Neo, a pioneering community-driven blockchain platform, released its mainnet and migration timeline on July 26, 2021. Marking yet another major milestone as the full-scale launch of the Neo N3 mainnet approaches.
Neo N3 is a complete redesign and optimization that allows humans and programs to access any asset, digital or physical, with minimum trust and authorization.
It’s been a long time since Neo’s founder, Erik Zhang, announced plans to build N3 in July 2018. Neo, on the other hand, has stayed steadfast in his pursuit of a smart economy.
For example, N3 will have platform-native decentralized storage and oracles. As well as basic improvements including a rewritten governance system, streamlined architecture, and improved economic model. They will help Neo N3 maintain its position as the premier blockchain development platform. Along with its best-in-class tools and multi-language support.
Then comes the last stretch to the mainnet launch of Neo N3.
The following stages will include in the rollout to ensure a smooth and seamless transition.
The formal testnet (July 20) is the first stage. Neo will begin onboarding important components such as initial council members, NeoFS nodes, and Oracle nodes after the release of the Neo v3.0.0–RC4 codebase on July 20.
The RC4 codebase will republish as Neo v3.0.0 after network stability establishes. Moreover, during this time, the Neo Council’s initial members will onboard, while NeoFS and Oracle set up, and token migration and application testing begin.
The Mainnet configuration would be the next step.
The Neo mainnet will launch with the minting of the N3 genesis block once RC4 is republishing as Neo v3.0 or the formal testnet. Following that, members of the Neo Council and node networks will move from the formal testnet to the Neo N3 mainnet. Furthermore, the Neo Foundation will begin transferring its GAS and Neo (NEO) token supply from Neo Legacy to Neo N3.
The “Early bird” token migration or vote would be the third stage (starting one week after genesis).
Early adopters of NEO will be able to vote in Neo’s new governance system and earn more than average. It expects that service providers like wallets and exchanges would only support a limited number of N3 tokens during this time period.
Developer award programs will reopen, and decentralized applications will begin to move to the Neo N3 mainnet. Mass migration would be the final stage.
By this moment, DApps, wallets, and explorers will all be operational. A token migration incentive program will create, as Neo Legacy GAS will no longer be produced.
