-based Neo was one such enterprise. Forkast.News Editor-in-Chief Angie Lau sits down with Da Hongfei, Co-Founder of Neo to find out about the technology and how it will affect various industries in China.

Key Highlights

  • Under the hood, the architecture [of Neo 3.0] is different. That means it will be more stable. You will have better performance. So that’s the underlying technology. And then we have new functionalities. We will have a built-in Oracle function. That means a smart contract can directly access Internet content within  the smart contract itself. They can visit a website. It’s not doable within current blockchain devices.
  • Neo ID is meant to be used to do KYC, AML, to build a reputation system on top of that. So you can link your identity within the physical world to the blockchain world.
  • [Another] feature is NeoFS. I’m really excited by NeoFS. This is a distributed file system, so you can directly save big files like a video to a distributed file system that is linked with blockchain. You cannot do that within today’s existing blockchains.
  • To beat the competitors, to beat the giants, you cannot just do the same thing and be a little bit better. You have to do it in a complete way and be much, much better. So the way a distributed storage works is if you are an ordinary user, you can share the storage with a laptop, you can share the storage maybe with your phone and with 5G. It will be very fast, and the bandwidth cost is really low. So it would be more like a shared storage system, like Uber, like in a shared economy.

Listen to the Podcast

Xi Jinping said Blockchain would play “an important role in the next round of technological innovation and industrial transformation,” which spurred investment into blockchain related enterprises. Currently, Neo has been trading up at…

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