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.

(Excerpt) Read more Here | 2019-05-04 00:08:19
Image credit: source

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