AMA Recap of Crypto Legacy x NEO by JW
Native functionality provides all the infrastructure you need to build complete decentralized applications, while advanced interoperability allows you to harness the power of the global blockchain ecosystem.
A. Zamora, [24/2/2022 9:00 A. M.]
We welcome everyone to join us at this prestigious AMA event with NEO
J W
thank you!! Gracias
A. Zamora
How are you?
J W
haha i am doing great
Thank you for the event .
A. Zamora
Well, what do you think if we start with the AMA
J W
yes, let us go!
A. Zamora
Introductory questions
Q1. Can you provide a brief introduction to the core team behind NEO?
J W
First founded in 2014, Neo is an open-source community driven blockchain platform.
Neo were the round 1 ETH killer back then for a long time in this industry
Today, it is the most feature-complete blockchain platform for building decentralized applications. Neo enables developers to digitize and automate the management of assets through smart contracts. It also provides powerful native infrastructures such as decentralized storage, oracles, and domain name service, creating a solid foundation for the Next-Gen Internet.
A. Zamora
Q2. What potential does your native token have and what are its different use cases?
J W
Neo tokeneconomic by itself is a self-incentive design. Neo adopts the world 1st innovative dual token mechanism. It separates the rights of governance from the rights of using the network. It also provides a means of acquiring the tokens needing to pay transaction fees.
NEO: a total of 100 million tokens, two main features:
1/ The right to vote to determine the Neo council member
2/ The right to earn and claim GAS, to perform transaction on our network
You may ask why do I want to earn GAS buy HODLING NEO and here is the answer. Also FYI, GAS is around 5 USDT so it is a valuable investment.
A. Zamora
Q3. Can you talk a bit about your prospects and how they will benefit from your products and services?
J W
There are so many new features in N3.
Neo team makes our minds to migrate N3 because as the blockchain world is evolving, we want to provide as many new and useful functionalities to our community. New functions includes some basic modules like NeoID, which is a decentralized identity solution, and a built-in Oracle. It enables any smart contract on Neo to have the ability to directly access the traditional Internet. So you can call a URL from a smart contract. In other words, the new protocol has the ability to give you authentic data feed from that URL. It basically connects the next generation Internet, web3.0 to the current Internet, the web2.0. So it’s like a bridge to connect these two worlds.
And we also have a new functionality called NeoFS, which is built by a team in Russia. NeoFS basically is a new version of Neo’s equivalent to IPFS and Filecoin. But you use GAS, the utility token in Neo to pay for storage. And it’s built into the new protocol. So you don’t need to access other protocols. So these are the new features. These features are useful both for users and developers at the same time.
A. Zamora
interesting
Q4. What is that milestone at NEO that you are most proud to achieve?
J W
The biggest milestone we are proud have finished is the migration. Because basically, you can regard Neo Legacy and Neo N3 as two different blockchains. So we are going to migrate from Legacy to N3. It’s basically moving all the assets, smart contracts on a blockchain A to blockchain B. So that’s a big challenge.
Neo is the very 1st mass migration ever in the blockchain industry. And all the assets, we did a migration of all the assets in the next few months. And also then, we helped developers at the same time, to deploy, to modify and deploy the new projects on Neo N3.
A. Zamora
Q5. What plans does NEO have for this 2022?
J W
Great question! Our big plan for 2022 is to explore the untouched use case of our native genius invention, including NeoFS and Neo Oracle, Neo ID. To achieving it, Neo plan to resume more Dev Con offline, and continue to hold more hackathon to welcome the best brain to join.
A. Zamora
Thanks for your answers, we just finished the segment of:
Introductory questions
We just finished the segment of:
Twitter questions
@YannyPak
What is the NFT marketplace on N3 and how is that different from Opensea and Superrare?
J W
There are a few marketplace
Neo N3 is so proud of this
Ghostmarket is such a great cross-chain innovation (1st in the whole industry), close its 260,000 IDO in janurary on Flamingo.finance
Megaoasis just launched its first event. It is more like superrare stay tuned!
@sofiaislaa
I saw that Neo Legacy will be upgraded to Neo N3 and because of this it will be necessary to migrate our tokens. So I’d like to know, why is it necessary for us to migrate our tokens? Will there be gas fees when doing this process? What advantages will this migration offer users?
J W
Yes. Very necessary. Neo Legacy will be parrelled in operation for this year or next. After that, it will be pure N3, with superior environment.
Invite to come to N3!! https://twitter.com/Neo_Blockchain
@Rudihrt48210441
Can you explain to us the details of the utility and usage case of the NEO token in your ecosystem? What benefits can we get from holding these tokens in the long term? Are there any passive income models offered by your project through Staking, Minting, and Affiliate Program?
J W
Very critical thinking
I explained earlier Neo tokeneconomic by itself is a self-incentive design. Neo adopts the world 1st innovative dual token mechanism.
It separates the rights of governance from the rights of using the network. It also provides a means of acquiring the tokens needing to pay transaction fees.
If you wanna high APY, i suggest people join https://discord.gg/4xqBUw2U
This is the largest DEX and staking farm on N3
@catherinelucci
Other chains has mechanism such as repurchase and burning to regulate the demand and supply of its token, thereby increasing its coin value. Explain Neo’s dual token model and how it will be sustainable.
J W
Chances are big, audience here are looking for opportunity to start build NEO and GAS position
NEO holders participate in governance by voting for the Neo Committee, composed of members and consensus nodes that govern the Neo blockchain. The Neo Committee provides specific services, such as maintaining the liveliness of the network and adjusting critical blockchain parameters.
The minimum unit of NEO is 1 and tokens are indivisible. This means if you are withdrawing from an exchange to your wallet, you must withdraw in whole numbers. It also means that NEO is one of the scarcest public blockchain tokens, as it cannot be broken down into smaller pieces.
100 million NEO were generated at genesis, and no more will be minted
Cap is a cap for a stable blockchain like NEO
The chances are yours
@TonyMon253
Neoverse NFT Blind Box appears to be a new feature being developed by Neo Smart Economy. Could you tell me a little about the Neoverse NFT Blind Box? How many varieties are there in total, and what amazing rewards would the user receive if they can gather all of them?
J W
To celebrate the launch of the N3 MainNet, NGD launched Neoverse (https://medium.com/neo-smart-economy/neoverse-is-here-introducing-n3-collectors-edition-nft-310273b101e6) — an NFT mint and collection campaign together with multiple developer communities, ecosystem projects, and partners.
By collecting all nine N3 Element NFT pieces, users are able to mint one of the special N3 Collector’s Editions NFTs which are created by world-renowned NFT artists specifically for Neoverse. The Neoverse series NFTs are not only invaluable collectibles but also carry various “VIP” privileges within the Neo ecosystem.
The launch of Neoverse (https://neoverse.mercurialapps.com/) was a big success. All available blind boxes were sold out in 48 hours, the average price for N Series has reached $11336.95, and Neoverse NFTs has been on top 3 of the Ghost Market ranking collection of all time.
learn more: https://medium.com/@neo-blockchain/neoverse2-c3f993f4b60
Neoverse Hodlers can understand this as a vip privilege in the Neo ecosystem, as well as a chance to get involving in eco system a early stage ( e.g. airdrop)
https://ghostmarket.io/collection/neoverse/?tab=nfts
Neoverse is really a great use case of nft and ecosystem! Doing awesome according the data
https://neoverse.mercurialapps.com
A. Zamora
thank you friend for that detailed explanation
Now we move on to the segment of:
Live questions
take the time you want to answer, but answer a minimum of 5 questions
@Valentina
Do you have a Spanish telegram community and if so, what is it and who manages it?
J W
https://twitter.com/neo_spanish
@Sofía Isla
Hello! @johnwang303
Neo N3 is the most significant update of Neo Blockchain currently. So, what kind of improvements does it present compared to the last version of Neo? Does it offer more benefits to us, the community? Do you plan to add more optimizations to this update in the near future?
J W
N3 has a new economic model. We have new on-chain governance. For example, within Neo Legacy, you didn’t need to do anything. You can earn GAS by simply holding NEO token, which is not the best way to participate in the ecosystem. So the participation rate of governance in Neo Legacy is pretty low. So we decided to change it, we decided to give incentives to the voters. So from Neo N3, you have to vote for the “correct” community member. A “correct” member means the one chosen by majority. Only if you vote for the correct community member, you’ll get awarded. And there will be 21 council members. These 21 council members will decide different parameters of the blockchain, of the protocol.
@Haruka
Can developer use like GO, PHYTON, to choose many languages in NEO smart contract ?
J W
Yes!!
https://neo.org/technology#smart-contracts
Courtesy of its global development communities, Neo’s tooling and infrastructure already supports numerous languages. Developers can write, compile, and deploy contracts written in C#, Python, Go, TypeScript, and Java.
After compilation to the standard NEF (Neo Execution Format), contracts can be executed within NeoVM, Neo’s lightweight virtual machine. Newly upgraded for the N3 network, NeoVM delivers substantial performance improvements over the previous generation, with some instruction set runtimes improved by as much as 16x. NeoVM uses a modular architecture, allowing for easy integration into other applications or off-chain scenarios.
@Poker
According with my exploration, Neo will offer the famous blind boxes to celebrate the launch of its N3, but can you explain us what will it be the purpose or utilities of these NFTs? Will it be only collectibles or it will have others funtionalities?
J W
yes!
@Erulputra Erul
Every project has an interesting story before it is created. what motivates you to build and develop great projects like this ??
JW
Our community is greatly inspired by the Matrix movie
A. Zamora
Thank you very much for sharing your successful project with our community, we will be waiting for the news and milestones of your project!