NEO Founder, Da Hongfei Says Blockchains are Over-Regulated

Blockchains are Over-Regulated

NEO Founder, Da Hongfei Says Blockchains are Over-Regulated

Blockchains are Over-Regulated

The founder of Antshares,  best known as NEO, Da Hongfei says blockchains and cryptocurrencies are over-regulated in the extreme. He said:

“In essence, blockchain can barely survive within the existing financial regulation system. A licensed institute may find it unnecessary to cooperate with a blockchain company because it is already licensed to conduct the business. Why would it bother to be engaged in a partnership that doesn’t benefit it that much? If blockchain companies end up with no license, they won’t be legally permitted to promote massive adoption of applications.”

Hongfei also spoke on blockchains being used in gaming, and noted that NEO had in particular been chosen for blockchain gaming projects. According to the interviewer, a NEO-based company called NewEconoLabs had officially sponsored a blockchain game development competition.

It has been said that in the future, blockchain games may present a virtual world similar to that constructed in the sci-fi film “Ready Player One” where all the virtual assets are recorded on the blockchain, the implementation of which requires a flawless economic model.

When asked about the decentralization of NEO which is not mined like traditional cryptocurrencies, and which also has a stable, he responded that several other entities had recently entered the space and that eventually, they could be operating on the mainnet.

He said: “However, the majority of votes come from exchanges and our team so far, which gives the NEO team more say on the matter. The team will delegate the voting power to the public in the future and by that time, the team will have a less dominant influence on the voting results.”

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