NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Erik Zhang on NEO 3.0: Could NEO be the Number One Blockchain by 2020?

Rick Delafont
Rick Delafont
6 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

After a rousing introduction to NEO DevCon 2019 by platform co-founder Da Hongfei on the evolution towards a smart economy, Erik Zhang joined the 500-or-so-strong audience via video link to talk about how NEO aims to build out its vision of the future. His presentation focused on proposed techniques to improve the overall efficiency of the NEO platform.

The purpose of the new protocol upgrade, touched upon by Hongfei and elaborated by Zhang, is to scale sufficiently to allow for the building of a fully-integrated digital economy – something deemed impossible using current tech. This, the two founders hope, will make NEO “the number one blockchain by 2020”.

NEO 3.0: Bringing Blockchain Tech up to Enterprise Level

In his presentation titled “Possible Improvements in NEO 3.0”, co-founder of NEO, Erik Zhang, talked about the evolution of the project from its current version to NEO 3.0. The goal of the protocol reimagining is primarily to create a decentralised platform capable of supporting large-scale commercial applications. These will form the backbone of the project’s vision of a smart economy.

 

A crowded house for the start of Dev Con 2019.

Currently, the possible applications of blockchain and smart contracts are limited by inefficiencies within the technology itself. The team hopes to improve this with the launch of NEO 3.0 – an upgrade that will simplify the architecture of the platform.

Zhang spoke about the three pillars around which the project will be built. These are:

  • Reliability.
  • Increased storage capabilities.
  • Increased transaction per second output.

To achieve these goals, Zhang details a radical simplification and streamlining of various aspects of the existing protocol. NEO 3.0 will be optimised to support a majority of applications built upon it on a second layer:

“… we will streamline the architecture of the main chain and work hard to increase TPS of the main chain.”

As part of this simplification process, the project also intends to remove what Zhang terms global assets from the platform. These are distinct from the more versatile “contract” assets created using smart contracts. Zhang states:

“In NEO 3.0, all assets are created using smart contracts, even NEO and GAS.

Since global assets are not integrated with smart contracts, the management of them is problematic. Support is being dropped for this group of assets to further simplify NEO’s architecture and allow the platform to better serve enterprise applications.

The third simplification technique proposed by Zhang is to unify all transaction types. Different transaction types, for example miner transactions, issue transactions, and contract transactions, have specific functions or are related to a given business:

“In NEO 3.0 there is only one type of transaction – that is ‘Transaction’. The role of this unique type of transaction is to run smart contracts.”

Five New Features Coming

Zhang went on to explain the new features coming to the platform with the launch of NEO 3.0. These are as follows:

  • Native contracts – a new type of smart contract running code directly instead of using the NEO virtual machine. NEO and Gas will exist as native contracts in NEO 3.0.
  • Manifest and permission system – a system by which smart contracts are classified to facilitate efficient communication between them.
  • Internet resource access – will allow users to access internet resources using smart contracts.
  • Improvements to the dBFT consensus mechanism.

Finally, the most important of these new features is the development of NeoFS, a proposal to build out a distributed storage network complete with its own economic incentives – much like those of SiaCoin and other decentralised data storage platforms. Currently, the cost of storing data on a blockchain is prohibitively expensive for the technology to be used by large enterprises. With the development of NeoFS, data will be stored much more efficiently, creating greater overall platform utility.

According to Hongfei, the roadmap for the launch of NEO 3.0 is still to be determined. He provided an estimate of a year to a year and a half for its successful launch to main net during his opening speech at DevCon 2019. Naturally, he was reluctant to give a concrete date at this early stage in the development of the upgrade.

Related Reading: The NEO Guide – Key Information You Need to Know About the Crypto

Featured Images: NEO Photographers
Tweet123Share225ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Solana

Solana Faces Deadly Selling Pressure After 312,233 SOL Deposit Into Coinbase – Here’s The Value

Solana (SOL) investors are witnessing rising volatility as a surge in whale activity signals deadly selling pressure in the market....

Scott Matherson 4 hours ago
Eerste Chinese stablecoin debuteert - wereldwijde crypto race verhit

Eerste Chinese stablecoin debuteert – wereldwijde crypto race verhit

China heeft zijn eerste officiële stablecoin geïntroduceerd, gekoppeld aan de offshore yuan (CNH). De presentatie vond plaats tijdens de Belt...

Lars Diederiksen 4 hours ago
ethereum eth ethusd crypto

Altcoins Hit Hard as Week Starts With $1.7 Billion in Crypto Liquidations

The crypto market kicked off the week with one of its sharpest downturns of 2025, erasing more than $151 billion...

James Halver 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

crypto

More Than 6 In 10 Use Crypto For Passive Income, 46% To Beat Inflation – Study

Christian Encila 1 hour ago

Prezzo Ethereum: ETH scende del 6,1%: test dei 4.000 $ in vista

clararosati 1 hour ago
ethereum eth ethusd

Ethereum Slides 6% as Bulls Lose Grip on $4,500 Resistance; $4,000 Incoming?

James Halver 2 hours ago

Premium Sponsors

Press Releases

  • 5 mincí, které by v kryptobublině v roce 2025 mohly dosáhnout 10 miliard dolarů

    5 mincí, které by v kryptobublině v roce 2025 mohly...

    1 hour ago
  • 5 érme, amelyek 2025-ben elérhetik a 10 milliárd dollárt a kriptobuborékban

    5 érme, amelyek 2025-ben elérhetik a 10 milliárd...

    2 hours ago
  • 5 monet, które mogą osiągnąć 10 miliardów dolarów w bańce kryptowalutowej w 2025 roku

    5 monet, które mogą osiągnąć 10 miliardów dolarów w...

    2 hours ago
  • 5 монети, които биха могли да...

    3 hours ago
  • Pet kriptovaluta koje u kripto balonu 2025. mogu dosegnuti tržišnu vrijednost od 10 milijardi dolara

    Pet kriptovaluta koje u kripto balonu 2025. mogu dosegnuti...

    4 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.