On January 11, 2018, Da Hongfei, was hosted on air with Bloomberg, an international news agency that delivers news about business and markets through data and analysis. Discussion topics included regulations surrounding token sales, NEO’s structure, the decentralization process, separating technology potential from asset market, transparency, and the cost of trust.
Regarding token sales, Hongfei said, “regulation is OK.” Current regulation is already pretty strict, and he doesn’t foresee any new regulations coming.
NEO is structured and developed for financial system’s and designed for financial services. The delegated Byzantine Fault Tolerance (dBFT) consensus works for financial transactions because of the quick confirmation times.
The NEO founder likened the NEO Council’s decentralization process to that of a parent raising a child. The Council (parent) looks after the project (child) for the upcoming years, through full decentralization.
When the topics of the wider digital asset market arose, Da shifted focus back to the technology and blockchains potential, that asset valuation should be separate from technology.
After the anchor inquired about transparency of token circulation, Hongfei stated “the NEO Council reserved 50% of the total supply of NEO tokens. They are being used to foster the ecosystem, paying for developers, and organizing events.”
Lastly, Hongfei believes a smart economy has future potential because “today, the cost of trust is so high. We are paying lawyers, governments, and different professionals to build trust between trading parties. With NEO, in the future the cost of trust will be minimized.”