Da Hongfei: Blockchain regulation will oust scammers, not stifle innovation APAC Blockchain Conference in Melbourne

Speaking at the APAC Blockchain Conference in Melbourne, NEO's Da Hongfei said the use of digital identities would enable regulators to crackdown on fraud and ponzi schemes, while proposals could be executed by "consensus nodes" (groups with the power to block transactions on NEO) to enact court orders.

Ambition to be No. 1
Mr Da's mid-term vision for NEO is for it to be the No. 1 blockchain platform by 2020.

"That doesn't mean it has to have the highest price or biggest market cap. It means we want it to be the most popular platform for decentralised applications by providing advanced performance, a diversified ecosystem and compliance-ready solutions."

When quizzed by The Australian Financial Review what it meant to be "compliance ready", Mr Da said NEO was engaging with some government bodies and was designing the distributed ledger to be adaptable to the changing regulatory environment.

Ultimately though Mr Da, who splits his time evenly between NEO and Onchain, said he believed international standards would need to be developed and that engaging with governments in only one country would not be enough.

Smart economy
Often likened to Ethereum, NEO also allows for the use of smart contracts and the development of digital assets, as well as having its own cryptocurrency.

But, unlike Ethereum's central goal of creating a platform for the development of decentralised apps (dApps) to create a more trustworthy, globally accessible internet, NEO hopes to provide the infrastructure for what it deems the "smart economy".

Read more: http://www.afr.com/technology/da-hongfei-blockchain-regulation-will-oust-scammers-not-stifle-\