Blockchain technology has been nothing short of groundbreaking since its emergence. Several industries are leveraging this technology to power their services, from the banking and finance sector to automobile and gaming. We have seen several blockchains emerge from the DeFi sector in the last few years, running on consensus mechanisms like Proof-of-Stake and Proof-of-Work.
NELO is one of the new blockchains that aims to disrupt the DeFi sector. Leveraging the Proof-of-Stake consensus algorithm, NELO is a protocol focused on helping developers deploy their game and metaverse projects alongside Ethereum-compatible networks. The product, which was recently launched, will bring several game ideas to reality and redefine the blockchain industry.
Building an Ecosystem for Future Generations
The idea to create NELO stemmed from the comparatively poor infrastructural state of blockchains. Most blockchains in the ecosystem are slow, unreliable, and have low throughput, which makes them unsuitable for the evolving blockchain gaming or the metaverse. With the world poised to establish its presence in the virtual space, creating a scalable, secure, and speedy blockchain to support various projects becomes necessary.
NELO solves all that, thanks to the PoS consensus mechanism. Using several validators and nodes makes the cost of transactions low, while scalability and security are maintained. Their new Smart Chain provides users with the fastest and most reliable system in the crypto world for gamification and the metaverse. NELO is developed by a group of enthusiastic and passionate creators that aims to provide the best experience for anyone trying to build a GameFi or metaverse project.
Head of Business Development and Marketing, Shawn Tan said, "Here at NELO, we are ready to redefine the blockchain industry. Being the building block between the present and the future - to create one harmonious ecosystem." Speaking of the reason for developing NELO, CEO Walter Tan said, "I believe in innovations that move humanity forward; thus, building an ecosystem for the future will be our priority here."
NELO is more than creating an ecosystem for gamification and the metaverse. Its energy-efficient environment aims to empower everyone to transform their vision into reality with no expense spared. Its metaverse, Neloverse, will offer players and creators the chance to decide their own game experiences and monetize their creations within the game.
In Neloverse, creators can own a digital piece of land to build their games. They can use the land for hosting a game, playing games, staking, etc. NELO has also teamed up with an experienced and knowledgeable game design platform to develop its enthralling metaverse game Neloverse. Neloverse is expected to feature a state-of-the-art design with a great user interface to keep players engaged and entertained. The game is currently underway as of the time of this post.
What's Next for NELO?
NELO has several things lined up in 2022. A realignment in their tokenomics and company direction will be available in their new whitepaper V1, releasing shortly after their rebrand. The team also braces up for its testnet, starting from March. Plans are underway to build a sub-chain for deploying other metaverse games. Developers will leverage this sub-chain to build their chain for the games.
In addition, it will create an oracle solution that would be used for on-chain verification. This random number function is similar to Chainlink's VRF but more efficient in game interaction and the utilization of game tokens. Any game in the metaverse can interact with the utilization of the token.
Also, the team will create an ecosystem fund to finance games with prospects and help existing game publishers deploy their games on the ecosystem. Plans are underway for NELO to launch their centralized exchange and launchpad, both scheduled for October and November 2022.