The founder of “NEO” expects the blockchain to flourish after the Corona virus, and “NEO”, which bears the nickname “Chinese Ethereum”, will take advantage of this opportunity.

Da Hongfei, founder of NEO — the China-based blockchain platform for decentralized applications — spoke yesterday morning at a conference BlockDown 2020 The hypothetical about the state of blockchain technology after the Corona virus and how the world will be a fundamentally different place, divided and governed by a state of distrust towards traditional systems.

In his statement, Hongfei added that the world will witness global disruption and inevitable setbacks, but the antidote to these setbacks is the blockchain.

The Corona virus will promote the adoption of blockchain technology, according to Da Hongfei.

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According to him, the blockchain is the “cure” as it carries a set of new rules after the Corona virus because:

• Holds a neutral ideology.
• Decentralization (assets on the blockchain are managed by smart contracts, but are not directly affected by the jurisdiction of the entity behind that smart contract).
• It has the potential to become a global market, if we put all the assets on the blockchain, we will have a huge global market where everyone can trade with each other and without having to trust each other.

He told Hongfei that the blockchain as it is today is not ready for this huge task, stressing that among other things the technology needs to be improved which includes the following:

• Interoperability: A critical capability that every blockchain network will need, we are now seeing some protocols across the chain, but most of them focus on asset transfer, we need a comprehensive, multi-protocol for general purpose, and then we will see different blockchains focus on different things, but interact with each other .
• Coding: Many things are needed to be coded:

a) Virtual, digital and physical assets.

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b) Securities: “I have no doubt that in the next 2-3 years, we will see a lot of securities being issued on the blockchain.”

c) Fiat currencies: Many central banks are in various stages of experimenting with fiat currencies in digital form, with China already leading the way.

• Adoptionability.

In the meantime, Neo would be pleased to see a variety of blockchains in the future, the founder told, as not only does it have to choose between “centralized” or “decentralized” there are many factors and design options to consider, but all These two blockchains could work together someday.

Therefore, the future in which the blockchain flourishes is one that may benefit Neo as well.

The founder mentioned that his project is already working on a myriad of new features, and he said in the first place, Neo 3.0 will arrive in the fourth quarter of this year, along with a number of small improvements that “NEO” will provide, he also named some major improvements, including that:

• Built-in oracle.
• NeoFS, a distributed and decentralized storage network.
• NeoID, a decentralized identity solution designed for use in the Neo ecosystem.
• Major improvements in interoperability.
• The ability to transfer Bitcoin and other assets between different blockchains, the ability to integrate blockchain networks with cross-chain protocols…etc.

Finally, he told Hongfei that fund managers and institutional investors are likely to view bitcoin, ethereum, neo, and other crypto tools as an alternative investment opportunity.

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He concluded that perhaps there would be nothing better in a post-pandemic world than the origins of crypto.

The NEO coin is ranked 22nd by market capitalization, and is trading at $7.58, narrowing its weekly losses to nearly 8%.

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