In a packed conference room on a chilly day in Seattle, where NEO will be opening up their next NGD location, a community of blockchain enthusiasts, international media, and developers gathered together to hear about NEO’s upcoming plans–specifically, what’s going on with NEO 3.0–and when.
The Goal of NEO 3.0
NEO co-founder, Erik Zhang, couldn’t attend the conference in person but delivered the details via video presentation. Perhaps that was a deliberate bid to avoid the foray of questions the intensely technical upgrades would almost certainly provoke.
Zhang revealed the lofty goal of NEO 3.0–to enable large scale commercial applications. He said that although blockchain had been 10 years in the making:
No blockchain is currently capable of supporting large scale communications applications
And, no blockchain will–for the foreseeable future, anyway–the timeline for NEO 3.0 remains decidedly TBD.
NEO 3.0 is meant to address NEO’s current issues with gas price, platform stability, and scalability, among other things.
However, Zhang neglected to mention that to pull this off they will likely require a complete overhaul of NEO as we know it–a hard fork and possible return to a Genesis block.
Top 5 New Features of NEO 3.0
In the meantime, here are the top five new features the community can expect from NEO 3.0 (all of which won’t happen next month, next quarter, or even next year). NEO 00 isn’t even thinking about breaking ground with NEO 3.0 until 2020–and that’s an optimistic target.
1. Native Contracts
The first new feature of NEO 3.0 will be the addition of a native contract. NEO’s current smart contracts are run in NEO’s VM and can be deployed by any user.
With the native contract, they can run any native code directly, are embedded in the core code without deployment, and the contract upgrade does not cause hash changes. Why is this important?
Because it will allow for instant verification of transactions, greatly increasing TPS speed. The addition of native contracts will also allow for unlimited data storage.
2. All Assets Created in Smart Contracts
There are a few ways to create assets on NEO, explains Zhang, but they are rarely used and most applications create contract assets (such as STOs) as they are more practical.
Therefore, they will not support global assets in NEO 3.0. This will streamline and improve system performance. All assets will be created in smart contracts.
3. Internet Resource Access
This will allow users to access internet resources in smart contracts through URLs. Consensus nodes can vote on data consistency and execute smart contracts through internet resource access.