Can the goal of financial autonomy be achieved without decentralization?

Must read

California fraud cases highlight the need for a regulatory crackdown on crypto

The California Department of Financial Protection and Innovation (DFPI) announced last month that it had issued desist and refrain orders to 11 entities for...

Putin gives Snowden citizenship, Interpol elicits help in Do Kwon search and FTX US buys Voyager: Hodler’s Digest, Sept. 25-Oct. 1

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption...

NFT space bridges passions for tennis legend Maria Sharapova

Tennis legend Maria Sharapova appeared at the Binance Blockchain Week Paris 2022 to share her interest in nonfungible tokens (NFTs).During an exclusive interview with...

What is the economic impact of cryptocurrencies?

<div :i18n="{"back_to_top":"Back to top","sponsored":"Sponsored","blockshow_promo_text":"","by":"By","editor":"Editor's choice","go_to_flashnews_cat":"","press_release_badge":"Press release","press_releases":"Press Releases","press_releases_hide_items":"Hide","press_releases_load_more":"Load more","load_more":"Load more articles","loading":"Loading","paid":"This publication is sponsored.","comments":"Comments","youtubeBannerButtonLabel":"Subscribe","youtubeBannerChannelUrl":"https://www.youtube.com/user/cointelegraph","youtubeBannerHeadlineAlt":"Cointelegraph on Youtube","hot":"Hot stories","pr_description":"Cointelegraph does not...

Can the goal of financial autonomy be achieved without decentralization? Can the goal of financial autonomy be achieved without decentralization? Zeynep Geylan · 38 mins ago

John deVadoss, Head of Development at NEO says they’re ensuring self-regulation without decentralization and aiming to become the network for a fully blockchain-compatible smart economy.

28 min watch

Updated: September 17, 2022 at 8:38 pm

NEO Foundation (NEO) is a blockchain platform where developers can build decentralized applications (dApps). NEO provides infrastructure such as decentralized storage, oracles, and domain name service to allow developers to build dApps that automate asset management using smart contracts.

The protocol’s ultimate goal is to become a decentralized and open network for the “Smart Economy.” The Smart Economy in question refers to a financial system that is fully compatible with blockchain. NEO is aware that this stage can’t be reached overnight, so the company devoted itself to transforming the whole system one protocol at a time.

Shift to premium developer tools

DeVadoss mentioned that Web2 developers are used to building on traditional platforms, which are not economic platforms. However, deVadoss says blockchains are economic platforms, meaning that intrinsic crypto-economic protocols are built in.

“there is a huge chasm between what developers expect and what is available… Many so-called premier blockchain platforms, in terms of the dev experience are very primitive… When you play with it, you realize. How do people actually even build anything?”

The NEO platform aims to solve this problem. The team is primarily concerned with the quality of developer tools on their blockchains. It claims that the quality and ease of use will increase the number of financial dApps with real value, which leads the community to NEO’s ultimate goal to become the network for a smart economy.

Ensuring self-sovereignty

According to DeVadoss, NEO is competing with platforms like Azure and AWS, instead of major blockchains like Ethereum (ETH) and Polygon (MATIC) which hosts many dApps.

While it may be much younger than web2 giants like Azure, NEO has the advantage of running on the blockchain. Tech stacks built on a blockchain provide individual sovereignty in terms of data. This also leads to self-regulation, which are aspects web2 can never provide.

DeVadoss has potentially divisive ideas about the hype on decentralization. He argues that decentralization is overrated, and it wouldn’t matter for a blockchain to be centralized as long as it offers self-sovereignty and self-regulation. He said:

“There is a myth decentralization gives you. But it’s not always true. There are many networks out there where the control of their nodes lie within a very small set of people.”

That’s why, DeVadoss says, organizing the underlying nature of blockchains should prioritize self–regulation and self-sovereignty instead of decentralization.

He argues that the crypto community was led to this “detour” of decentralization by a certain group that creates an advantage on that. Instead, the community should step back and focus on the core needs of self-regulation and self-sovereignty.

Recent Videos

More articles

Latest article

California fraud cases highlight the need for a regulatory crackdown on crypto

The California Department of Financial Protection and Innovation (DFPI) announced last month that it had issued desist and refrain orders to 11 entities for...

Putin gives Snowden citizenship, Interpol elicits help in Do Kwon search and FTX US buys Voyager: Hodler’s Digest, Sept. 25-Oct. 1

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption...

NFT space bridges passions for tennis legend Maria Sharapova

Tennis legend Maria Sharapova appeared at the Binance Blockchain Week Paris 2022 to share her interest in nonfungible tokens (NFTs).During an exclusive interview with...

What is the economic impact of cryptocurrencies?

<div :i18n="{"back_to_top":"Back to top","sponsored":"Sponsored","blockshow_promo_text":"","by":"By","editor":"Editor's choice","go_to_flashnews_cat":"","press_release_badge":"Press release","press_releases":"Press Releases","press_releases_hide_items":"Hide","press_releases_load_more":"Load more","load_more":"Load more articles","loading":"Loading","paid":"This publication is sponsored.","comments":"Comments","youtubeBannerButtonLabel":"Subscribe","youtubeBannerChannelUrl":"https://www.youtube.com/user/cointelegraph","youtubeBannerHeadlineAlt":"Cointelegraph on Youtube","hot":"Hot stories","pr_description":"Cointelegraph does not...

What is wrapped Ethereum (wETH) and how does it work?

Traders who use the Ethereum network are familiar with the ERC-20 technical standard and have most likely traded and invested in tokens that utilize...