The NEO founder Da Hongfei has not been in our NEO coin news section for a while now. His latest comments during the first panel of the BlockShow Asia 2019 event, however, made him share his views on the current state of the decentralized web.
“The internet is a great invention. It looks almost perfect. But is it really?,” Hongfei noted, hinting on more answers.
The founder of the NEO cryptocurrency also cited examples such as the Cambridge Analytica scandal and the Equifax hack, highlighting a critical isolation problem that has been plaguing the Web and leading to monopoly, centralization, abuse and single points of failure.
The NEO founder brought up other challenges which include vertical friction, the lack of internationally accepted Web standards and the general immaturity of the technology. All of these issues, as he said, could postpone the coming fusion of the physical and biological world. This is what he called the “industrial revolution 4.0” and where increased competition can help, according to him.
“These standards should be transparent and decentralized. Data ownership should be given back to the users,” he noted.
Da Hongfei also cited Gartner and said that the blockchain industry is on a good track to generate $3.1 trillion in value by 2030, which is equivalent to the combined market cap of FAANG. As he predicted, the future of the Internet will transform applications as we know them.
“In the future, I believe today’s applications will become legacy applications. New blockchain applications will go from marginal, to alternative, and eventually to mainstream,” the NEO founder concluded.
Meanwhile, the NEO cryptocurrency has been dragged in all directions as the coming altcoin news show. Right now, NEO sits at $12.72 with a decline of 2.69% as another day in the red begins. In a market with mixed reactions, NEO has managed to gain some speed over the past two weeks – and this week it marked the first retracement to lower regions.
Among the altcoins which are rising the most today are Chainlink (LINK) with a 6.43% incline, IOTA (MIOTA) surging by 3% and Crypto.com Coin (CRO) which has added 15% on the day and is now trading at $0.04. The total cryptocurrency market cap sits at $238 billion.
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