The price of the Neo-token, formerly referred to as “Chinese Ethereum”, has fallen at a difficult time when the world’s most populous country introduced a series of strict bans on cryptocurrencies last year. In an exclusive interview with Cointelegraph, the neo-developers, who wished to remain anonymous, explained that partners manage most projects sponsored by Neo Global Development, or NGD, from a wide range of countries outside China, and serve users worldwide. .
In addition, Neo continues to expand in China. It is currently one of seven open-source blockchains serving the country’s blockchain-based service network, or BSN. One of the goals of the group is to expand the use of non-fungible tokens (NFTs) in the country.
There have also been some decentralized finance, or DeFi, decentralized applications or DApps projects since the launch of Neo 3.0, sometimes developed as Neo N3, mainned last year. One such example is Defina Finance, an anime-style NFT metaverse that uses a game model to make money. Total trading volume in the Defina market has exceeded $ 100 million at the time of press. Defina started expanding to Neo N3 in 2021 in collaboration with NGD.
But according to the project team, the “most fantastic” development is probably Rentfuse. Our sources at Neo explained:
“Rentfuse is a protocol developed to manage NFT leases between owners and tenants for games or other functions. New Leadership is working with Rentfuse to make it the NFT lease standard for the new ecosystem.”
The developers also seem to love the wider Neo community. “We have reached out to thousands of people through new social media to get people to know more about us, and we have developed the core contracts for Rentfuse,” said Michael Fabusi, founder of Rentfuse, in a statement to Cointelegraph, adding : “Thank you. For believing in us.”
Meanwhile, sources at GhostMarket, a Neo NFT multi-chain marketplace that recently raised $ 2 million in strategic funding and completed a DEX IPO on Flamingo Finance, told Cointelegraph:
“The $ 10 million N3 early adoption program [last year] was crucial for Neo in attracting and launching new businesses and was crucial in scaling the new ecosystem strongly.”
When asked what made Neo unique in a sea of blockchains with smart contracts and proof of effort, they explained that Neo 3.0 has its own built-in oracle for HTTPS or NeoFS requests. There is also a distributed storage solution for scalability and privacy on the NeoFS network.
In addition, the interoperability of the Poly.Network protocol enables cross-chain communication between Neo, Ethereum (ETH), Binance Chain (BNB) and others. There’s also NeoID, a self-directed identity initiative that allows developers to customize the exact level of attribute validation needed to make nodes work properly.