Da Hongfei, founder and CEO of Neo, told Cointelegraph China on Nov. 6 during Epicenter: Web 3.0 and Cryptocurrency that the emergence of Bitcoin (BTC), blockchain technology and decentralization ideology allows people to reinvent protocols and rules. Therefore, more distributed and inclusive applications can be built on top of Web 3.0 protocols.
He believes that Web 3.0. is not a replacement for Web 1.0 or Web 2.0. It’s innovation at a different level.
Da explains that when the internet started in the 1990s, applications were mostly websites. Information flowed from the creator to the consumer in one way — not two ways — and representative websites were Yahoo and search engines like Baidu. Then, people started to build platforms and invent those user-generated content websites. The iconic applications would become Twitter, Facebook, YouTube and Tik Tok.
These applications and websites are not just delivering a message from the creator to consumers, they also allow users to create content. They are more like marketplace play in both directions and also aggregate supply and demand together. The downside is they are like the monopoly of the market.
The invention of blockchain technology became the new infrastructure for Web 3.0. Da emphasizes that Neo N3 will be the infrastructure for Web 3.0 mainly for three reasons. First, it has several new functionalities. Second, it has a new governance model. And third, it built a new ecosystem. He continued that:
“With Neo N3, we have NeoID, a generalized decentralized identity solution built into the Neo N3 mainnet and we also have NeoFS and open network for distributed storage paralleled with Neo network. So, if you are a developer of Neo N3, you have the ability to map in real world identity. Utilizing NeoID, you have the ability to save any data, no matter how big the data is. And the last functionality is called oracle. With the oracle functionality, any smart contracts on Neo N3 will be able to read any given URL from the internet. So, it will act as a bridge between the current internet, Web 1.0 or Web 2.0 and the blockchain, or the Web3.0. So, Neo is like an all-in-one toolbox for any blockchain developer.”
With Neo N3 new governance, every NEO token has voting power. He explains that:
“And if you have one NEO, you have one vote. So with a NEO token, you can vote for any address as long as they are registered as a candidate, and any Neo wallet address can be registered as a candidate. The votes will be calculated every 21 blocks, the top 21 address or the top 21 candidates will form the Neo council.”
The council will do the on-chain governance together by voting. They will adjust those parameters like block time, the number of consensus nodes and other parameters. Also, the top seven of the top 21 Neo council members will be responsible for the processing of the recording of transactions.
According to Da, over the past several years, Neo has developed a large community across the world. There are sponsored communities in China, the United States and Europe, among many other places.
For example, the NeoFS, a decentralized file storage system, is independently built by NeoSPCC. Most of their members are living in St. Petersburg, Russia. Many of the security audits for the smart contracts on Neo are overviewed by RED4SEC which is based in Spain. Many of the consensus approval optimizations are proposed by Neo Research based in Brazil, and the biggest media about the new blockchain is based in America called Neo News today. Meanwhile, the two biggest execution arms of Neo Foundation are based in Shanghai and Seattle called NGD (Neo Global Development).
Web 3.0 will be the supporting infrastructure of the metaverse
Da believes that without various infrastructures of Web 3.0, it will be impossible to build a unified, generalized and interoperable Metaverse. He explains that:
“I can call Metaverse a tokenized cyberspace. NFTs will be the economics, the incentive behind Web 3.0, but an NFT that represents different goods, commodities, items or assets in games in virtual reality will be the main token inside Metaverse.”
Da reveals that N3 is ready for metaverse applications. It has developed nonfungible token (NFT) standards called NEP-11. There are various NFT projects in the pipeline. He gave examples that:
“We have GameFi projects and we also have invested in the marketplace called Ghost Market, which is very similar to OpenSea, and also to memorize the launch of mainnet of N3. We also issued a Neoverse NFT token to our community members.”
According to Da, N3 is almost like a completely new blockchain with new architecture, new functionalities and a new governance model, so we have to do a migration from Neo Legacy (today's Neo or yesterday's Neo) to today's Neo N3. And here is the update of the migration progress: 70% of the NEO token has been migrated to N3.
There are over 10,000 N3 addresses generated on the mainnet and the voting had already represented 47% of all the Neo voting power. There are a lot of transactions every day. There are already more than 20 different decentralized applications deployed and also centralized exchanges like Binance, OKEX or Houbi have already supported N3 or will support it very soon.
Since the infrastructure of Neo N3 is completely ready now, Da calls users to join the Neo community. He added that:
“If you want to earn some GAS, you can campaign for a Neo council candidate, you can also run a NeoFS or a Neo oracle network node to earn some GAS. And if you are a developer or an entrepreneur, you want to start up some new projects, you can also apply for grants or investment from Neo Eco Fund.”