“Neo’s futuristic vision includes enhancing the Ethereum ecosystem as it plans to introduce seamless compatibility through a sidechain, paving the way for a dynamic and interconnected blockchain landscape.”
Neo, one of the oldest smart contract platforms, is developing a sidechain to support Ethereum-based decentralized applications (dapps) and ensure interoperability with its N3 mainnet. The founder of Neo, Da Hongfei, announced this development at an event in Hong Kong.
The sidechain, which is expected to launch its testnet by the end of the year, will inherit key features from Neo, including its Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism. This mechanism will enhance scalability, and the sidechain will utilize Neo’s native GAS token for governance and utility functions.
One of the main goals of this project is to resist Maximal Extractable Value (MEV) attacks, such as frontrunning and sandwich attacks, in order to provide a secure environment for dapps. Neo aims to create a sidechain that is resistant to these types of attacks.
Neo, originally known as AntShares and founded in 2016, is a well-established smart contract platform that was initially based in China. The Neo Virtual Machine, the network’s computing framework, provides a multi-language development environment, allowing developers to write smart contracts in their preferred languages.
It is important to note that this article is provided for informational purposes only and should not be considered as legal, tax, investment, financial, or other advice.
© 2023 The Block. All Rights Reserved.