NEO plans to launch a new blockchain for version 3.0, token swap will occur

NEO announced its roadmap for the 3.0 version of its blockchain, which will introduce improved scalability, performance, and stability for the network.

These features are not backward compatible and NEO will launch its 3.0 blockchain from a genesis block-compelling users to swap their tokens.

To encourage migration to the new blockchain, NEO will provide an "Early adopter incentive plan," but has yet to provide details on the plan.

NEO 3.0 is expected to launch in Q2 of 2020.

Currently, transactions and blocks in the NEO blockchain are validated by a handful of nodes selected by the organization.

DBFT 2.0 includes an enhanced recovery mechanism that improves the stability of the NEO blockchain in case of network failures.

In NEO, Gas is a separate token that is paid out as a divided to those holding NEO. The new version of NEO will reduce the costs associated with using smart contracts on the platform, expanding the range of viable DApps and encouraging greater use of the platform.

Until 3.0 is launched, the NEO Foundation will also subsidize the cost of using its blockchain by providing grants to projects developing on NEO.Built-In Oracles.

NEO has less than 10 active nodes and holds 50 percent of the token supply split between the different NEO-related entities.

Overall, it seems the NEO ecosystem is making major strides towards improving its platform and competing with other smart contract protocols such as Ethereum, EOS, and TRON. Version 3.0 represents another step towards NEO's mission of creating the "Smart economy."