Neo continues to be one of only a handful of blockchains approved by the Chinese Government. When this project launched in 2017, it was seen as China’s Ethereum Killer. However, a shift in Chinese regulations and other factors has left the program out of the global limelight. Despite the focus shifting from China to blockchain advancements, Neo continues to make massive upgrades and achieve noteworthy milestones. Here are some valuable insights into Neo’s latest upgrades.
N3
The biggest announcement this year in the Neo community is the move toward the Neo 3 upgrade. This massive maneuver will enhance multiple aspects of the popular blockchain. The changes will improve efficiency and interoperability via on and off-chain ecosystem development.
The N3 upgrades bring a lot to the table in terms of functionality and efficiency. The Neo 3 blockchain will feature a streamlined technical architecture that leverages technical improvements to provide scalability and programmability on a new level. According to company documentation, the upgrade will focus on main aspects including the consensus mechanism.
Source – NEO Homepage
The new dBFT 2.0 consensus upgrade will improve performance considerably. Developers claim the upgrade will take the network’s tps capabilities from 1,000 tps to 5,000 tps. This upgrade will put Neo in line with today’s most advanced payment systems in terms of transaction throughput.
The changes will also reduce gas fees for Dapp users and developers. This reduction in fees was designed to keep Neo competitive with ETH 2.0. It’s also supported by a lot of technical upgrades and new features. For example, the NeoFS system provides low-cost, secure file storage for users.
Neo Virtual Machine (NeoVM),
The upgraded Neo virtual machine will support more coding languages and functionality. This approach will help to drive further growth in the ecosystem via Dapps. Dapps are the primary way in which blockchain networks interact with users and are seen as the primary cause for adoption by most analysts. As such, supporting the growth of the Dapp ecosystem is crucial to Neo’s strategy.
In House Oracles
Another major upgrade that brings Neo slightly ahead of competitors is the introduction of an Oracle network. Oracles are sensors that can communicate data to-and-from the blockchain. These systems are essential for dapp operations and are used in DEXs for monitoring price data to an endless list of use cases.
Neo’s in-house Oracle system improves performance and security through the addition of redundancy. The Neo oracle system gains the ability to provide data from off-chain sources and self-check the results against other sensors. Oracles that are found to be incorrect or produce lackluster results are instantly removed from the network. This structure keeps Neo in charge of its data rather than leveraging third-party Oracle providers like Chainlink.
NeoID
Another cool upgrade that is coming to the platform via N3 is the introduction of a blockchain identification system. This mechanism enables users to provide proof of their identity without needing to give revealing details to third parties. The current setup of most systems requires you to input your data first and then leave it in the custody of the arid party.
The NeoID system enhances security because it proves your identity without the need to leave any reciprocal information with third parties. This structure prevents data theft due to breaches at a later date. Consequently, it is much easier for long-term savers not to leave their information in digital limbo.
The main reason why Neo ID is such a big deal is that it opens the door for complaint Dapps. Compliant Dapps enable developers to enter regulated markets and adhere to their restrictions. They are the future of blockchain advancements according to many analysts. As such, NeoID is well positioned for this style of market.
NeoChat
NeoChat adds to the inclusive nature of the platform. Users will be able to communicate freely and in a secure fashion using NeoChat. The platform provides real-time p2p communications. It leverages full encryption technology to keep your conversations private. In an interesting turn of events, NeoChat representatives explained how you can use NeoChat to interact for free with ChatGPT.
Neo Council Upgrades
Neo made a major announcement regarding its governance system recently. The Neo Council, which is a group of 21 vetted network nodes, will now integrate a new governance system. This news has major ramifications for the network as the counsel controls vital aspects of the platform including fees, upgrades, and other crucial operation-based cases.
Neo Gains NFT Support
The Neo development team has announced a renewed focus on NFT support. The developers will provide streamlined creation options for those seeking to leverage these unique digital assets in the coming weeks. Additionally, the ecosystem has seen major strides. For example, OneBand is a Neo-based NFT collectibles platform that supports NFT movie memorabilia and more.
New Ethereum Compatibility
Neo developers announced plans to integrate a new system called the FTW Bridge. This protocol will enable the developers to connect with all EVM-compatible chains in a secure and streamlined manner. This decision helps improve interoperability and liquidity in the market.
Neo – Can The Chinese Superstar Win Big?
Neo remains a project of great interest to traders internationally. The platform’s unique support from the Chinese government and its goal of laying the blockchain infrastructure for the region can’t be overlooked. You can expect to see the Neo community grow as more weight is put behind the project and its features expand. For now, traders would be best not to blink or they could miss another Neo upgrade.
To learn more about this project, make sure to check out our Investing Guide HERE.
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