After a extended time period of “inactivity,” the well known NEO undertaking explained it will flip a new web page when it builds an Ethereum-compatible sidechain.
Neo claims to make the sidechain compatible with EVM
According to the announcement published on X (Twitter), the Neo blockchain undertaking – after regarded as “Chinese Ethereum” – has announced that it is in the method of constructing an EVM-compatible sidechain.
This information and facts was announced by Neo founder Mr. Da Hongfei through the Neo local community conference in Hong Kong.
#Still Founder @dahongfeiadvertisements #StillThe new chapter of: an #MEVFree, #EVM sidechain compatible, to be certain protection, privacy and a smooth knowledge in more and more complicated environments #DeFi landscape.
The sidechain is below improvement. The testnet launch is anticipated at some point… pic.twitter.com/EO9Ck52qGt
— Neo Smart Economy (@Neo_Blockchain) October 27, 2023
As a end result, Neo’s new sidechain will assistance compatibility with the Ethereum Virtual Machine (EVM), giving a direct connection to the world’s primary wise contract blockchain these days. Furthermore, the new platform will have a MEV resistance mechanism to secure consumer gains, be certain smooth employing knowledge, as properly as protection and privacy.
The new sidechain will inherit Neo’s current tokenomics, NeoVM, and the dBFT consensus mechanism, consequently escalating the utility of the project’s two recent tokens, NEO and Gasoline.
Neo explained that improvement of the sidechain has begun and that the strategy is to deploy the testnet by the finish of 2023.
To broaden the Neo ecosystem, the improvement staff also aims to build a even further crypto wallet application equivalent to MetaMask, enhancing protection to stop attacks and cutting down barriers to participation for each the undertaking and customers.
The cost of NEO on October 27 rose sharply right after the information that the undertaking will build its very own sidechain.
four-hour chart of NEO/USDT pair on Binance as of 9.30pm on October 27, 2023
Neo has turn into the newest title to announce the improvement of its very own layer-two remedy, following past tasks this kind of as Injective Protocol, Manta Pacific, Astar zkEVM, Ancient8 Chain, Canto and Celo.
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