27 May 2018

Da Hongfei Describes Himself As A ‘Pragmatic Idealist’

NEO founder Da Hongfei was interviewed recently by the co-founder of ‘Coinfi’. Interviewer Timothy Tam did a great job at unlocking valuable insights and information. In this article, we want to take a closer look at some of the arguments that were made.

The ICO market is ‘Cooling Down’

When asked what he thought of the ICO market, Da gave a surprisingly honest view of the current ICO market. He described it as ‘Cooling Down’, and most importantly, reminded the community that some of the projects are simply ‘over-financed’. He warned us that a lot of the blockchain initiatives raised more funds that they needed or sit on huge profits due to the rise of cryptocurrency prices. On top of that, they might not be developing at an adequate pace and are basically ‘sleeping on that money’ as he said it.

Da Hongfei – Defining NEO as the ‘Number One’

As Founder of NEO, he clarified his definition of what it means to him to become the number one platform by 2020. He specified that his definition of ‘being the first’ does not mean, to have the biggest market cap or highest price.

Instead, he defines it as wanting to be the best platform to build DAPPS on. With this in mind, he says that by 2020, he would like to see the NEO Smart Economy network to have the best performance of any blockchain, have a diversified ecology and be compliant ready.

Now, I don’t know about you, but hearing these wise words coming out of his mouth is simply inspiring… He is a true thought leader and whether you want to see it from a philosophical standpoint or a strategic one, the outcome would be the same. He gently reminded everyone involved with NEO that we all should look for ‘Quality’ rather than ‘Quantity’. Blockchain’s technology survivors will run a marathon, not a sprint!

A ‘Pragmatic Idealist’ when it comes to Compliance

He was asked a very pertinent question that relates to his worldview with respect to compliance readiness of the NEO platform. It is true that NEO’s development is highly geared towards regulatory compliance. True believers in decentralization will probably ask themselves one simple question! ‘When does compliance turn into centralization?’

He used this opportunity to describe himself as a ‘Pragmatic Idealist’. He says he agreed with other idealists of what the perfect world should be, however, he has another approach in mind.

A pure idealist would probably go directy towards their goal. I saw many barriers, obstacles and I would like to work around them. I think that is the difference

Decentralized Exchanges – DEX

He discussed that the user experience of the first-generation DEX is sub-par at best. However, the second generation of decentralized exchanges will use off-chain order matching and this will allow for a better user experience. At the same time, the assets of the users will still be protected. While he sees DEX dominating the market, he argued that it will still take a couple of years before DEX can dethrone centralized exchanges. The five key ingredients for decentralized exchanges to succeed in his opinion are, high throughput, finality, interoperability, digital ID and a ‘Stable Coin’

NGC – NEO Global Capital Strategy

NGC’s first priority is to ‘make money’. Their target is to make NEO Council sustainable. They will not just invest in NEO projects but will also invest in other blockchain projects. The main requirement is to seek out those investable projects that are trying to solve some fundamental problem.

Da Hongfei – What are you most excited about for NEO in 2018?

He says they are designing a new version of ‘dBFT’. In his opinion, too many people are purely holding the NEO token as an investment. He would, however, like to see token holders help govern the blockchain. The new consensus mechanism will encourage NEO token holders to use their voting power.

Leave Comment

Your email address will not be published. Required fields are marked *