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Neo Preparing to Launch Its New Next-Gen NEO 3.0 Blockchain Network

UTC by Darya Rudz · 4 min read
Neo Preparing to Launch Its New Next-Gen NEO 3.0 Blockchain Network
Photo: NEO / Medium

As Neo stated, the new chain NEO 3.0 will increase Neo’s speed and stability and enable large-scale commercial use.

Neo, the crypto company behind the next-generation smart economy platform, is going to launch its new blockchain network NEO 3.0. The development of the new chain is set to be completed by the second quarter of 2020, with the test net rolled out this June.

According to the company’s announcement, NEO 3.0 will be ‘a robust blockchain implementation with high throughput, enhanced stability and security, an optimized smart contract system, and a feature-packed infrastructure set for diverse business application scenarios’.

As Neo stated, the new chain will increase Neo’s speed and stability and enable large-scale commercial use.

Neo co-founder Erik Zhang commented on the initiative:

“When we talk about Neo 3.0 being ready for large-scale commercial use, we mean it provides the possibility to run large-scale applications with blockchain technology. In the future, we’d like to see applications such as YouTube, Alipay, and gaming giants like Tencent and Blizzard run on blockchain, and Neo 3.0 will allow these big organizations to do that.”

Before the launch, all data and transaction records will migrate to Neo 3.0, and users will need to swap their existing tokens for new ones. The users of the exchanges will not be affected.

NEO 3.0 Features

The development of NEO 3.0 began in the fourth quarter of 2018, and the details were revealed at the NEO DevCon held in February. The company explained that the decision to develop NEO 3.0 was made as a result of incompatibility of some Neo’s architectural improvements with its current blockchain.

According to Neo’s announcement, the new network will launch from a genesis block and have a number of features, including Internet resource access, new pricing model, redesigned P2P protocol, simplified architecture, NeoID, and more.

Delegated Byzantine Fault Tolerance 2.0 (dBFT 2.0) will provide improved stability of the consensus algorithm due to its recovery mechanism. In the rare occurrence of a network failure or a node failure, a quick recovery is expected.

The new pricing model will reduce the deployment and execution costs of smart contracts, increasing the number of DApps. Prior to the NEO 3.0 implementation, credible projects can apply for grants from the NEO Foundation with contract deployment costs.

With NEO 3.0 built-in oracle implementation, smart contracts can access Internet resources during execution, which will let users easily develop more sophisticated NEO-oracles and work on more diverse DApps that depend on external data.

An improved NeoVM, a lightweight virtual machine for executing smart contracts, will become a pure virtual machine and include such features as support for static members and exception handling.

Further, due to NeoFS, a distributed decentralized object storage platform integrated with NEO, NEO 3.0 is expected to maintain network scalability by minimizing computational costs on storage node and validation nodes and guarantee a large number of parallel interactions.

Finally, NEO 3.0 will have an improved NeoID, a decentralized identity protocol that provides better control of users’ identities and delivers trust and security to the smart economy. NeoID will not only support a decentralized identifier issuance model but will also be compatible with the X.509 level certificate issuance model.

About Neo

NEO is an open source project that utilizes blockchain technology and digital identities to digitize assets and automate the management of digital assets using smart contracts. The company’s mission is to create a ‘Smart Economy’. Founded in 2014, Neo released its MainNet was released in October 2016.

Neo’s platform and cryptocurrency NEO are designed to build a scalable network of decentralized applications. NEO token generates GAS tokens that can be used to pay for transaction fees generated by applications on the network.

At the moment, NEO makes up $9.41 per coin. The currency is ranked eighteenth in the list of cryptos.

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