NEO N3 – What Is Neo Platform- How It Works – Neo N3 NEO TOKEN Review
Website : https://neo.org/
Twitter : https://twitter.com/Neo_Blockchain
Medium : https://medium.com/neo-smart-economy
Hi, today let’s talk about Neo, an open-source blockchain platform. And to be more specific, about Neo N3, which is a completely redesigned governance model that will move Neo toward a more decentralized future. We’ll tell you about the features of the platform, the governance model, and more. In this video, we’ll let you in on a few secrets that are sure to be useful to you. Watch carefully, we’re getting started!
Neo 3.0 was first announced by Eric Zhang in July 2018. He promised many things, such as a new architecture, proprietary contracts, and an improved economic model. Decentralized storage, oracles, and a name service are just some of the features that will make Neo the most complete blockchain development platform to date.
NEO blockchain is a digital asset and application platform that provides the new NeoContract smart contract system. At the core of the platform, the NEO network provides many features such as digital asset capabilities, NeoAsset and digital identity, NeoID, allowing users to easily participate in digital business and is no longer limited to issuing their tokens on the blockchain.
The Neo N3 update will give developers access to rich data sources offline via HTTPS or NeoFS requests. This will not only improve smart contracts on the blockchain but also allow the creation of new decentralized services and products. Moreover, users can share their unused data storage to earn Neo GAS tokens, creating a network for everyone.
Neo is an open-source, community-driven blockchain platform. It is the most functionally complete blockchain platform for creating decentralized applications. Neo allows developers to digitize and automate asset management with smart contracts. It also provides powerful proprietary infrastructures, such as decentralized storage, oracles, and a domain name service, creating a solid foundation for the next generation of the Internet
On the Neo blockchain, users can register, trade, and distribute different types of assets. The connection between digital and physical assets can be proven with a digital identity. Assets registered with a verified digital identity are legally protected.
Neo has two forms of digital assets: global assets and contract assets. Global assets can be recorded in the system space and can be identified by all smart contracts and customers. Contract assets are recorded in a private smart-contract repository and require a compatible client to recognize them. Contract assets can meet certain standards to ensure compatibility with most clients.
NEO uses the lightweight NeoVM as a smart contract execution environment that runs very fast and requires very few resources, which is ideal for short programs such as smart contracts. Using JIT compilation and caching of access point smart contracts can greatly improve the efficiency of virtual machines.
Token migration is a critical milestone for launching Neo N3. In general, migration consists of creating a new address on Neo N3 and sending your Neo Legacy tokens via a migration contract. The contract will then release the Neo N3 tokens to your new address on Neo N3 at a 1:1 ratio. “Early Bird” migration – Users can begin migrating their NEO and GAS tokens from Neo Legacy to Neo N3 starting August 9. NEO token holders can also start participating in management for GAS rewards.
Mass Migration – A token migration incentive program will run from September 1 to October 31, offering bonus NEO tokens to users who migrate during that period. Rewards will start at 1% and decrease over eight weeks.
The main benefit of the Early Bird migration is the opportunity to be among the first to vote in Neo’s new governance system.
Under the rules of Neo’s new economic structure, the majority of newly created GAS is distributed to NEO token holders who successfully vote for a Neo Board member. Because fewer NEO tokens will be used to vote in the Early Bird phase, the GAS will be split among fewer NEOs and may yield a higher than normal rate of GAS generation.
However, at this time, there will probably be very limited support for N3 from external service providers such as wallets and exchanges. This may mean that you cannot transfer or even save your new N3 tokens using your preferred wallet. Since you can’t go back to Neo Legacy, it could also mean that you can’t trade your N3 NEO and GAS tokens until the exchanges have integrated support for N3.
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