Tokenizing Digital Assets Through NEO’s Smart Economy

Asia Blockchain Review

October 1, 2019

This event is for anyone interested in exploring the NEO ecosystem and in particular its smart economy, which aims to herald the dawn of a new era for the digital economy through the tokenization of digital assets managed via automated smart contracts.

If the words of industry experts are anything to go by, the global blockchain market is entering a golden age as the market is projected to grow from a mere US$1.2 billion last year to US$23.3 billion by 2023. In order for such a projected growth rate of the global blockchain market to be realized over the course of the next four years, it would be necessary for the industry to silence the blockchain-skeptics by joining hand-in-hand to resolve issues affecting the technology, particular those pertaining to the operations of smart contracts.

Right from the get-go, the blockchain industry realized the importance of adopting a community-based approach to fostering growth of the industry. Accordingly, instead of each market player working in silos to promote its own interests, the blockchain industry has actively embraced the spirit of platform-agnosticism through the undertaking of collaborative initiatives and knowledge-sharing for the collective good of the industry. 

Building on the altruistic spirit among the community of market players in the blockchain industry, NEO aims to take this spirit to the next level with its open-source project, which entails the use of blockchain through a three-pronged approach involving the use of digital identities, digitalization of assets and the automated management of digital assets as part of a smart economy which operates in perfect concordance with the underlying ideals of blockchain. The ecosystem approach adopted by NEO may prove to be the elusive remedy to the issues affecting blockchain, thereby paving the way for the technology to reach its fullest potential.

It is trite knowledge that Ethereum rules the roost when it comes to smart contract platforms. In this regard, as NEO is also a smart contract platform that has even been dubbed the “Ethereum of China” due to its popularity in Asia, it may be useful to highlight the benefits of NEO with Ethereum as the yardstick on the basis that a comparison with the best in the industry would certainly hold merit. From the outset, NEO has been more developer-friendly as the smart contracts on its platform can be written in general programming codes such as C#, Java, Go, Python or JavaScript, whereas developers would need to learn Ethereum’s native Solidity programming code to be able to write operable smart contracts on the Ethereum platform.

Secondly, the use of the Delegated Byzantine Fault Tolerance (dBFT) protocol by NEO as the consensus algorithm of its mainnet renders it more suitable for processing financial transactions than Ethereum’s proof-of-work (PoW) mechanism, as NEO’s dBDT protocol mitigates the risks of double-spending by incorporating the element of finality, which is lacking in Ethereum’s PoW mechanism. Lastly, the inclusion of verifiable digital identities as part of NEO’s smart economy ensures that transactions carried out within the NEO ecosystem would be regulatory-compliant, as opposed to the Ethereum platform which allows anonymous transactions.

With regard to industry collaboration, NEO is collaborating with Ontology to develop a global cross-chain platform to spur the development of next generation internet, i.e. the Internet of Value, using interoperable blockchain networks. As for development initiatives, NEO is venturing into the holy grail of Bitcoin by working with Japan-based Techfund to establish the ACCEL BaaS blockchain development tool that aims to promote the functional implementation of applications operating based on the technology

As at the time of writing, Ethereum remains the undisputed leader in the blockchain industry with a market capitalization of more than US$20 billion, second only to Bitcoin, whereas the market capitalization of NEO only amounts to about US$612 million. Nonetheless, in the fast-moving digital world where change is the only constant, it may not be far-fetched to envisage the dethroning by NEO of Ethereum from the smart contract pedestal in the not-too-distant future. In fact, NEO already has one advantage over Ethereum, having in September received a vote of confidence from Microsoft when it was granted the honour of becoming the first blockchain organization member of the .NET Foundation, which had been established by Microsoft to promote the development of open-source software.

BINARYSTAR and Asia Blockchain Review are seizing this opportunity to discuss the development of the NEO ecosystem and the game-changing innovative solutions offered by its smart economy in order to address the issues limiting the development of the blockchain industry, particularly in relation to the smart contracts domain. Join us in October as we explore the ground-breaking possibilities offered by the NEO ecosystem during our flagship event, Unblock Tokyo.

Expect meetups, keynotes, workshops, hackathons, dinners, and parties where we will discuss the hottest topics in the blockchain and crypto space and make lasting connections with people from all around the world.

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Asia Blockchain Review

Gateway to Blockchain in Asia

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. We aim to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

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