On July 26, 2021, Neo, a community-driven blockchain platform, released its roadmap for its mainnet and migration. It was another big step, as the full-scale launch of the Neo N3 mainnet was just around the corner.
Blockchain has changed a lot since the founder of Neo, Erik Zhang, first said that Neo would build N3 in July 2018. However, Neo’s desire to create a smart economy has not changed. Reflecting this commitment, N3 will add extensive features like platform-native decentralized storage and oracles and essential changes like a new governance system, a better architecture, and a better economic model. Along with N3’s best-in-class tooling and support for multiple languages, these changes will keep Neo N3 at the top of the best blockchain development platform.
Neo N3 is a complete revamp and optimization. It means building an open network for the smart economy. This is by making any asset, digital or physical, available to humans and programs without a lot of trust or permission.
With that in mind, Neo is ready to start the last part of its journey. It goes toward the launch of Neo N3. The rollout will include the following steps to make the transition as smooth as possible:
1. As of July 20, the first formal testnet will be running. Starting with the Neo v3.0.0âRC4 codebase on July 20, essential parts of the system will add. These include the first council members, NeoFS nodes, and Oracle nodes. Once the network is stable, the RC4 codebase will become Neo v3.0.0. During this time, the first members of the Neo Council will be added. NeoFS and Oracle will also be set up, and both token migration and application testing will begin.
2. RC4 will be republished as Neo v3.0 or the formal testnet. The mainnet will start with the minting of the N3 genesis block, which will be the first block of the mainnet. After that, the first Neo Council members and node networks will move from the formal testnet to the leading Neo N3 network. On top of that, the Neo Foundation will start moving its supply of GAS and Neo (NEO) tokens to Neo N3.
3. Early bird token migration or voting. NEO holders who move their tokens early will be able to vote in Neo’s new governance system. They can earn more money than other people. However, it’s also possible that service providers like wallets and exchanges won’t support N3 tokens at all during this time. It means users might not be able to trade or exchange their tokens. Decentralized apps will also start moving to the mainnet of the Neo N3 blockchain. Developer grant programs will also relaunch.
4. As soon as the DApps, wallets, and explorers work, many people will start moving to the blockchain. There will be a reward program for people who carry their tokens from Neo Legacy to N3, but the Neo Legacy GAS will stop making at this point.
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