25 June 2018

Open Blockchain Foundation (OBF) Receives $1.8m Contribution From NEO

The Crypto DevCon event was held between the 11th and 12th of June, 2018 at Mountain View in California, U.S.A. It was at this event that the CEO-Founder of NEO, Da Hongfei announced that NEO had made a telling contribution to the Open Blockchain Foundation (OBF) which is one of its independent branches.

Open Blockchain Foundation (OBF) was established in May 2018 as the research and academic arm of the NEO Foundation. This independent arm of NEO will be saddled with the responsibility of conducting academic research all for the purpose of improving the overall performance of the NEO blockchain. At the time of the establishment of the Open Blockchain Foundation (OBF) two other arms were equally created as well, these include the NEO Global Capital (NGC) and the NEO Global Development (NGD).

Open Blockchain Foundation (OBF) has only recently received a contribution of $1.8 million (USD) from NEO. The $1.8 million (USD) contributed by NEO comprises of the unclaimed funds from the NEO Sponsor Giveback Plan.

In the NEO Sponsor Giveback Plan investors of the NEO seed round for either of the token sale round 1 or the token sale round 2 were allowed to claim their overall contributions in either Chinese Yuan FIAT (RMB/CNY) or in NEO tokens. You can get more details about the NEO $1.8 million (USD) contribution right here.

It must be further reiterated that the Open Blockchain Foundation (OBF) acts as a neutral and fully independent body. The goal of Open Blockchain Foundation (OBF) as mentioned earlier is to provide valuable support to the growth and development of the NEO blockchain through investment in extensive academic research.

NEO also stated that the $1.8 million (USD) contribution to the Open Blockchain Foundation (OBF) is only the first of many similar contributions that will be made to ensure the success of the research arm of NEO and in extension the unrivaled development of blockchain technology. It is expected that between $10 and $15 million (USD) in additional contributions will be made by NEO in the not too distant future.

NEO Sponsors The Crypto DevCon Event

NEO were the main sponsors of the Crypto DevCon event that was held at Mountain View, California from the 11th to the 12th of June, 2018. As stated earlier, it was at this event that Da Hongfei the CEO-Founder of NEO announced their donation to the Open Blockchain Foundation (OBF).

The President of the Academic Committee of Open Blockchain Foundation (OBF) and Honorary Chairman – Professor Zhang Shoucheng was cordially invited to the event where he engaged in a fireside chatting session with the “Father of Public Key” – Professor Diffie.

Professor Zhang Shoucheng stated that academic research into blockchain technology is mainly sponsored by blockchain companies and projects with government sponsorship being more of a novelty.

He further stressed that Open Blockchain Foundation (OBF) is on a mission to further develop blockchain technology using funds that are generated from the blockchain industry itself. One of the objectives of the Open Blockchain Foundation (OBF) will be to resolve the issues arising from Quantum Computing Resistance.

Professor Zhang Shoucheng said that academic research will be crucial in the evolution of blockchain technology with the Open Blockchain Foundation (OBF) leading the way in groundbreaking research that will revolutionize blockchain technology.

It may interest you to know that Professor Zhang Shoucheng is a reputable Chinese physicist and the founding chairman of DHVC. He is also the innovator of the “typological insulator” a creation that earned him the Benjamin Franklin Medal amongst several other awards.


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