Ken Chigbo
Independent Analyst
- The NEO 3.0 update is going to be on a completely new blockchain, to accommodate all improvements.
- All users will need to swap their existing tokens and data/transaction records will be migrated over to the new blockchain.
NEO has announced that their new 3.0 update is going to be launched on a completely new blockchain. It means that their users are going to need to swap from their existing tokens for the newly issued, accommodating the blockchain network migration.
The organization’s platform’s co-founder and core developer Erik Zhang detailed that the newly introduced chain, will be from a new genesis block. It is to ensure of logistical, these of which would not be compatible with their current blockchain.
Furthermore, all of the platforms data and transaction records will be migrated over to to NEO 3.0, and concurrent development branches will be in place before the mainnet’s launch. They additionally noted that plans are ready for the transition process of decentralized apps (DApps). Developers will be able to resume their building of Dapps, because most new features are backwards compatible.
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