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- Neo, a sidechain designed to support Ethereum-based decentralized applications (dApps) and provide full interaction with the N3 mainnet.
- The sidechain will inherit key features from Neo to enhance scalability, including the Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism.
- Founded in 2014 and initially known as AntShares, Neo is one of the oldest smart contract platforms, initially based in China.
The founder of Neo, often referred to as China’s Ethereum, announced that they are in the process of developing a sidechain.
NEO is Moving Forward with Sidechain Development
Neo has announced that they are developing a sidechain designed to support Ethereum-based decentralized applications (dApps) and provide full interaction with the N3 mainnet. The founder of Neo, Da Hongfei, made this announcement during an event in Hong Kong.
This announcement comes ahead of an expected testnet by the end of the year, with the mainnet planned for a later date. The sidechain will inherit key features from Neo to enhance scalability, including the Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism. Neo’s native GAS token will be used for both governance and utility functions.
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The sidechain aims to be resistant to Maximal Extractable Value (MEV) attacks like front-running and sandwich attacks. According to the team, the goal of the sidechain is to provide a secure platform for dApps.
Founded in 2014 and initially known as AntShares, Neo is one of the oldest smart contract platforms, initially based in China. The Neo mainnet has been running steadily since October 2016. The Neo virtual machine (Neo-VM) provides the network’s computation framework and allows developers to write smart contracts in their preferred languages.
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The Growing Trend of Sidechains for EVM Compatibility
The approach of integrating Ethereum-based smart contracts with blockchains that do not natively support the Ethereum Virtual Machine (EVM) using parallel blockchains known as sidechains is becoming increasingly popular.
In addition to Neo, blockchain networks such as XRP Ledger, Horizen, and Cardano have developers working on EVM-compatible sidechains to introduce Ethereum dApps or various stages of application integration.
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