[ANN] NEO Blockchain 3.0 - NEW BLOCKCHAIN FROM ITS OWN GENESIS BLOCK

[neoblockchain3.0]

ABOUT NEO 3.0

In the past few years, NEO has witnessed tremendous growth in its tech infrastructure and ecosystem over the past few years. In 2019, NEO will take a step forward in the continuation of our vision of supporting large-scale commercial applications with blockchain technology. NEO 3.0 is a robust blockchain implementation with high throughput, enhanced stability and security, an optimized smart contract system, and a feature-packed infrastructure set for diverse business application scenarios. NEO 3.0 will also focus on governance’s pivotal role in the long-term evolution of a blockchain as the common good collectively owned by stakeholders and more broadly the entire surrounding communities. The the process of implementing NEO 3.0 we will explore various governance mechanisms including liquid democracy, futarchy and so forth, in many cases treating the economic model as an integrated system with the governance mechanism, therefore they will be treated as an integrated system.

NEW FUNCTIONALITY

DBFT 2.0

Delegated Byzantine Fault Tolerance (dBFT) is a consensus mechanism designed specifically for blockchains. A set of consensus nodes are selected through a voting process, and these consensus nodes jointly generate and validate blocks. As consensus nodes are required to come to a shared consensus on a new block before it is committed to the blockchain, dBFT provides single block finality, meaning the NEO blockchain cannot be forked and transactions are irreversible. Once a transaction is confirmed on the blockchain, it cannot be reversed or cancelled. For financial applications, the finality of a transaction is a necessity. In dBFT 2.0, we added a recovery mechanism that greatly improved the stability of the consensus algorithm. In the rare occurrence of a network failure or a node failure, a quick recovery is expected.

INTERNET RESOURCE ACCESS

NEO 3.0 will include a built-in oracle implementation, thanks to which smart contracts can read data from external resources on the Internet during execution. This feature is made possible by the design of dBFT 2.0, which allows consensus nodes to resolve any inconsistency in the external data. By allowing developers to access data from the Internet, NEO contracts will be able to serve an extended variety of use cases.

NEOFS

NEO 3.0 will include its own decentralized storage platform, called NeoFS. It is designed for data-intensive dApps, small and medium enterprises, and IoT companies. NeoFS can also be used as a Content Delivery Network. NeoFS will also be integrated with the NEO blockchain, allowing to store old block data off-ledger and minimize computational costs on storage nodes and validation nodes. This will mean a much greater scalability of NEO. Those participants who provide storage space will be rewarded by data owners and participants via a smart contract. A special subset of the network map and storage policy rules for object placement, along with Rendezvous hashing for node selection will allow us to achieve fine control over object location and minimal data movement in case of storage node failures.

NEOID

NeoID is a decentralized identity protocol built on NEO. It empowers users and organizations to have better control of their identities and delivers a higher degree of trust and security to the smart economy. NeoID consists of three main parts: █ Trust Model – describes the rules of trust in this distributed network. █ Privacy Model – describes the privacy protection scheme for users’ online data. █ Game Model – describes the benefits and penalties of actions within the trust network. These three parts provide a mathematical model to abstract the real world, forming the basis of NeoID.

Pricing Models Currently, the relatively high cost of deploying and running smart contracts on NEO leads to a reluctance in smart contract usage and development. In NEO 3.0, we will address this issue by significantly reducing the deployment and execution costs of smart contracts. Prior to the NEO 3.0 implementation, credible projects can apply for grants from the NEO Foundation with contract deployment costs. Simplified Architecture In NEO 3.0, all assets are created in smart contracts, including neo and gas. It will become possible to unify all transaction types. Transactions dealing with complex application scenarios will be removed and replaced with interop services in smart contracts. As a result, there is only a need for a single transaction type in NEO 3.0, which is used to execute smart contracts. We have also proposed a simplified validation model that will greatly improve the speed of transaction verification, and allow these validations to be performed concurrently.

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NeoVM NeoVM is a lightweight virtual machine for executing smart contracts. It features fast startup, low resource consumption, and supports multiple high-level programming languages to allow developers to build contracts with familiar tools. In NEO 3.0, NeoVM will be completely decoupled from the blockchain and become a pure virtual machine. The benefits include easy implementation of native contracts, smooth integration of NeoVM into any IDE and easy debugging of smart contracts without loading blockchain data. P2P Protocol In NEO 3.0, the P2P protocol will be redesigned to include support for the UDP communications protocol and compression options. This is expected to greatly improve the TPS and stability of the network.

DEVELOPMENT PLAN

The development of NEO 3.0 began in Q4 of 2018 and is expected to be completed in Q2 of 2020. For quality assurance purposes, a review phase will be set up, during which imperfect features will be removed and necessary new features will be rigorously tested. Due to this security-focused approach, a several month delay may occur before the official launch of NEO 3.0.

TOKEN SWAP

NEO 3.0’s roadmap includes some architectural improvements that will greatly improve NEO’s performance and stability. Some of these improvements are not compatible with NEO 2.x. Therefore, NEO 3.0 will launch as a new blockchain network from a genesis block. However, before the launch of the NEO 3.0 MainNet, we will have two concurrent development branches for NEO 2.x and NEO 3.0. The costs incurred during the migration process, such as contract redeployment and testing, will be reimbursed by the NEO Foundation. We will al provide comprehensive technical support for the migration of DApps. Token holders will need to swap tokens to activate new ones on NEO 3.0. The swap procedure will be initiated on June 16, 2019.

Follow us:


Website: https://neoblockchain3.com/
Github: https://github.com/neo-blockchain3/neo
Telegram: https://t.me/neoblockchain3_0_chat
Facebook: https://www.facebook.com/NEO-Blockchain-30-2373349182897288
Twitter: https://twitter.com/neo_blockchain3
Medium: https://medium.com/neo-smart-economy/roadmap-of-neo-3-0-development-e2ae64edf226


FAQ: https://neoblockchain3.com/faq.html

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[Kapalin]

I'm a big fan of the NEO platform. If you manage to modify and improve it, it will be a blast in the market.

[Gubkat]

I have a lot of questions. Tell me, how can I buy or get a NEO 3.0 coin?

[neoblockchain3.0]

I have a lot of questions. Tell me, how can I buy or get a NEO 3.0 coin?

Need hold NEO on your wallet.

[Dr Charles]

Interesting... just commenting to follow along for now.

[DjonSnou1]

I have a lot of questions. Tell me, how can I buy or get a NEO 3.0 coin?

Need hold NEO on your wallet.

Very interesting conditions. I will be happy to follow the project.

[Allyamov]

How will you deal with the scaling issue in NEO 3.0?

[makishart]

How will you deal with the scaling issue in NEO 3.0?

I thought that when you are reading the roadmap and it has stated NEO blockchain will increase its network capacity and make the validation from the block will be more simple than before.
But what makes me feel so bad to see that will happen in 2020 and that's very long.

[Sawras]

How will you deal with the scaling issue in NEO 3.0?

I thought that when you are reading the roadmap and it has stated NEO blockchain will increase its network capacity and make the validation from the block will be more simple than before.
But what makes me feel so bad to see that will happen in 2020 and that's very long.

Usually, investors buy the coin of such projects for a long time, I think 1-2 years is a short time.

[Godyae]

What are the main advantages of NEO 3.0 over its predecessor?

[Pariseev]

What are the main advantages of NEO 3.0 over its predecessor?

NEO 3.0 will start from a new genesis block, it’s a completely new blockchain and not an update of the old one.

[Chechern]

The website of the project looks good, the design is bright, site navigation is simple.

[Delegat6]

I'm totally confused, the difference between NEO 2.x and NEO 3.0?

[Godyae]

I'm totally confused, the difference between NEO 2.x and NEO 3.0?

NEO 2 is just a parallel development branch, nothing more.

[Mylnik]

This project deserves some attention, but I see a few flaws. I will be happy to follow the news.

[Ferrin2]

I'm totally confused, the difference between NEO 2.x and NEO 3.0?

NEO 2 is just a parallel development branch, nothing more.

Token holders will need to swap tokens to activate new ones on NEO 3.0. The swap procedure will be initiated on June 16, 2019.

[priyutov]

NEO Blockchain 3.0 provides a secure environment free from any kind of fraud. Agree, safety is important!

[Dorkie]

@ neoblockchain3.0

Why do you people choose to be thieves?

The swap only happen in late 2020, not June 2019.

Why do you choose to steal money from people that did nothing wrong to you?

The world has so much darkness. Why do you choose to add more darkness to it?

Why are you people not able to be a source of good?

Why committing crime is the only thing you people know?

Throughout your life, how many times have you helped anyone out of kindness?

Now, you are creating this post with the hope to steal money from people that fall into your scam.

Are you telling me there is no better way to make money other than scams?

[Dorkie]

This https://neoblockchain3.com/ is a phishing site that steals the private keys of victims and use them to steal their NEO.

[quality.crypto]

How will you deal with the scaling issue in NEO 3.0?

I thought that when you are reading the roadmap and it has stated NEO blockchain will increase its network capacity and make the validation from the block will be more simple than before.
But what makes me feel so bad to see what will happen in 2020 and that's very long.

See it is not easy to implement already developed technology by adding futures to it. To improve its capacity it will take time and within one day, it will not happen. As a supporter, I love to wait for the NEO technology to improve its standards to the next level where it should attract business level implementation like ontology.