NEO Releases Its Development Roadmap For Version 3.0

The development team behind the NEO network has finally released the much-awaited development roadmap for version 3.0. The development roadmap comes roughly after 2 months of Neo Global Development(NGD) expanding to the United States. The regional office is based in Seattle which is headed by former Microsoft executive John deVadoss.

One of the Twitter users called Erik Zhang commented on the announcement,

“The mass adoption of blockchain tech is imminent. NEO 3.0 will be a large scale commercial application ready implementation with high throughput, enhanced stability, an optimized smart contract system, and a feature-packed infrastructure set.”

List of Development Scheduled for NEO 3.0

As per the company’s development outline, following development work is scheduled for the NEO network version 3.0.

  • dBFT 2.0: a recovery mechanism that greatly improved the stability of the Delegated Byzantine Fault Tolerance (dBFT) is a consensus mechanism.
  • Pricing model: NEO plans to address the issue of high GAS costs of deploying and running smart contracts.
  • Internet Resource Access: a built-in Oracle implementation that allows smart contracts to access Internet resources during execution.
  • P2P Protocol: redesigned to add support for the UDP communications protocol, and enable compression options.
  • NeoVM: 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.
  • Simplified Architecture: all assets are created in smart contracts, including NEO and GAS, in an effort to unify all transaction types.
  • NeoFS: a distributed decentralized object storage platform integrated with NEO.
  • NeoID: 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.

The development for the NEO version 3.0 started back in Q4 2018 and it is expected to be fully commenced by Q2 of 2020. In order to make the network free from any glitches, bugs or unnecessary software implementation, a recovery phase will be set in which the imperfect features will be removed while the necessary features will be tested more rigorously. Due to the extensive testing period, the official launch date for NEO 3.0 might get delayed by a few months.

NEO is currently the 16th largest cryptocurrency by market capitalization and trading at $9.38 at the time of writing.