NEO founder Da Hongfei Finds the Internet Imperfect

“The internet is a great invention. It looks almost perfect. But is it really?”

The founder cited examples from the Equifax Hack and the Cambridge Analytica; Highlighting a critical isolation problem that is presently facing the internet. Therefore creating a monopoly of centralization, single points of failure and abuse. Additionally, he went on to further scrutinize other challenges such as vertical friction, general immaturity of the technology and absence of international recognized web standards. 

Standardizing the Internet

The majority of these issues are potentially threatening to social, financial and political stability and could postpone the integration of the physical and biological world. A situation he coined as the Industrial revolution 4.0. Noteworthy, Hongfei said: 

“These standards should be transparent and decentralized. Data ownership should be given back to the users.”

Blockchain Applications Will Go Mainstream

The Neo Founder went ahead to quote Gartner with a proposition that the blockchain industry could generate a valuation of $3.1 trillion by the year 2030. Which is equivalent to a combined market capitalization of FAANG. Well, what therefore does the future of internet hold? 

“In the future, I believe today’s applications will become legacy applications. New blockchain applications will go from marginal, to alternative, and eventually to mainstream.”

A recent article on the Washington Post by Gene Park described Social Media as self-absorbed and mean.  

“Social media, a parallel digital society, has a reputation for being self-absorbed and mean. Some of those who built that space, like Facebook’s Mark Zuckerberg, fear the “erosion of truth,” but won’t take action against lies and manipulated facts spread on their platform. Governments and media constantly call into question the actuality of our lived experiences” 

Park quoted Hideo Kojma’s words from the Sep 11 attack on the world trade center that claimed the prevailing digital disarray will certainly confuse future generations and historians.