Neo, an open-source blockchain platform, has revealed its strategy for expanding its capabilities in the decentralized finance (DeFi) sector. To achieve this, Neo is introducing a new Ethereum Virtual Machine (EVM)-compatible sidechain. This move is aimed at enhancing its position in the DeFi space.
In a press release shared via CryptoNews, Neo has announced that its sidechain will ensure seamless integration with Neo N3 Mainnet. This integration will preserve core Neo features, such as the delegated Byzantine Fault Tolerance (dBFT) consensus mechanism.
This will yield swifter transactions, elevated scalability, and an enriched sense of equity throughout the network. Developers will also enjoy the advantages of Neo-VM’s multi-language developmental setting, affording them the flexibility to craft intelligent contracts in their favored coding language.
Neo’s EVM-Compatible Sidechain Bolsters DeFi Security with Enhanced Privacy Measures
In recent years, DeFi has emerged as a prominent application in the blockchain arena. Nevertheless, the menace of Miner Extractable Value (MEV) assaults has cast a pall over its potential.
These assaults exploit the transparency of transaction details in DeFi dealings, frequently leading to predicaments such as fore-running and sandwich assaults.
To address these concerns, the Neo Sidechain has been thoughtfully crafted with advanced security features. It offers the option to “encase” transactions, giving end-users the ability to encrypt transaction content and related data. This extra layer of security helps protect sensitive information from potential malicious actors.
End-users can also employ intermediary agreements to augment privacy, concealing their identity and discouraging opportunistic actions. These protective steps, when united with Neo’s dBFT consensus method, are oriented toward establishing a more secure and impartial trading milieu.
Neo’s Founder, Da Hongfei, conveyed:
This year, we embark on a new chapter, as we embrace Hong Kong and its unique position as the gateway between East and West and herald the dawn of a more open and proactive Neo community.
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