NEO moves to a new blockchain: users need to exchange tokens

Eric Jean, co-founder of the NEO cryptocurrency project, announced the launch of the third version of the protocol in the new network.

The mass adoption of blockchain tech is imminent. An optimized smart contract infrastructure system. #ROADMAP : https://t.co/i0ic2NKcXh

– Erik Zhang (@neoerikzhang) April 29, 2019

According to him, the need to launch the NEO 3.0 chain from a new genesis block is related to the fact that several improvements in performance and scalability are not architecturally compatible with the existing blockchain.

At the same time, the owners of tokens will have to exchange them for coins of the new network. All data and transaction records will be transferred to the NEO 3.0 network.

However, developers of decentralized applications can continue to work on their products, since most of the new features are backward compatible.

Work on the NEO 3.0 network will be completed by the second quarter of 2020, the launch of the test network is scheduled for June.

Recall that in January, an unexpected fork occurred in the NEO network, which disrupted its operation for several hours.

In December 2018, a bug was detected in the NEO client, allowing hackers to remotely remove tokens from users' wallets.

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