Neo plans Ethereum compatibility via sidechain

Quick Take

  • Neo is developing a sidechain to support Ethereum-based dapps and ensure interoperability with its N3 mainnet.
  • Founder Da Hongfei announced the development at a Hong Kong event.
  • An upcoming testnet is expected by the end of the year, with the mainnet launch planned for later.

Neo is developing a sidechain designed to support Ethereum-based decentralized applications (dapps) and ensure full interoperability with its N3 mainnet, founder Da Hongfei announced at a Hong Kong event.

This announcement serves as a precursor to an upcoming testnet, expected by the end of the year, with the mainnet launch planned for a later date.

The sidechain will inherit key features from Neo, including its Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, to enhance scalability. It will utilize Neo’s native GAS token for both governance and utility functions.

The team claims the objective behind the sidechain is to provide an MEV-resistant platform for EVM compatible dapps.

Founded in 2014 and initially known as AntShares, Neo is one of the oldest smart contract platforms originally based out of China. The Neo mainnet has been running in stable capacity since Oct. 2016.

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