Crypto News- Da Hongfei, the founder of Neo, recently unveiled plans for a sidechain project aimed at supporting Ethereum-based decentralized applications (dApps) and ensuring seamless compatibility with Neo’s N3 mainnet. This announcement sets the stage for an upcoming testnet expected to launch by the end of the year, with a full mainnet release scheduled for a later date.
Neo’s Strategy Includes Introducing Ethereum Compatibility Through a Sidechain
The Neo sidechain will inherit crucial features from the Neo ecosystem, including its Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, designed to enhance scalability. Neo’s native GAS token will play a central role in governance and utility functions within the sidechain. Notably, the sidechain’s primary objective is to provide a secure and resilient platform for dApps, guarding against Maximal Extractable Value (MEV) attacks such as frontrunning and sandwich attacks.
Neo, originally founded in 2014 under the name AntShares, is one of the earliest smart contract platforms, with its origins rooted in China. The Neo mainnet has maintained stable operations since October 2016.
Neo’s network utilizes the Neo virtual machine (Neo-VM) as its computing framework, providing developers with a versatile, multi-language development environment that allows them to write smart contracts in their preferred programming languages.
The concept of sidechains, essentially parallel blockchains, is gaining popularity as a means to seamlessly integrate Ethereum-based smart contracts with blockchains that lack native support for the Ethereum Virtual Machine (EVM). Beyond Neo, several blockchain networks like XRP Ledger, Horizen, and Cardano are currently in various stages of developing or have already implemented EVM-compatible sidechains to facilitate Ethereum dApps.
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