NEO, which already supports a wide range of commonly known languages, is not afraid to face intense developer influx – scaling solution seems to be found.
It’s no secret, that the Ethereum blockchain uses Solidity as its core programming language for the creation of smart contracts and dApps. However, Solidity is somewhat obscure, and the number of programmers who can use it is limited.
With such a large selection of language support on offer, it is probable that many developers will use NEO’s Smart Contract 2.0 dApp and smart contract capabilities, thereby eliminating the need to learn an additional programming language, such as Solidity. It is estimated that 90% of developers will be able to create a smart contract without any further learning required.
The question is whether the NEO blockchain will be able to keep up with such demand or should there be a sharp rise in developer migration? While NEO can currently process around 1,000 transactions per second, would that be enough to cope with, let’s say, Crypto Pokémon?
1,000 tx/sec equates to 86.4 million transactions per day, and let’s suppose that 15 million players play Pokémon every day and buy one Pokémon, that’s roughly a quarter of NEO’s tx/sec capabilities taken up. Now, if they all decide to start trading or selling their adorable little acquisitions, that’s going to start taking its toll.
Scaling solution for NEO can be found in its new project – offchain scaling scheme Trinity. It is similar to Ethereum’s Lightning Network, designed to achieve real-time payment, low transaction fees, scalability, and privacy protection of NEO mainnet assets. Trinity is applicable to blockchain transfer of NEP-5 standard tokens. Instead of using the blockchain as the main processing layer for transactions, Trinity transacts complicated computing operations off network sending back the mainnet as the settlement layer.
The project is led by David Yiling Li, a former NEO overseas manager who foremerly led the Antshares global token sale campaign in 2016. Other co-founders include Guangfeng Zhang, who has worked for the CBPM (China Banknote Printing and Minting Corp) Blockchain Research Institute, and Fengping Yi, the former director of government affairs at Shanghai Onchain Technologies Ltd. and former vice director of Tongji University Fintech and Blockchain Research Institute. Zhoudong Ji, the chief strategist of Ontology, is one of main advisors.
Trinity can increase NEO’s transactional volume and speed exponentially by utilizing state channel technology, which allows multiple transactions to be made P2P through smart contracts or multisignature agreements instead of on-chain. It is only the final state of the contract or agreement that is stored on-chain, taking up one transaction rather than multiple.
With multi-language support, it’s a natural choice for developers to create dApps and smart contracts on NEO. It will only be a matter of time before there is a whole cornucopia of popular crypto collectibles and games that bring their own transactional demands.
Fortunately, Trinity is already ahead of the game, and scaling solution provides NEO with all the scalability it will need. With Trinity, NEO can become a serious contender for Ethereum, as such off-chain scaling solutions are very likely to play a large role in near future.
Eugenia can call herself a multy-interested person, as she is always in search of new proffessional fields to encompass. After graduating from Belarussian State University with Bachelor degree in both International Communication and Public Relations, she joined a travel startup Fresh Adventures, where she worked for 3 years creating unique itineraries through exotic countries, travelling around the world and developing the company as a partner. Currently, she works as a business analyst in the field of information technologies. She believes that IT is the future, that is why it is so important to keep up with the latest trends in this rapidly growing industry.