Here’s What We Know About NEO 3.0

NEO (NEO), a blockchain platform for smart contracts often referred to as the Ethereum of China, has unveiled details on its much-anticipated version 3.0 platform update.

According to a recent announcement by NEO co-founder and core developer Erik Zhang, NEO 3.0 is designed to address key technical areas to support the platform at scale.

NEO 3.0 will be an entirely new version of the NEO platform, built for large scale enterprise use cases. It will provide higher TPS and stability, expanded APIs for smart contracts, optimized economic and pricing models, and much more. Most importantly, we will entirely redesign NEO’s core modules.

In an effort to boost the platform’s transactions per second (TPS), NEO plans on optimizing the network protocol, implementing a permission system for NeoContract, and prepping the system for dynamic sharding. These alterations are ultimately designed to make the NEO platform more enterprise-friendly, allowing for larger-scale DApps to run on NEO.

NEO also plans to improve the project’s protocol with 3.0 by addressing its economic and system pricing models. While NEO’s dual-token system, NEO and GAS, has worked to improve transactions and usability of the platform, it currently faces some underlying unit economics issues.

Essentially, NEO as a coin is indivisible and GAS cannot be divided when paying for system fees. To address this, NEO proposes with 3.0 to the following:

  • A small increase in the supply of gas every year
  • Reward consensus nodes
  • Make NEO divisible
  • Allow gas to use the decimal part when being used for system fees

Finally, NEO aims to improve its system of smart contracts with 3.0, with the biggest update coming in the form of cross-chain interoperability. To accomplish this, NEO proposes leveraging a combination of NeoVM support of native contracts and unified smart contract APIs. Native contracts would then allow the interaction with NEO and GAS as NEP-5 tokens.

NEO also recently announced the launch of its major decentralization initiative by adding its first external mainnet consensus node, City of Zion.

NEO plans on publishing a series of articles leading up to the launch of 3.0, and current improvement proposals can be tracked on the GitHub.

More:¬†What’s Next for NEO
Similar: NEO’s Price Outperforms as It Launches a New Decentralization Model

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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