The NEO Devcon event was recently held in Seattle. Main topics about NEO’s future plans were covered including some key highlights about NEO’s upcoming 3.0 release. In this article, we’ll share with you some of the key highlights from the NEO event.
NEO co-founder, Erik Zhang, couldn’t attend the conference in person but delivered the details via video presentation. This was a disappointment to a lot of NEO supporters.
However, Zhang revealed the goal of NEO 3.0 is 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 commercial applications. And, no blockchain will–for the foreseeable future, anyway–the timeline for NEO 3.0 remains decidedly TBD.
Current solutions for NEO
NEO 3.0 is meant to address NEO’s current issues with gas price, platform stability, and scalability, among other things.
Some of the audience pointed out that Zhang forgot 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.
Here are some of the key features for NEO 3.0
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
Another very important new feature is internet resource access. This is equivalent to a built-in oracle in NEO. This will allow users to access internet resources in smart contracts through URLs.
When such smart contract transactions are processed, the consensus nodes need to ensure data consistency. If the consensus nodes can reach a consensus on the data they read, the URL and data pair is written into the block header.
After this, all other nodes can read consistent internet resources from the block header while executing the smart contract for the transaction.
NEO smart contracts can store data, but it isn’t practical. The cost is extremely high, which means that it cannot offer a workable solution for enterprises just yet.
So, they plan to use NeoFS to build a low-cost distributed storage network that will support large enterprises.
Users can use the space to store data by paying in gas and everyone in the network can earn gas by sharing unused hard disk space.
There are a lot of plans that will align the blockchain with the smart economy of the future. More will be updated shortly.