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.
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.