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NEO says ‘Hi to Decentralization’ and ‘Bye to Centralization’?

Simran Alphonso



NEO says 'Hi' to 'Decentralization' and 'Bye' to 'Centralization'?
Source: Pixabay

A recent update by NEO reveals their interest towards decentralization. The declaration mentions the date of the “enormous uncover” as of July 4th, 21:00 [GMT+8].

NEO posted the following image on Twitter:

Source: Twitter

The image posted by NEO reads:

“No innovation. No Decentralization. No communication.” We’ve heard many voices of “No” over the past. While the Market changes, NEO’s vision remains unchanged. From this first step of decentralization, a new era of NEO ecosystem is about to unveil!”

Decentralization describes the design of a network that isn’t managed by a central party. Peer-to-peer interaction drives the network as no third party is needed.

While discussing predictions for the industry in 2018, decentralized exchanges were the innovation that Hongfei, the founder of NEO was most excited about. One of the speculations is that the team of NEO is overseeing the transformation that could release the nodes for the network.

NEO is a not-for-benefit organization that uses blockchain innovation and advanced character to digitize resources. It also uses blockchain to mechanize the administration of computerized resources utilizing smart contracts and understand a “smart economy” with a “conveyed network.” NEO is also known as the “Ethereum of China”.

NEO turning to decentralization is a hot topic of discussion on Reddit.

Jiyt Hoj, a Redditor commented:

“for the record — and to those downvoting — I’m fully onboard with NEO’s plan to decentralize. I think it’s the right way to do it. All I’m saying is that this is the argument we’re going to be faced with as decentralization happens. Prepare for it, and have a little spiel ready.”

Elmer1000 another Redditor says:

“Adding nodes makes the network distributed, but if adding a node requires permission from a central authority the network cannot be decentralised. The difference to mining pools is that they do not require permission to function. However , permissionless creation of nodes does not guarantee decentralisation but only makes it possible”

As of now, NEO has not commented on their step towards decentralization apart from the shared image.

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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.