Can the objective of monetary autonomy be achieved with out decentralization? – Cryptospacey
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NEO Basis (NEO) is a blockchain platform for developers to build decentralized applications (dApps). NEO provides infrastructure equivalent to distributed storage, oracles, and domain identification service for builders to build dApps that automate asset management through good contracts.
The ultimate goal of the protocol is to become a decentralized and open community for a “Good Financial System”. A good financial system in the survey refers to a monetary system that is perfectly compatible with blockchain. NEO is aware that this stage cannot be reached in a day, so the company dedicated itself to revamping the entire system one protocol at a time.
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DeVadoss talked about how Web2 builders are used to building on traditional platforms that are not financial platforms. Nevertheless, deVadoss says that blockchains are financial platforms, which means that there are internal crypto-economic protocols built into them.
“There’s a huge gap between what builders expect and what they can get… Many so-called premier blockchain platforms, when it comes to developer skills, are very rudimentary… Once you play with it, you’ll understand. How do people actually even build something?”
The NEO platform aims to solve this drawback. The crew is primarily involved in their developer instrument standard blockchains. It claims that the standard and ease of use will increase the range of real-value monetary dApps, leading to the group’s ultimate goal of NEO becoming a smart financial system community.
Creation of a certain right of self-determination
As a response to DeVadoss, NEO competes with platforms like Azure and AWS as a substitute for major blockchains like Ethereum (ETH) and Polygon (MATIC), which hosts many dApps.
While it may be much more youthful than web2 giants like Azure, NEO has the advantage of working on blockchain. Technology stacks built on the blockchain represent a certain person’s sovereignty over information. This also leads to self-regulation, which web2 cannot represent in any way.
DeVadoss undoubtedly has mixed feelings about the decentralization hype. He argues that decentralization is overrated and it wouldn’t matter if the blockchain is centralized as long as it allows for autonomy and self-regulation. He mentioned:
“There is a myth that decentralization offers you. However, it is not always true. There are numerous networks on the market where the control of their nodes is really within a small number of individuals.”
That’s why DeVadoss says that organizing the underlying nature of blockchains should prioritize self-regulation and self-determination as a substitute for decentralization.
He claims that the crypto group was led to this “detour” of decentralization by a secure group that creates a bonus from it. As a substitute, the group should step in again and focus on core needs, i.e. self-regulation and self-determination.