Neo Developing Sidechain for Ethereum-based Dapps
Neo founder Da Hongfei recently announced at a Hong Kong event that the platform is developing a sidechain specifically designed to support decentralized applications (dapps) based on Ethereum. The goal is to ensure full interoperability with Neo’s N3 mainnet. This development serves as a precursor to an upcoming testnet, expected to launch by the end of the year, followed by the mainnet launch at a later date.
Key Features and Functionality
The sidechain will inherit important features from Neo, such as its Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, in order to enhance scalability. Additionally, Neo’s native GAS token will be utilized for both governance and utility functions within the sidechain. The project is designed to resist Maximal Extractable Value (MEV) attacks, including frontrunning and sandwich attacks, providing a secure environment for users.
About Neo
Originally known as AntShares and founded in 2016, Neo is one of the oldest smart contract platforms in existence. It originated from China and has since evolved into a versatile network that supports smart contract development in multiple languages through its Neo Virtual Machine.
Hot Take: Neo Expanding its Reach
By developing a sidechain specifically for Ethereum-based dapps, Neo is demonstrating its commitment to interoperability and scalability within the blockchain ecosystem. This move not only expands Neo’s potential user base but also highlights its efforts to provide a secure environment for developers and users alike. As the platform prepares for the launch of its testnet and subsequent mainnet release, it will be interesting to see how Neo’s integration with Ethereum dapps will impact the broader crypto industry.
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