Blockchain Platform in the Financial World
Recently, an open-source blockchain platform has expanded its partnership with a decentralized cryptocurrency exchange running on its network.
A blockchain platform with an international community and a part of the Neo Foundation, Neo, stated it has been increasing its support for high-potential developers and participants through its EcoBoost program. Then, Switcheo, an exchange leveraging atomic swaps to connect multiple blockchains, is one of the firsts to benefit.
According to executives from Switcheo and Neo, both sides will deepen their technical cooperation. This move underscores both parties’ commitment to understanding the smart economy of the future. And as a part of a joint commitment to an open and connected financial world, the exchange will slowly adopt Neo’s cross-chain protocol. This feature is still under development.
Also, Neo aims to establish confidence in the Switcheo Token (SWTH) by allowing them to be redeemed for GAS tokens. And they could achieve this through a brand-new SWFT/GAS trading pair on Switcheo’s exchange. Contrarily, people who use the platform could pat their fees with the use of GAS tokens if they wanted to.
Neo’s founder, Da Hongfei, explained, “Neo and Switcheo are aligned in their vision of supporting an open community that builds upon the decentralized ethos of blockchain technology.”
Also, Switcheo is available on the Ethereum and EOS blockchains. The company says that it plans to bring a safe multi-chain trading experience. This feature will allow users to connect and trade freely without any mandatory registration process.
Neo EcoBoost Program
Moreover, they are facilitating this collaboration as a result of the Neo EcoBoost program. This program offers comprehensive support to promising developers and projects in their entire life cycle. Aside from the funding support, the program will also give marketing and technical assistance to enable projects. At the same time, it will advance toward Neo’s goal of building a smart economy.
Launched in 2019, Neo EcoBoost has quickly accelerated the Neo ecosystem’s growth and development since then. Now, the platform indicated the strength of the ecosystem is becoming one of the essential factors in knowing a public blockchain’s position “in a very dynamic and competitive landscape.”
In the previous year, Da expected the mainnet of Neo3 would launch in the first half of this year. Core developer Erik Zhang hopes 20,000 transactions per second will be a smooth number to reach. Then, both founders expressed their interest in developing a stablecoin as part of Neo’s roadmap.
Above all, Da still thinks decentralized finance has the capacity to help the economy move far away from the inflationary world of fiat. Also, this might be a way to make life better for everyday consumers. There are some examples of the tangible benefits crypto users should expect somewhere in the future. He noted that smart contracts might pave the way for people to obtain loans automatically. But they will still base this on their personal assets of future income. They could do all of this without the need to go through a complicated application process in the bank.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. Subscribe now and receive FREE updates on the market today!