According to co-founder of the platform Neo, Eric Zhang, the company plans to launch a new blockchain to launch Neo 3.0. Users will have to exchange their tokens for tokens of the new standard.
Eric Zhang (Erik Zhang) said that the new network would appear with the generation of the initial block. The need to launch a new blockchain appeared, as several architectural improvements in the performance and stability of the Neo network are not compatible with the current blockchain.
It’s been reported that a snapshot of all data and transaction records will be transferred to Neo 3.0 blockchain, and side branches of the development will be transferred before the launch of the main network. At the same time, there are plans for the transfer and decentralization of applications that exist on the current version of the network. Developers will be able to continue working on applications, since most of the new features are backward compatible with the previous blockchain.
The update will increase the speed and stability of the Neo network and make it suitable for large-scale commercial use. The transition to the new blockchain might be completed before the second quarter of 2020, and the test network will be launched by June.
“When we say that Neo 3.0 will be suitable for large-scale commercial use, we mean that it will be possible to run large applications on its basis. In the future, services such as YouTube, AliPay and gaming companies like Tencent and Blizzard will work on the blockchain. And Neo 3.0 will allow such large companies to do this, ”said Zhang.
Note that in the 11th rating of cryptocurrency, issued by the Center for Information Technology Development of China, the Neo project took the second place in the “Applicability” category. In the overall ranking Neo takes 9 line.