11 July 2018

NEO 3.0 Upgrade Proposal Released To The Community

The proposed upgrades to the NEO blockchain has been released to the community. In the statement released, the planned upgraded NEO blockchain version has been named as NEO 3.0. According to the statement by Eric Zhang the co-founder of NEO in a recent NEO blog post, he said that NEO 3.0 will be developed basically for use by large scale enterprises.

He further stated that the NEO 3.0 will have a much higher Transaction Per Second (TPS) as well as better stability. The co-founder of NEO also said that NEO 3.0 will have expansive APIs specifically for Smart Contracts as well as fully optimised pricing and economic models amongst other features. The modifications to the NEO blockchain that are expected to be seen in NEO 3.0 can be categorised into four basic groups and these include;

 

  • Protocol
  • Smart Contract
  • NeoVM and
  • other various modifications.

1. Protocol Modification 

Under the Protocol modification both the pricing and economic models are expected to be adjusted. While the NEO dual cryptocurrency process currently in operation has been highly successful, Eric Zhang stated that there was still room for improvement. According to Eric Zhang the two main issues that need addressing are…

  • the indivisibility of GAS during the payment of system fees and
  • also the indivisibility of the NEO token.

 

The recommended modification solutions include the following;

  • Simply transforming NEO from an indivisible digital asset to a divisible one.
  • Providing rewards for consensus nodes.
  • Increasing the annual supply of GAS.
  • Permitting the use of fractional GAS in the payment of system fees.

 

If you want to join the discussion pertaining to these recommended modifications, you can do so on the NEO GitHub right here. The modification of the pricing model of the NEO blockchain is expected to significantly lower the cost of smart contract deployment.

2. Smart Contract Modification

There are a number of relevant upgrades designated for the smart contracts on NEO 3.0. Some of these upgrades include; new APIs, native contracts and the compatibility across platforms.

With smart contracts being compatible across platforms, it means that smart contracts under NEO 3.0 can be implemented on other blockchain networks. The native contracts will allow smart contracts to be deployed on the NEO blockchain directly, rather than through a Virtual Machine.

What this means is that both GAS and NEO tokens would be used in a similar way as regular NEP-5 digital assets. Eric Zhang also stated that modifications would be made to several other permission mechanisms and API.

 

3. NeoVM Modification 

The vision of the NEO team is one where the NeoVM is completely decoupled and where stack isolation can be executed without the need for additional work. The vision of NEO also includes a scenario where native contracts are executed with relative ease.

 

At the moment the NeoVM in use is a virtual machine that is based on stack, but without any storage for supporting the global variables. The NEO team has recommended several modifications including having a new opcode as well as global array to support the global variables. According to Eric Zhang, any high-level language smart contract would be easily compiled once the modifications have been implemented.

4. Other Various Modifications

The 2020 vision of NEO is a Transaction Per Second (TPS) speed of 100,000. So one of the obvious modification that will be witnessed in the NEO 3.0 is an increased TPS. Eric Zhang stated that NEO intends to execute the objective of increasing the TPS by…

 

  • ensuring the network protocol is optimised.
  • engaging in the refactoring of both the core modules and code.
  • executing both the permission mechanism and feature manifest for the NeoContract.
  • the detaching of both the block and state persistence.
  • the preparation for flexible sharding. 

Eric Zhang also stated that the different bugs identified will be completely fixed. He also said that the NEO 3.0 will have enhanced stability. According to the co-founder of NEO, the NEO 3.0 will have lots of other important features that would be made known to the community in subsequent article publications.

You can get more details about NEO 3.0 by clicking on this link.

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