Neo, the altcoin that is often referred to as “China’s Ethereum” and rose to prominence during the 2017 bull market, is embarking on a new journey. Da Hongfei, the founder of the project, announced a strategic development that will introduce an ETH-compatible sidechain to increase the interoperability of the N3 mainnet.
Expansion of the Altcoin Neo ecosystem
At a recent event in Hong Kong, Da Hongfei revealed ambitious plans for altcoin Neo to create a sidechain that will seamlessly support Ethereum-based decentralized applications (dapps). This move aims to strengthen the interoperability features of the Neo N3 mainnet. It also aims to make it even more versatile and compatible for developers.
The upcoming Ethereum-compatible sidechain is set to include core Neo features, including the “Delegated Byzantine Fault Tolerance” consensus mechanism. It will also leverage altcoin Neo’s native token, GAS, for governance and domain functionality. Thus, it will provide a smooth and secure environment for developers and users.
A pioneer in the crypto space
The AltcoinNeo team’s vision for this project is remarkable. The goal is to create a secure platform that eliminates various negative effects, including Miner Extractable Value (MEV) attacks. By taking this initiative, Neo addresses existing issues that often hinder Blockchain and crypto projects. It also aims to create an ecosystem that encourages innovation and collaboration.
Altcoin Neo, formerly known as AntShares, made its debut in 2014. Accordingly, it quickly became known as one of the leading cryptocurrency projects and smart contract platforms. Notably, Neo’s mainnet has been operational since 2016. It also provides a solid and reliable foundation for the crypto community. During the 2017 bull market, Neo’s native token saw tremendous demand from investors. Its price reached remarkable heights, even exceeding $200 at one point. This historic performance reflects the project’s popularity and appeal among cryptocurrency enthusiasts.
Expansion of the EVM compatible sidechain family
Altcoin Neo joins a select group of Blockchain projects that are venturing into Ethereum Virtual Machine (EVM) compatible sidechains. Other leading platforms such as XRP Ledger, Cardano and Horizen are also exploring this strategy. The relevant platforms want to improve their ecosystems and meet the growing needs of the crypto community.
At the time of writing this article, altcoin Neo is trading at around $9. Accordingly, this shows that the market responds positively to this important development. When we look at Neo as Kriptokoin.com, it continues to develop and diversify its ecosystem. It is also poised to play a more important role in the ever-expanding world of Blockchain and cryptocurrency.
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