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The NEO Foundation (NEO) is a blockchain platform that allows developers to build decentralized applications (dApps). NEO provides infrastructure such as decentralized storage, oracles and domain name services, allowing developers to build dApps that automate asset management using smart contracts.
The protocol’s ultimate goal is to become a decentralized and open network for a “smart economy”. The smart economy in question refers to a financial system that is fully compatible with blockchain. NEO realizes that this stage cannot be reached overnight, so he devoted himself to converting the entire system into one protocol at a time.
Migrating to premium developer tools
DeVadoss said Web2 developers are used to building on traditional platforms that are not economical platforms. However, deVadoss said blockchain is an economic platform, which means it has intrinsic cryptoeconomic protocols built into it.
There is a huge gap between what developers expect and what is availablemany so-called premier blockchain platforms are very primitive in terms of developer experienceplaying around with it reveals How do people actually build something?
The NEO platform aims to solve this problem. The team is primarily concerned with the quality of developer tools on blockchain. He claims that quality and ease of use will increase the number of financial dApps with real value, which will lead the community to his NEO ultimate goal of becoming a network of smart economy.
Ensuring self-sovereignty
According to DeVadoss, NEO is competing with platforms like Azure and AWS rather than major blockchains like Ethereum (ETH) and Polygon (MATIC), which host a large number of dApps.
While it may be much younger than web2 giants like Azure, NEO has the advantage of working on the blockchain. A tech stack built on blockchain provides individual sovereignty over data. This also leads to self-regulation, an aspect web2 never offers.
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DeVadoss has a potentially divisive take on the decentralization hype. He argues that decentralization is overrated and that blockchains are okay to be centralized as long as they provide self-sovereignty and self-regulation. He said:
There is a myth that decentralization brings.
As such, self-regulation and self-sovereignty should be prioritized over decentralization when sorting out the underlying nature of blockchains, Debados said.
He argues that it is certain groups that create an edge over it that have led the cryptocurrency community to this detour of decentralization. Instead, communities should step back and focus on their core needs of self-regulation and self-sovereignty.
