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Neo MainNet Launches Its N3 Version With Migration Plans

Neo MainNet Launches Its N3 Version With Migration Plans
  • Neo MainNet announced the launch of its N3 version on August 2.
  • It also announced its migration plans.

Neo MainNet announced the launch of its N3 version on August 2, 2021.

According to Neo founder Erik Zhang, the team is thrilled that Neo N3 is finally live. Erik Zhang first announced the firm’s intentions to build Neo 3.0 in July 2018.

Despite the pandemic that caused the world to significantly change, and the crypto market crash, the team stated that it had been a great effort to launch the N3 version.

The Neo team said,

Throughout it all though, we’ve had our eye on a singular goal: To build the most developer-friendly blockchain.

Also, the team noted they did this with the help of many countries around the globe — notably, contributions from America, Europe, and Asia. “We couldn’t be more thankful for all the contributions or more proud of what we have accomplished together,” the Neo team added.

In addition, Neo said that N3 is ambitious. It includes big features like platform native decentralized storage and oracles. Moreover, it brings many major upgrades from Neo Legacy, including a revised governance system, an all-new structure, and an enhanced economic model. Of note, these are just some of the features of N3.

To celebrate the Neo N3 MainNet launch, the team plans to give away Non-Fungible Tokens, TestNet activities, content programs, and more. Even more, Neo urges its community to check Neo’s official channels over the coming weeks for more info.

Neo Token Migration

Moreover, Neo said that token migration is a crucial event for the Neo N3 launch. The Neo Foundation stressed that the migration includes creating a new address on Neo N3. Also, sending Neo Legacy tokens to a migration contract.

What is more, users will then have three options for the migration path. The choices could be the Neo.org website via dAPI, in-wallet migration, or through exchanges.

Neo also urges NEO or GAS holders to take notes of the migration dates, which will happen in various phases. The “Early Bird migration” will begin on August 9, and “Mass migration” will start on September 1.

Also, the “Token Migration Incentive Program” will run from September 1, until October 31. This phase offers bonus NEO tokens to users. The bonuses will start at 1% and lower over the 8 weeks.

Moreover, the team said if you are migrating 10 NEO, 20 GAS, or more, the Neo Foundation will automatically cover the costs of the transfer.

However, Neo requires 1 GAS fee if you are moving less than 10 NEO or 20 GAS. “This is because fees are now required on all Neo N3 transactions,” the team added.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.