NEO is ready to take its blockchain network a notch higher. The NEO 3.0 network is around the corner according to official communication from NEO.
Its implementation will increase the security, stability, throughput, and robustness of the current NEO blockchain network. Erick Zhang, Neo’s co-founder, flaunted the upcoming upgrade as the perfect match for commercial usage. It would also feature an enhanced smart contract system.
Zhang even left a note for the future:
“In the future, we’d like to see applications such as YouTube, Alipay, and gaming giants like Tencent and Blizzard run blockchain, and Neo 3.0 will allow these big organisations to do that.”
What’s Included in NEO 3.0
The upgraded blockchain platform features an improved version of the Delegated Byzantine Fault Tolerance (dBFT) which is a mechanism used to dictate consensus on blockchain platforms. The mechanism employs shared consensus where a group of nodes have to agree before a block is added on the chain. Once added, there is no way it can again be ‘discussed’ by the nodes.
The usage of this consensus mechanism proves relevant to financial transactions which once committed need not to be reversed.
NEO 3.0 has a reviewed model on how fees are paid for running smart contracts and conducting a transaction on the platform. As per the announcement, a review of the pricing model is meant to encourage the usage of the platform in the development of smart contracts and decentralised applications.
Additionally, NEO’s next generation blockchain platform will give developers the freedom to interact with the Internet as well as external data during execution. The usage of the dBFT 2.0 will provide nodes with the power to resolve “inconsistencies between nodes when accessing Internet resources.”
For the platform’s stability, NEO has reworked the P2P protocol giving room for compression and a higher transaction per second. The Neo Virtual Machine (NeoVM) will be detached from the main blockchain to form a standalone virtual machine.
Other features that have received a retouch are the NeoID, NeoFS, and the architecture.