There’s been a whole lot of buzz about NEO’s Smart Economy in the crypto-community, but before we look at Onchain, Ontology, and Trinity, you should know that this article is not a technical analysis. If you’re looking for more technical detail, you should read the companies’ whitepapers.
So, what is NEO’s Smart Economy?
NEO’s Smart Economy enables any physical asset to be made into a digital asset that can then be distributed between multiple owners. Obviously, such a system requires trust across owners.
In such trade arrangements, people like to know who they’re dealing with, and NEO’s Smart Economy caters for this by allowing institutions and individuals to have a unique digital identity. Trade participants can then choose to deal with only institutions or individuals that have such an identity.
To help bring the Smart Economy to life, Onchain utilizes Distributed Network Architecture (DNA) as the backbone of their platform. This framework enables the combination of 3 blockchain layers across 5 vertical systems using distributed ledger technology, which allows for:
- Enterprise Level Digital Asset Platform – Applying blockchain technology in Chinese banks.
- Legal Chain – Digital Evidence Storage Alliance, which is a large-scale legal evidence storage blockchain.
- Identity Chain – Protects the privacy of real-name identity and maps online digital identity.
The Ontology Network provides “an integrated and diverse distributed trust network. The tool for building a trust ecosystem.” It addresses issues inherent in trust networks such as poor privacy protection, ineffective identity authentication, data management monopolization, data rights management, and more.
By decentralizing trust, the network can provide distributed:
- Equity Management
- Community Management
- Content Exchanges
- Reputation Systems
- Financial Services
With developers flocking to the NEO blockchain due to its multi-language support, and wide-scale support for the Smart Economy that it provides, Trinity, led by founder David Yiling Li, pre-emptively addresses future scaling issues. By employing state channel technology, Trinity reduces the transactional load on the NEO blockchain by only recording the final state of off-chain P2P smart contracts or multisignature agreements.
Ethereum ‘Killer’ or not, it is quit clear that the Neo blockchain and its Smart Economy is an attractive platform for business. With Ontology’s trust platform, Onchain’s distributed network architecture, and Trinity’s massive scaling solution, interest in NEO will only continue to rise.