Analysts Promise That Blockchain Saves the World

Colin Baseman

Let us trust Da Hongfei and his vast experience in the area of cryptocurrencies and digital markets. His opinion is something we should all pay attention to. He is the person who once founded NEO. As we all know this year’s virtual conference called Blockdown 2020 was a special event and Da Hongfei took part in it. His mission there was to explain the importance of blockchain technologies and practices and show the ways in which it may change economy in the post-pandemic world.

The so-called Chinese Ethereum is one of Hongfei’s projects. His skills and previous experience allowed the founder to state that the situation nowadays is serious enough and he was sure that de-globalization is an inevitable outcome of the crisis. What humanity needs at present is a new approach that would put us back on course. This is the only way the world would return to its previous state – a global community.

Whether you are a crypto supporter or not, Hongfei gave plenty of reasons explaining why various countries disagree and argue about what the best financial strategy is. In order to make those contrasts less visible, we need a neutral ground and blockchain can serve as one.

Blockchain has neither capitalistic nor socialistic backing. It’s absolutely neutral. According to Hongfei, blockchain’s ideology is ‘jurisdiction agnostic’.

Global Economy Should Rely on Blockchain

The founder admits that nations all around the globe will strive to survive after the pandemic passes. The consequences that the coronavirus has brought are devastating and the situation is too serious to ignore the role that digital cryptocurrencies play. Recovery may take longer if countries pin their hopes on their current supply lines. Their infrastructures also need change and transformation. He believes that blockchain is a key to a worldwide marketplace where there will be no place for nationalism. It’s a huge network offering a global database. Once we decide to place assets on it, we’ll open a door to a marketplace where countries can interact, communicate, and collaborate.

Hongfei does not claim that the system is equipped to fully meet the requirements that the world may imply on it. The world cannot yet do without fiat money. Hence, before letting blockchain rule the economy, it needs to perform some certain improvements in three basic areas.

Experts say that the technology itself is not quite ready. It is not capable of keeping the planet’s economy on top. And the aspects that need further development include tokenization as well as interoperability, and adoption.

NEO was launched six years ago. Back then it was known as Antshares. Three years later the project went through rebranding and redirected its focus toward digital assets. Their priority was ‘smart’ economies. Nowadays other blockchain projects can successfully use NEO as a platform. One of such examples would be Ontology. It’s a high performance public blockchain. Its major purpose is to help distribute collaboration.

Blockdown 2020 will last for another few days. The event may be of great interest to professionals as well as amateurs. It features a whole spectrum of presenters and influencers from within the blockchain environment. It’s an experience featuring live illustrations, interactive 3D networking opportunities, and exciting roundtable sessions. Exchanging ideas, learning more about new approaches, and discussion may change the whole perspective and Hongfei finds this kind of interaction of utmost importance. Collaboration is what can help the post-pandemic world recover from the crisis and restore afterwards.