Neo 3.0 to be Launched on New Blockchain

It's expected that work on the new blockchain will be completed by the second quarter of 2020 and the token holders will need swap tokens they have
29 April 2019   287

Neo project plans to launch the third version of its protocol in the new network, which will require the asset holders to swap the tokens they have, Cointelegraph reports.

According to the co-founder and lead developer of Neo Erik Zhang, the Neo 3.0 chain will take its beginning from the new genesis-block. Fulfillment of this condition is necessary because several improvements in performance and scalability at the architecture level are incompatible with the existing block.

According to the project team, all data and transaction records will be transferred to the Neo 3.0 network. However, developers of decentralized applications can continue to work on their products, since most of the new features are backward compatible.

Zhang argues that the update will significantly increase the speed and stability of the Neo network, as well as make it suitable for large-scale commercial applications. It is expected that work on the new blockchain will be completed by the second quarter of 2020, and the test network will start by June. New features will be added as they become available.

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.

Erik Zhang

Co-founder, Lead Developer, Neo

In January, an unforeseen fork occurred in the Neo network, due to which its performance was interrupted for several hours.

NEO to Report on Successful MainNet Update

Team believes main feature of the new update is reducing the transaction confirmation time to 15s; it will prevent risk of double-spend & ad more benefits
06 June 2019   225

The main network cryptocurrency NEO has been successfully updated. According to the developers, the upgrade of the blockchain has made it more stable and productive.

According to team, reducing the transaction confirmation time to 15 seconds will prevent the risk of double spending and will be convenient for users of financial applications.

With this upgrade Neo consensus nodes are now also running the code that improves the memory pool performance, which further reduces the operational burden on the network and ensures block times can stay minimized during higher transaction volume on the network. [...] With the improvements from dBFT 2.0 consensus, NEO should now posses the reliability necessary for more businesses to begin using the NEO blockchain for point-of-sale solutions.

Jeff S

Core Developer, NEO

It is expected that the new algorithm will be one of the most important steps towards the launch of the blockchain NEO 3.0, scheduled for 2020.