After four years of stable MainNet operation, Neo is undergoing its biggest evolution as it migrates to N3 - The most powerful and feature rich version of the Neo blockchain to date.
N3 is the latest version of the Neo blockchain. It was first announced in 2018 by Erik Zhang as an upgrade to the current Neo protocol.
N3 improves on previous versions by offering an improved development experience. It boasts more powerful and complete features, a highly modular architecture, and an enhanced governance and economic model. It offers everything the hobbyist developer needs to build their first dApp, through to the power and scalability required by enterprise applications.
Due to the extent of improvements found in version N3, certain features are not backwards compatible with the existing Neo Legacy blockchain. This means that Neo's N3 upgrade will be implemented through a new genesis block. The Neo blockchain running N3 will coexist alongside the current Neo Legacy blockchain for an extended period of time. This will provide users with ample opportunity to migrate their tokens and applications to the new chain.
At this moment, no action is required on the part of token holders.
When the new chain is closer to a MainNet launch, Neo will publish detailed information on how to safely migrate your assets from the Legacy to N3 version of Neo.
Some of the major improvements found in N3, such as the removal of UTXO assets in favor of an account model, are not compatible with the Legacy version of the Neo blockchain. In order to provide the best possible blockchain platform and developer experience, it is necessary to launch the N3 version from a new genesis block.
Yes, when the new Neo MainNet running N3 is live, NEO & GAS token holders will need to migrate their assets from Neo Legacy. NEO and GAS tokens will be migrated at a ratio of 1:1.
The short answer is yes, however it is up to each individual project with a token on Neo Legacy to determine how they want to handle the migration. Neo Global Development will provide support and work closely with projects who need assistance to ensure the smoothest possible transition.
Right here in the migration section of neo.org. The most up-to-date information will be published as soon as it’s available.
Public NEO & GAS token migration will begin approximately one month after the Neo N3 MainNet is officially launched.
Projects and developers can participate in the Early Adopter program prior to the MainNet launch to thoroughly test their applications and tokens on TestNet. Financial and technical support will be provided to facilitate the process. More details on the early adopter program will be released soon.
Neo Legacy will move into long-term support after the Neo N3 MainNet is launched and migration begins, giving you an extended period of time to complete the migration. However, we still recommend that you migrate sooner rather than later to take full advantage of the new features available in N3.
Neo Global Development will be working with exchanges to ensure the smoothest possible transition, including automatic migration of assets where appropriate.