Hi guys, welcome back to my channel, and I will see you in the next video.
Welcome to the new smart economy X space.
So today we have invited our old friend Stephen to
take lead of Neo to share something about the NeoX EBM testnet.
So the NeoX pre-alpha testnet launch has been almost a month.
Why this attention from developers, investors,
and crypto enthusiasts has been paid to the testnet?
We have received over 30K responses,
and among them 64 developers GitHub was evaluated.
we can see a fair amount of responses,
from supporters who want to contribute and experience the NeoX chain.
And we are also working hard,
trying to show all of you a better environment and recruit the apps now.
So for the next several months,
we hope to expand the tester range soon.
And next, I will give the floor to Stephen,
he will share more updates with you guys.
First, we'd like to let our old friend Stephen to introduce himself.
So this is Stephen and I'm the head of development team in Neo MGE,
and also I'm the technology staff on Neo Foundation.
From last year, we began the Neo EBM project
and with the collaboration of NGG,
and there are other developer communities joining as well.
So I'm glad to share everyone the progress of the Neo X EBM sidechain
and also some future plans.
OK, so the main feature on Neo X is to build anti-MEV.
Can you talk something about it?
Yeah, so I think the MEV is a very large problem in the Ethereum.
And I just had a meeting today morning with blog-native team,
and they're founded by the Ethereum Foundation.
To solve the MEV problem together.
So there are many other teams in the industry trying to address the MEV problems
such as Blackboard, they're doing the MEV client,
which attempts to Soviets by like a faster transaction.
And also some protocols use the privacy transactions to Soviets.
In our Neo X stylechain, our solution is unique
because we are going to provide a sealed transaction
by using our DBFT consensus algorithm
integrated with the DKG progress and the threshold signature.
the users can send secret transactions,
which cannot be interpreted by others
until the transactions are decrypted by the consensus nodes
when the block is being built.
And meanwhile, the normal transactions can still be exported in order to save gas.
So all the blocks and the transactions are expected to be EVM compatible.
So compared to other solutions,
which is going to detect MEV in the mempool and the race
to execute the transactions,
Neo's solution is more helpful.
It's fundamentally integrated with the CHAN core protocol
to solve the problem and ensure the fairness
and allowing all users to benefit equally.
That explanation is very clear.
And we noticed that pre-alpha testnet has been launched.
So could you recall some features have released on Neo X?
So yeah, I think in the end of last year,
the December, we launched our pre-alpha testnet.
So for the pre-alpha testnet,
most of the features are for the developers and for the core protocols
because it's our, like several months trying to integrate the DBFT consensus algorithm
with the GOG Ethereum client.
So we added the DBFT consensus engine
and replaced the original Ethereum consensus layer.
And we also have a set of pre-configured standby validators
as the initial consensus node.
And also we extend the peer-to-peer protocol
and extend the existing Ethereum block structure
to fulfill our requirements.
And we also add some cryptography signatures for block signing
to meet the new requirements.
And after that, we launched our pre-alpha testnet.
And in that testnet, it's a single node consensus algorithm.
But the user can already deploy and send EVM compatible transactions and contracts.
And every RPC endpoint and the same related SDKs are fully compatible.
That's our pre-alpha version of Neo X.
OK, and we also heard that we will now have more new features released.
Yeah, so we are going to have a new release.
I think we are preparing it today.
And it will be released next week.
So from this release, we will add more things for the testnet.
So first of all, we expand our single node consensus
to be a seven node consensus.
So it's a fully DBFT as the new magnet.
And secondly, we are going to add the consensus module with a better consistency
and a more stable enhancement.
And we also provide some like the DBFT snapshot mechanic.
In addition to that, we have solved the transaction request by integration
with other mechanism to let the DBFT service can request specific range
of transactions by other neighbors of the nodes.
With these two features, the next release of the testnet
will be much stable and fully DBFT consensus mechanism integrated.
That's the core protocol layer.
In addition to that, we are opening our bridge solution.
So in Neo X, we build our own native bridge solution
to provide a bridge service between the new testnet
So users can bridge their guest token from the new testnet
to this new X testnet with our native bridge.
The bridge solution is developed by X Labs.
It's a solution with a decoupled layer with history.
So we have discussed the bridge solution in several months.
And we like to review several technical solutions,
such as hash time locked contracts and application chance
or a layer with witnessed model.
And finally, we come out with a solution.
It's more efficient and more safe solution.
And with hash tree functioning and also
the body signature from the validators.
And finally, the relayers will work for sending
the transaction to the destination chain.
And for more detail, in the future,
we will release more docs and the details
about this bridge solution.
And users can already have a play in this new release of testnet.
Yeah, I think that's the most important features
And I noticed that X Labs, as Stephen just mentioned,
Would you like to share something?
I will invite X Lab to share more
about the development of NeoX testnet.
So Stephen, can you tell us something
about the NeoX governance?
OK, so I think a lot of people are interested in the governance
Because in the Neo magnet, Neo is the governance token
And the gas is the utility token, which
is used to send the transactions and pay the network fees
and pay the transaction fees.
For the NeoX, the EVM, Sun Chain,
we already announced that the gas will be the main token.
But people may care, like, very curious about how to use the
gas and how to use the gas to join the governance
and how to use the gas to use as the network token.
So generally, I think the governance model will,
it's still not decided yet.
But we have several investigation and some discussion.
Also, we compare with other models, economic model
and governance model as well.
So we try to let people can use gas to vote.
So first of all, the NeoX still use the DBFT consensus
So people should use gas as the voting token
and to vote the DBFT consensus nodes
to provide a service, provide a consensus
And these consensus nodes can also
change some key parameters of the network.
And in addition to that, all the people
should use the gas token as the transaction fee
on this EVM compatible network.
So after that, I think the main point
is who will receive the gas token?
Because on the new managed, most of the gas token is burned
and some of the gas token is rewarded to the consensus nodes.
Other NeoX, we are trying to use a similar mechanism.
We may burn some gas tokens.
However, we're trying to stick into a staking voting model.
So people can stake and vote with their gas
to select the DBFT validators.
And they can share the transaction fee
with the validators together.
In this way, most of the gas holders and people
are incentive to join the governance process.
And all the network, the economics of the network
will be used to incentive these people
and incentive the consensus node together.
And what is the ratio between the user's incentive
and the ratio of the validator's incentive
will be adjusted by the network metrics
and by the governance as well?
So that's the general plan of our gas token
and the governance model will be, yeah,
it's still not decided yet.
But we are trying to make some tests
and maybe we will make some tests on the next release
of the testnet maybe in the end of February.
Governance is a very important part on the public chain.
So we thank you for sharing the information and discussions.
And we hope that we can finalize it in the early future
and share the finalized version of governance to you all.
Gu, do you want to share some information
So yeah, I just want to give my two cents in relation
to the bridge that Stephen mentioned.
So people know out there that there
are multiple ways on how to bridge assets from one chain
to other that are very complicated, very complex,
And there is solutions that are proven that work.
So I mean, we try to go in the middle.
We try to build something that is reliable,
something that simply works and fuels like native
So it's a kind of we call it like a native bridge.
So yeah, that's basically, I don't
want to go into technical details here
because there are things that are changing
and things that will be adapted.
We are in the testing phase.
And yeah, we're going to roll out the bridge in the testnet
We're going to improve over time.
That's it for my side, yeah.
Thank you, Gu, for the add-on.
And so since it's a small talk, so we
hope to make it more casual to let
you know some other part of our development.
So Stephen, I have a personal question.
Can you tell us how to balance the developing work, study,
So yeah, I think the work and life,
it's a very difficult question to keep a balance.
I try because I learned a lot from other friends.
I think most of my time during my daily life
is putting on the work every day in the office.
But I also spend a lot of time in traveling, in gym,
And recently, I investigate a lot of idea
of how to become a digital nomad because I
think a digital nomad is very great for the web story
developers, find a place to settle down
like some islands, some developer communities,
and to prepare some stay away from the large city
and turn down into a small island.
And a lot of cool guys and great ideas come from there.
And that's also a good option to be a digital nomad.
And in this lifestyle, it's very likely to explore various places
and also can get connection with other guys
to see any other web story people doing
and to get new friendships and uncover potential
collaborations with some new web story people.
And also, it's a powerful journey
that can expand our horizons and enrich our journey.
Yeah, that's my general idea.
And also, as a blockchain developer,
I think during the weekend, I also sometimes
do some review of the recent news, play some of the new applications.
Not only new, but also Ethereum, other blockchain,
so on that will expand our vision as well.
Yeah, that's all my ideas, personal thoughts.
Digital nomad seems to be a very cool concept.
You definitely inspire me to do some research on it.
So, Dr. G, would you like to also share some experience
or suggestions on this topic?
Yeah, I have to smile here when Stephen says,
yeah, it's very difficult to get a balance between work
and private life and all of this stuff.
Because it's almost impossible, because blockchain
and the industry, it's so dynamic.
I compare the blockchain industry as being more complex
and more diverse and with a lot of information
compared to front-end engineer, for example.
Front-end engineer, always there's a framework.
Always there is a new tool.
Always there is the new thing.
But in blockchain, it's even more difficult,
because every day you have something.
So it's very difficult to keep up.
You have to touch grass, as people in Twitter say.
You have to go outside, do something,
at least have a walk if you cannot go to the gym.
Yeah, that's what you try to do in the team.
Not always possible, but we try our best
to keep our minds sane, let's put it this way.
Fresh minds always contribute.
So in the future, in line with the footsteps
of the test network development, we
will also carry out corresponding campaigns
and let more users to experience the testnet.
So hopefully, we can build activations
on site during big crypto conferences involving
Please catch us, catch Neo on the conferences.
And also, we receive Odyssey campaign ideas
and we hope to launch it on number two, testnet,
with the apps to interact.
So thank you, everyone, for joining this more talk.
Our early access group is still open for registration.
Please check out the Neo Smart Economy X page.
Click the pinned post to sign up.
If you have more questions, feel free to comment
Thank you, Stephen, and thank you, Dr. Gu, for your time.