NEO Blockchain has released the NEO3 Preview1 on its TestNet which aims to improve the functionality of the blockchain network.
The main purpose of the NEO Blockchain behind the launch of NEO3 preview1 is that they want to provide the users with more facilities such as flexibility and functionality while developing the digital assets on the NEO platform.
The blockchain network has already upgraded itself with the features of DBFT (Delegated Byzantine Fault Tolerance) and on-chain and off-chain governance. These features have made it more worth for business purposes.
NEO3 Preview1 and NEO3 TestNet
This NEO3 Preview 1 is released on the NEO3 TestNet which was released on 16th Sep 2019. This first preview of NEO3 consists on the changes that will occur during the transfer of the NEO2 protocol to the NEO3 protocol. The users will be able to test the new features as well with the help of the NEO3 TestNet.
Features in NEO3 Preview1
The main features and improvements which are included are given as:
- One is Architecture Optimization which involves the moving of NEO from the UTXO model to the account-based transaction model.
- It also includes smart contract enhancements according to which both NEO and GAS are regarded as Native contracts
- It also has the features of optimization of transactions and blocks, with performance and stability enhancement.
The co-founder of NEO, Erik Zhang further elaborates it in the tweet.
In #NEO3, all the UTXO-based global assets have been removed and replaced in favor of the contract-based account model. NEO and GAS are implemented as Native NEP-5 which can be handled by smart contracts. Witness Scopes will secure NEP-5 transfers on NEO3. https://t.co/sMKIB0BoGi
— Erik Zhang (@neoerikzhang) September 17, 2019
Apart from this, the importance of this upgrade protocol changes will also lower the fees of system, network and also NeoVM.
All of the optimizations and enhancements in the NEO3 preview1 will make the procedure of the creation of the new assets more easy and simple on the NEO blockchain network which will automatically improve its performance.
Also, it will help in space savings of over 92% in larger blocks and compression ratios. These upgrade changes will also make better the transactions on the blockchain network.
The app of NEO3 Preview1 build is available for anyone who wants to use it the NEO3 TestNet.
Conclusion
The NEO will not stop here with the release of this upgrade protocol. This is only the beginning of testing and the blockchain is looking forward to completing the target of its NEO3 development till the Q2 of 2020.
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