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A response to Fake Matrix Article

- a response to fake matrix article - A response to Fake Matrix Article

An article titled “NEO, China’s Fake Matrix” was previously shared on a few forums over the last few days. There are a lot of misunderstandings and false accusations in that article, and we would like to clarify those so that everyone knows what this project is and how far the progress is at the moment.

 

Firstly, the author claims that the NEO project dubs itself “China’s ethereum”. This is completely false. The NEO founders even said themselves in the AMA that they do not like that comparison. NEO is not a Chinese version of Ethereum and we have never made that claim; it is a totally different technology and has completely different goals than Ethereum. Blockchains that fork Ethereum’s EVM may be called “XX version of Ethereum”; NEO has its own virtual machine, its own innovative consensus protocol, and is not a “fork” of anything. **NEO is NEO**.

 

The author continues to argue that BFT should mainly be applicable to private blockchains and wonders how NEO then can call itself a public blockchain. NEO is not based on BFT, but actually dBFT, which the author then recognizes in later paragraphs. The author seems to answer his own question. More information about dBFT can be found on docs.neo.org/en-us/node/consensus.html.

 

Following are a number of paragraphs criticizing the white paper, ending with the author admitting that he couldn’t even find the white paper and used a cached version. The white paper is a Github document where changes are added continuously, so the author likely looked at a very early version of the white paper. The author claims the white paper is “inaccessible” and links here “http://docs.neo.org/en-us/white-paper.html”. That’s an invalid link; the white paper is published here(https://github.com/neo-project/neo/wiki) and is also linked there from the neo.org website(http://docs.neo.org/en-us). We welcome everyone to read and criticize that version instead of the author’s judgments on a cached version from who knows when.

 

The author then states that “In Neo’s current format it does not exist as a ‘public’ blockchain, it is a private blockchain owned and run by OnChain”. This is also a completely false statement, since NEO is an open source community project that started in May 2015 under the name Antshares, and has been open on Github ever since then. The private company Onchain was founded in 2016 and used the open source Antshares project as a foundation for a blockchain framework called DNA. Onchain is thus using parts of NEO, and not the other way around.

 

The only valid criticism from this article is that of voting and decentralization. NEO is not decentralized enough as of today, and that is fully intentional. Firstly, the only “centralization” is that NEO Council is still holding 50% of the tokens (these are the locked 50 million). This is to ensure that there is enough voting power for efficient network upgrades during the development of the ecosystem. Secondly, although the NEO Council holds 50% as of today, the distribution of these tokens will start in October, to be used for community building and cross-investments in projects that support the NEO ecosystem. Thirdly, network integrity is of greatest importance, and the NEO Council want to ensure that all consensus nodes have honest, non-malicious intentions. NeoID is an important part of this governance system, which is why the decentralization process is meant to be progressive and controlled.

 

For transparency, the remaining 50 million tokens will be distributed as follows:

 

* 10 million tokens (10% total) will be used to motivate NEO developers and members of the NEO Council
* 10 million tokens (10% total) will be used to motivate developers in the NEO ecosystem
* 15 million tokens (15% total) will be used to cross-invest in other block-chain projects, which are owned by the NEO Council and are used only for NEO projects
* 15 million (15% total) will be retained as contingency
* The annual use of NEO in principle shall not exceed 15 million tokens

 

As a last word, we would like to thank all who bring concerns and questions to our attention. NEO is a fully open source project that started in China, so much of the communication and documentation over the last few years has been in Chinese only. With international traction, we now receive questions from all over the world, and we are always interested to know your concerns. Hopefully this clears up a few questions.

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    A response to Fake Matrix Article

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29 Comments


  1. Dazzuko

    August 20, 2017 at 7:32 pm

    An excellent response. Thanks for clarifying things!

    Reply

  2. neo5eva

    August 20, 2017 at 7:32 pm

    I am very glad we are getting an official address to a lot of these criticism.

    Reply

  3. KoroushTheGreat

    August 20, 2017 at 7:32 pm

    Thanks for this.

    Reply

  4. R4FF7

    August 20, 2017 at 7:32 pm

    Thanks for clearing this up!

    Reply

  5. Stockton_Slap209

    August 20, 2017 at 7:32 pm

    Excellent clarification!

    Reply

  6. aleunge

    August 20, 2017 at 7:32 pm

    We need this and any other posts talking specifically about the NEO blockchain by the NEO council/devs sticky-ed. People interested in NEO can access this easily and bloggers/writers can have easy to find research material (vs. someone reading a cached version of the whitepaper…).

    Reply

  7. Sunny_Singh10

    August 20, 2017 at 7:32 pm

    Excellent!!!! Thank you.

    Reply

  8. maraofacoma

    August 20, 2017 at 7:32 pm

    Great response guys..there is a fine line between constructive criticism and bitter, spiteful and jealous fud… If you continue to doubt and dislike the project and are not happy with this reply just sell your NEO and buy something you have faith in …No one is forcing you to invest in it.

    Reply

  9. CryptoBrainzzz

    August 20, 2017 at 7:32 pm

    Awesome, Thank you!

    Reply

  10. Jarrod_Cronin

    August 20, 2017 at 7:32 pm

    Thank you. We appreciate NEO.

    Reply

  11. Neo-master

    August 20, 2017 at 7:32 pm

    Thank you!

    Reply

  12. ZakGottlieb

    August 20, 2017 at 7:32 pm

    Thank you for this /u/neo_council. However, to me the most cited and worrying criticism of NEO at the moment is about the quality of the code in the main github repo (https://github.com/neo-project/), with only 2 “Core” devs. I have seen it written in several places (often by experienced developers) that it has:

    – poor documentation
    – poor code commenting and formatting
    – lack of updates
    – no demo or workable prototype

    So effectively, there is no public blockchain yet for anyone to look at?

    I am a NEO holder so please don’t take this criticism the wrong way, but it would add a great level of comfort to me (and I imagine, many others) to know why exactly this is the case. I know it’s still relatively early, but Antshares has been around for 2 years, right?

    Would really appreciate comments about this from someone on the NEO dev team. Thanks.

    Reply

  13. arahaya

    August 20, 2017 at 7:32 pm

    This is a really good response to a really bad article.

    Reply

  14. Migodo

    August 20, 2017 at 7:32 pm

    Everyone vote this up !

    Reply

  15. jchoubas

    August 20, 2017 at 7:32 pm

    If there wasn’t a better time for /u/neo_council to schedule an AMA, I don’t know what would be a better time?

    Reply

  16. hroman324

    August 20, 2017 at 7:32 pm

    You guys are awesome! keep it up!

    Reply

  17. cozy_interloper

    August 20, 2017 at 7:32 pm

    Thank you for debunking this rampant FUD. The unfounded campaign denigrating NEO just proves how insecure some people can be. I’m HODLing tight.

    Reply

  18. FrankVillain

    August 20, 2017 at 7:32 pm

    Fair enough.

    Reply

  19. veqtor

    August 20, 2017 at 7:32 pm

    Thank you, would appreciate even more technical documentation on the consensus protocol, transparency == security

    Reply

  20. Aegist

    August 20, 2017 at 7:32 pm

  21. SrirachaPeass

    August 20, 2017 at 7:32 pm

    yes, NEO IS NEO. FUCKING ETHEREUM.

    Reply

  22. cozy_interloper

    August 20, 2017 at 7:32 pm

    I personally believe people have ulterior motives and are attempting to sow doubt among the NEO community. Just because someone ends a post in “I am a NEO holder so please don’t take this criticism the wrong way” doesn’t mean they are trustworthy.

    It’s funny to me, because people thinking they can move an entire market on FUD is comical. People with money are relatively smart and therefore see right through these types of claims, and the weak hands that sell dont have a sizable investment anyways. Big boys are the ones buying on the dips after the shook ones sell. Look at the overall market sentiment – NEO is only going up from here.

    HODL.

    Reply

  23. dttsomh

    August 20, 2017 at 7:32 pm

    Anything worth sharing from the Microsoft conference from yesterday?

    Reply

  24. jcescobe8203

    August 20, 2017 at 7:32 pm

    Any chance we could still get an AMA with /u/neo_council one these days to maybe help answer any more lingering questions?

    Thank for taking time to make this response!

    Reply

  25. nerboda

    August 20, 2017 at 7:32 pm

    > its own innovative consensus protocol

    There’s really nothing innovative about it. Proof of Work was innovative because it made a zero trust based system possible by combining economic incentives and cryptography in a way not previously done. Proof of Stake, if it works as hoped, will be innovative because it’ll allow for zero trust with improved throughput and efficiency. dBFT simply offloads the majority of the responsibility to the election process. That’s hardly innovative.

    > NEO is not based on BFT, but actually dBFT

    Was dBFT not proposed by Erik Zhang as an “improved Byzantine Fault Tolerance algorithm, adjusted for a blockchain
    system”? Seems to me the author isn’t wrong in saying it’s a BFT algorithm.

    > NEO is not decentralized enough as of today

    Not decentralized enough? It’s not decentralized at all. As far as we know, all the validators are run by the founders (unless you have proof otherwise). As long as that’s the case, it’s fully centralized, which is what the author means by saying it’s not public. It’s code being open source doesn’t change that.

    Reply

  26. _teleno

    August 20, 2017 at 7:32 pm

  27. kluzehellion

    August 20, 2017 at 7:32 pm

    Well that was a red flag for me too. But you should read deeper into it. And analyse the QTUM roadmap. The more i researched QTUM the more blue fever i got. It is quite impressive!

    https://storeofvalue.github.io/posts/is-qtum-the-dark-horse/

    Western fomo for QTUM within 7 days.

    Reply

  28. yo_typhon

    August 20, 2017 at 7:32 pm

    Seems strange to me that a major blockchain company would need to defend themselves against what they claim is a poorly written FUD article. Not to mention that they start off by claiming NEO is much different than ETH, thats ridiculous, the idea of NEO obviously stemmed from ETH and they just changed some things – not a big deal but it doesn’t take a rocket scientist to see that. I really think its a little to convenient that you come out after the MC is 2 Billion to make that clarification. Im going to hold my coins but you didn’t win ANY favor with this classless response, only gave merit to an undeserving article by responding.

    Reply

  29. kluzehellion

    August 20, 2017 at 7:32 pm

    True. Totally agree. It is not Chinese. But it is gearing up for the Chinese market. Unique blockchain on ETH and BTC. Solid team. Wechat wallet implantation. QTUM is going to be the next Chinese ETH. Not backed by the West. But by the Chinese people. Mark my words.

    I really love NEO. But they still have a long way to go for their finished product.

    Reply

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