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In a couple of years, the Bitcoin community in China had grown, with Hongfei as one of the key figures in the emerging vanguard. During his many activities in the Bitcoin community, the need to establish a new blockchain that performed better than the Bitcoin blockchain became apparent to him. In time, Hongfei would move away from Bitcoin to create his own blockchain. The project was launched in February and it soon became the platform of choice for many Chinese blockchain projects.
Antshares was later renamed to NEO in June of NEO shares a number of similarities with the Ethereum blockchain in that they are both platforms that enable the development of decentralized applications and they both utilize smart contract protocols. There are, however, a number of unique features in the NEO architecture that sets it apart from Ethereum. The switch to dBFT was made after the April white paper that introduced the new consensus mechanism.
The NEO blockchain can handle 1, transactions per second compared to Ethereum that can only handle 15 transactions per second. Da Hongfei envisioned NEO to be a platform for high-frequency, large-scale operations. In many ways, the blockchain of the new market economy. For this reason, NEO is engineered to support smart contracts that run on virtual machines which can be coded using any of the popular computer languages like Python, Java etc.
On Ethereum, developers have to use solidity in order to run smart contracts on the EVM. This feature has made NEO a real favorite of a number of blockchain project developers. In fact, both companies were established at about the same time. Onchain is an enterprise blockchain service for private companies. Onchain essentially grew out of the NEO matrix in order to distinguish between the digital currency and the core blockchain development efforts.
The Fireside event follows the recent partnership between Neo and Draper University. Several projects in the Neo ecosystem will join a dedicated five-week program where they will receive mentorship, soft skills training, and the opportunity to present their projects in front of invited Venture Capital firms. Advice for entrepreneurs During the livestreamed discussion, Draper and Hongfei talked about the current global landscape for startups, the opportunities in Web3, and offered advice for entrepreneurs looking to start their own businesses in this blockchain space.
For builders of decentralized applications, Hongfei placed a strong emphasis on cybersecurity as a priority, encouraging audits to avoid situations where traditional law enforcement arms will not be able to lend assistance. On the topic of entrepreneurship, both participants highlighted the fundamental importance of a strong belief by the entrepreneur in their startup concept, as well as the need to understand the potential for blockchain technology as a disruptive force.
You need to think out of the box. You need to believe in the power of decentralization, because it is so different from a conventional business model. Sometimes you even have to be a rebel, a deviant, you need to be really unorthodox.
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