Neo, the open-source blockchain platform, is developing a new sidechain that is compatible with the Ethereum Virtual Machine (EVM) and resistant to Maximal Extractable Value (MEV) attacks. This development was announced by Neo’s founder, Da Hongfei.
Here are the key points about this development:
- EVM Compatibility: The sidechain will be compatible with the Ethereum Virtual Machine (EVM), which means it will be able to support Ethereum-based decentralized applications (dApps).
- MEV Resistance: The sidechain is designed to resist MEV attacks such as frontrunning and sandwich attacks. This feature will provide a secure environment for transactions.
- Interoperability with Neo N3 Mainnet: The sidechain will offer full interoperability with Neo N3 (Mainnet), retaining key Neo features.
- dBFT Consensus Mechanism: It will inherit the delegated Byzantine Fault Tolerance (dBFT) consensus mechanism from Neo, resulting in faster transactions, improved scalability, and enhanced fairness within the network.
- Use of Neo’s native GAS token: The sidechain will utilize Neo’s native GAS token for both governance and utility functions.
#Neo Founder @dahongfei, announcing #Neo’s New Chapter: an #MEVFree, #EVM compatible sidechain, to ensure security, privacy, and a smooth experience in the increasingly complex #DeFi landscape.— Neo Smart Economy (@Neo_Blockchain) October 27, 2023
The sidechain is under development. The testnet is planned to be launched at the end… pic.twitter.com/EO9Ck52qGt
The development of this sidechain is currently underway. The testnet is expected to be launched by the end of 2023. This is indeed an exciting development in the blockchain space.