Blockchain Platform Neo is Approaching Decentralization

(TechInAsia, April 04, 2018)

Neo’s smart economy incorporates digitized physical assets, digital identity, and proof-of-ownership in their blockchain, with all of these assets having the ability to be traded and leveraged through smart contracts. The criticism of whether Neo is too centralized has often been raised about the platform’s governance structure. In the crypto world, there are tradeoffs, e.g. bitcoin is more decentralized but faces criticisms for slow and expensive transactions and a lack of dispute mitigation mechanisms. Da Hongfei, founder of Neo, realizes such tradeoffs are necessary during expansion and does not plan for Neo to be centralized forever. “China is very supportive of blockchain technology but not of speculation, which is inherent in ICOs. The pure idealist would probably go straight ahead, but we saw barriers that we needed to deal with first,” explains Hongfei.