The inventor of NEO, Da Hongfei, has announced intentions to create a sidechain that is compatible with the Ethereum Virtual Machine (EVM) and possesses resistance against Miner Extractable Value (MEV) assaults.
The sidechain will acquire fundamental characteristics from NEO, including enhanced scalability and expedited transaction processing.
The NEO price saw a daily increase of 8%, demonstrating a surge in conjunction with other alternative cryptocurrencies.
The NEO blockchain platform has made an announcement on the development of a sidechain that effectively mitigates Maximum Extractable Value (MEV) assaults while maintaining compatibility with the Ethereum network. This breakthrough has significant importance for NEO, since it has the potential to enhance the scalability and transaction speed.
As a result of the aforementioned progress, the price of NEO saw a significant surge. The asset exhibited a daily return of 8% for holders on the Binance platform.
The founder of $NEO has recently disclosed intentions to establish interoperability with the Ethereum platform.
During a recent event held in Hong Kong, Da Hongfei, the founder of NEO, disclosed his intentions to establish a sidechain that is compatible with Ethereum. The next blockchain will use the economic model and Byzantine Fault Tolerance (dBFT) consensus mechanism from NEO, while also ensuring compatibility with the Ethereum Virtual Machine (EVM).
The development of NEO's sidechain is now under progress and is expected to be launched by the conclusion of 2023. The launch represents a significant achievement for those who possess NEO tokens, since it is anticipated to enhance transaction velocity and facilitate network expansion.
The ecosystem provided by NEO allows developers to have the freedom to construct smart contracts using a programming language that they like. Moreover, the sidechain has been designed to provide resistance against sandwich attacks and Miner Extractable Value (MEV) assaults, which have adverse effects on users participating in decentralized exchanges.
The proposed sidechain initiatives of NEO have the potential to stimulate a surge in gasoline prices.
The price of NEO had a significant increase on the Binance exchange, reaching $8.94. This surge in value resulted in a roughly 8% daily gain for those who possess NEO. During the preceding week, the price of NEO had a notable increase of 35.40%, similar to the performance observed in other alternative cryptocurrencies inside the top 100 assets based on market capitalization.
The positive events in #NEO are anticipated to enhance the upward momentum and bolster the token's surge.
