Neo 3.0 to Debut on New Blockchain, Token Swap is Necessary
Neo 3.0 will be debuted as a fresh blockchain network, and users will have to swap their token holdings to newer ones, as per an official statement issued through Cointelegraph on April 29.
Co-founder and core developer of the Chinese platform, Erik Zhang, said the unique chain from a different genesis block is needed as several technical advancements to Neo’s efficiency and robustness are totally at odds with its existing blockchain.
All information and transaction files will be transferred to Neo 3.0 according to the coders, and continuous upgrades will be made before mainnet launch.
Neo added that measures are in place for the Decentralized Apps (DApps) transition, and programmers should be able to keep developing Dapps as most additional functionalities are backwards compatible.
Zhang said the overhaul will improve Neo’s processing capacity and robustness by orders of magnitude, rendering it appropriate for big-scale business use. The unique chain is supposed to be finished by the second quarter of 2020, and a testnet is planned to be launched by June, with additional functionalities being incorporated as they are finished.
Zhang further stated:
“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.”
Back in February, Neo established a new Seattle office, headed by former executive of Microsoft, John deVadoss. Binance debuted its mainnet Binance Chain on April 18. Converting Binance coin (BNB) from the outdated Ether-congruentERC-20 technical norm to indigenous BEP-2 Binance Chain benchmark is now underway. Decentralized social media network Mithril (MITH) was the first one to embrace the Binance Chain, with MITH switching from ERC-20 to BEP2.