In line with a recent official announcement published, Neo 3.0 has revealed its plans to launch as a new blockchain network and users are required to swap their existing tokens for new ones.
Erik Zhang – Platform’s co-founder and core developer added that the new chain, that is coming from a new genesis block, is important as several architectural enhancements to Neo’s performance and stability don’t seem to be fully compatible with its current ‘blockchain‘.
As per the platform, all information and transactional records can migrate to Neo 3.0, and concurrent development branches are going to be in situ before the mainnet’s launch. NEO aforesaid that the plans are in situ for the transition for decentralized apps [DApps], and developers ought to be able to continue building Dapps as the foremost new feature are backwards compatible.
Zhang added that the upgrade can increase Neo’s speed and stability by orders of magnitude and make it appropriate for large-scale business use. The new chain is expected to be completed by the Q2 of 2020 and a testnet is due to launch later by June, with new options deployed for testing as they’re completed. He added:
“When we talk about Neo 3.0 being available for large-scale business use, we mean it offers the possibility to run large-scale applications with blockchain technology. within the future, we’d prefer to see apps like YouTube, Alipay, as well as gaming sites like Tencent and Blizzard run on blockchain, and Neo 3.0 can permit these massive organizations to do that.”
Earlier In Feb., NEO was opened its new office in Seattle, headed by former Microsoft executive named ‘John deVadoss’ at the helm.
Later in Mid-April, Binance exchange ‘launched‘ its mainnet Binance Chain. Work is presently under way to ‘convert‘ BNB [Binance coin] from the recent ether-compatible ERC-20 technical standard to a native BEP-2 Binance Chain standard.
Decentralized social media platform MITH [Mithril] was ‘reportedly‘ the primary to adopt the Binance Chain, with MITH token migrating from ERC-20 to BEP2.