NEO 3.0 is coming: what’s up for 2019?

2019 started well for NEO. It’s ecosystem saw improvements and continues to grow. NEO’s token price in 2019 is strong and stable. The platform is embracing centralization to make the implementation of network changes easier. The cornerstone of these changes is conducting NEO 3.0 updates.

NEO plans 2019

According to its roadmap, NEO 3.0 has improved stability and security, and a more optimized smart contract system. Also, the team plans to cooperate with different experts, from academia to the blockchain industry, to make the platform suitable for various business applications.

In 2019, the team’s main focus will be adding new features to NEO 3.0. In this blog post, we’ll take a look at some of them. Let’s dive in.

Decreasing the costs of deploying and running smart contracts

At the moment, running and deploying smart contracts is so expensive that it became one of the main obstacles in DApp development. Since the team wants to increase the number of Dapps, they decided to deal with this problem. In NEO 3.0 costs of deploying and running smart contracts will be significantly decreased.

NeoVM will become a completely virtual machine

NeoVM is a virtual machine that is used for executing smart contracts. This virtual machine is tied to the blockchain platform and it supports several popular programming languages.

However, with NEO 3.0 update, NeoVM will separate from the blockchain platform and transform into an entirely virtual machine. According to the NEO team, this means several improvements for NeoVM such as:

  • developers will be able to debug smart contracts without loading blockchain data
  • the native contract can be included easier
  • there will be support for static members, etc.

Including NeoFS

NeoFS is a storage platform, which is integrated with NEO. Its main purpose is serving DApps as a data storage. In 2019, NEO wants to integrate NeoFS deeper with its platform and to use data nodes instead of blockchain ledger as storage. Moreover, using NeoVS for storing old block data could improve the scalability of the platform.

NEO 3.0 will have simplified architecture

NEO 2019

NEO platform offers two ways for creating assets: creating a global asset with RegisterTransaction and creating a contract asset with a smart contract. However, managing global assets can be challenging because they’re inflexible and not integrated with smart contracts. Hence, NEO 3.0 plans to remove global assets and unify all transaction types.

Securing identity information with NeoID

NeoID is a decentralized identity protocol that allows the NEO’s users to control and secure their identity information. Further, NEO 3.0 will integrate NeoID to support a decentralized identifier issuance model.

Development and integration of dBFT 2.0

NEO plans for 2019
https://neo.org/logo

Delegated Byzantine Fault Tolerance (dBFT) is a consensus mechanism for blockchains. NEO began to develop dBFT 2.0 at the end of 2018, and the team finished it at the beginning of 2019.

This consensus mechanism will contain a recovery mechanism that will improve its stability. The team continues to work on deploying dBFT 2.0 to the main network of NEO.

Wrap-up

The NEO team has done a great job so far, and it continues to do so in 2019. They are working hard on improving NEO’s performance and stability. As a result, NEO 3.0 will have improved features, simplified architecture, and excellent protection of digital identity.

If you don’t have a NEO wallet yet, set up your web wallet that supports NEP5 tokens for possible NEO-based airdrops.

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