{"id":103329,"date":"2019-04-29T15:20:24","date_gmt":"2019-04-29T22:20:24","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=103329"},"modified":"2026-04-17T13:02:51","modified_gmt":"2026-04-17T12:02:51","slug":"neo-plans-to-launch-a-new-blockchain-for-version-3-0-token-swap-will-occur","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/neo-plans-to-launch-a-new-blockchain-for-version-3-0-token-swap-will-occur\/","title":{"rendered":"NEO plans to launch a new blockchain for version 3.0, token swap will occur"},"content":{"rendered":"

NEO<\/a> announced<\/a> its roadmap for the 3.0 version of its blockchain, which will introduce improved scalability, performance, and stability for the network. These features are not backward compatible and NEO will launch its 3.0 blockchain from a genesis block\u2014compelling users to swap their tokens.<\/p>\n

Migration Plan<\/h2>\n

To encourage migration to the new blockchain, NEO will provide an \u201cearly adopter incentive plan,\u201d but has yet to provide details on the plan.<\/p>\n

As part of the migration, data and transaction records will be permanently retained and transferred from the 2.0 version. The Foundation will also reimburse projects for the costs of migrating.<\/p>\n

NEO 3.0 is expected to launch in Q2 of 2020. However, according to the organization, NEO\u2019s \u201csecurity-focused approach\u201d may result in several month delays of 3.0 before the official launch.<\/p>\n

Upgrades and Improvements<\/h2>\n

Consensus Improved<\/h3>\n

Delegated Byzantine Fault-Tolerance (dBFT) is getting an upgrade in version 3.0.<\/p>\n

Currently, transactions and blocks in the NEO blockchain are validated by a handful<\/a> of nodes selected by the organization. These nodes participate in a voting process to validate blocks, sharing some similarities to delegated proof-of-stake consensus<\/a> (at the block producer level) seen in EOS<\/a> and TRON<\/a> and to XRP<\/a> Ledger\u2019s RPCA<\/a> algorithm.<\/p>\n

Unlike proof-of-work consensus<\/a>, dBFT\u2019s blockchain cannot be forked and transactions are irreversible, similar to XRP Ledger.<\/p>\n

DBFT 2.0 includes an enhanced recovery mechanism that improves the stability of the NEO blockchain in case of network failures. One such failure occurred in early 2018, where NEO experienced an \u201coutage\u201d for two hours because of one node going offline\u2014precisely what properly constructed consensus algorithms should protect against.<\/p>\n

Due to the failure, NEO was lambasted<\/a> and attracted criticism from industry figureheads such as Charlie Lee<\/a> and Vlad Zamfir<\/a>. The upgrade may represent improvements to the protocol to prevent a repeat of such an incident.<\/p>\n

\n

I RTed that to help make sure NEO doesn't flip LTC. \ud83d\ude02<\/p>\n

— Charlie Lee \u24c2\ufe0f\ud83d\udd78\ufe0f (@SatoshiLite) March 4, 2018<\/a><\/p><\/blockquote>\n