Gate.io AMA with NEO-ALL IN ONE - ALL IN NEO
Time: Jan 6th, 2022, 13:00 UTC
Gate.io hosted an AMA (Ask-Me-Anything) session with John Wang,Head of Neo Eco Growth in the Gate.io Exchange Community.
Official Website: https://NEO.org/
Twitter: https://twitter.com/NEO_Blockchain
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Guest
John Wang — Head of Neo Eco Growth
Q&A from Gate.io
Q1: Let’s start by getting to know you first. Can you please provide a quick self introduction for the community?
John: I’m the head of Neo Eco Growth, I have experience in supply chain management consulting, and several successful entrepreneurship experiences. I’m currently responsible for Neo eco development.
Happy to share more about our project today.
I’m sure many people have heard about Neo.
Q2: So what are the advantages of Neo Blockchain?
John: 1. Neo is the first public blockchain adopting BFT Style Consensus and we improved our BFT Consensus with Neo N3. And we will be able to process thousands of transactions per second and the cost will be much much lower than Ethereum. 2. And also we have our completely original and new Neo smart contract . Developers can use their familiar language like C#, Python or Go Language to write smart contracts. And we also have good integration with VS Code as ID tools.
Q3: And what is the difference between Neo and N3, I mean any improvements does Neo N3 added to the present version of Neo? What are the advantages that N3 offers to dApps developers?
John: Well, with N3, there are a lot of new features, including some basic modules like NeoID, which is a decentralized identity solution, and a built-in Oracle.
Oracle enables any smart contract on Neo to have the ability to directly access the traditional Internet. So you can call a URL from a smart contract. In other words, the new protocol has the ability to give you authentic data feed from that URL. It basically connects the next generation Internet, web3.0 to the current Internet, the web2.0. So it’s like a bridge to connect these two worlds.
And we also have a new functionality called NeoFS, which is built by the NSPCC team. NeoFS basically is a new version of Neo’s equivalent to IPFS. But you use GAS, the utility token in Neo to pay for storage. And it’s built into the new protocol. So you don’t need to access other protocols. So these are the new features. These features are useful both for users and developers at the same time.
Q4: I’m wondering, does the economic model stay the same?
John: Thanks for asking that.
We do have a new economic model.
We have new on-chain governance.
For example, within Neo Legacy, you didn’t need to do anything. You can earn GAS by simply holding NEO token, which is not the best way to participate in the eco. So the participation rate of governance in Neo Legacy was pretty low.
So we decided to change it, we decided to give incentives to the voters.
So from Neo N3, you have to vote for the “correct” community member. A “correct” member means the one chosen by majority. Only if you vote for the correct community member, you’ll get awarded. And there will be 21 council members. These 21 council members will decide different parameters of the blockchain, of the protocol.
Q5: So now,please tell us about the goal you want to achieve this year.
John: Sure.
The biggest milestone, or the biggest task we need to finish is to do the migration.
Because you can regard Neo Legacy and Neo N3 as two different blockchains. So we are going to migrate from Legacy to N3.
It’s basically moving all the assets, smart contracts on a blockchain A to blockchain B. So that’s a big challenge. And I believe Neo is the first one to do it in the blockchain industry.
And all the assets, we will do a migration of all the assets in the next few months. And also then, we will help developers at the same time, we will help developers to deploy, to modify and deploy the new projects on Neo N3. So the migration will be the biggest challenge and task that we are facing in the next few months.
You can migrate your tokens here: https://migration.neo.org/
