The current NEO tokens will have to be exchanged by new ones in the 3.0 update!

The current NEO tokens will have to be exchanged by new ones in the 3.0 update

The current NEO tokens will have to be exchanged by new ones in the 3.0 update!

Neo has announced its launch as a new blockchain 3.0 network, users will need to change their existing NEO tokens for new ones, according to an exclusive announcement shared with the Cointelegraph portal.

In February, Erik Zhang, Neo’s co-founder and core developer, commented on the new network’s developments via a Youtube video feed during the DevCon conference in Seattle.
At that time, he said that the NEO 3.0 platform will support large-scale commercial applications, but that will radically change their infrastructure.

He kept his word in his official announcement with Cointelegraph, noting that upgrading to the new chain of a new block genesis is necessary to implement several improvements in its structure.
Among them, performance and stability, two features that are not sympathetic with the current blockchain.

The information provided indicates that the chain will be completed in the second quarter of 2020.
In addition, it is planned to launch a test network with new features in June 2019.

According to the developer, the 3.0 update will improve the speed and stability of the network, making it more suitable for large-scale commercial use:

“When we talk about the availability of Neo 3.0 for large-scale commercial use, we mean that it offers the ability to run large-scale applications with blockchain technology.
In the future, we’d like to see apps like YouTube, Alipay and game giants like Tencent and Blizzard running on blockchain, and Neo 3.0 will allow these big organizations to do that.”

However, all data and transaction records on the platform will migrate to Neo 3.0, and transition plans for decentralized applications (DApps) have also been introduced.
That is, developers can continue to develop DApps because most new features will be compatible with previous versions.

So if you have NEO tokens, you will need to see how to exchange your current NEO tokens for the new NEO 3.0 tokens.

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