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China’s Decision to Choose Ethereum Over its Own Blockchain NEO is Monumental

Article by Joseph Young

The Xiongan government, in charge of building Chinese President Xi Jinping’s dream city the Xiongan New Area, has chosen Ethereum over NEO, a local blockchain network, along with its decision to employ New York-based blockchain studio ConsenSys as the blockchain consultant for the Chinese government.

Unforeseen Decision

ConsenSys is a blockchain studio with more than Ethereum 600 developers and in-house entrepreneurs that is operated by Ethereum co-creator Joseph Lubin. Throughout Asia, Europe, and the US, the ConsenSys team has cooperated with regulated financial institutions, governments, and businesses to commercialize the blockchain.

It’s most recent partnership. That was established with the Xiongan government, allowed the company to win a contract to extensively evaluate the potential of utilizing blockchain technology to process information and fuel various operations within the Xiongan New Area.

Over the next few years, as a part of the agreement, ConsenSys will develop blockchain tools and software solutions built on top of the Ethereum blockchain to be used by the residents and businesses of the Xiongan New Area.

As one of our first major projects in the People’s Republic of China, we are excited to help define the many ‘use cases’ that could benefit from the trust infrastructure enabled by ethereum technology,” said Lubin.

The appointment of ConsenSys to lead blockchain development by the Xiongan government was unforeseen by local analysts, given the Xiongan government has never brought in a foreign company or contractor in completing the construction the Xiongan New Area.

The government distributed most of the technology development contracts to Tencent, Alibaba’s Ant Financial, and Qihoo 360, local internet conglomerates valued at hundreds of billions of dollars.

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