we hosted an amazing AMA with Neo on the 30th of August
And here we will put some of the best questions:
Q1. Can you please introduce yourself as well as Neo ?
Hi, my name is John Wang. I’m the head of Neo Ecosystem Growth. I have many years of experience in supply chain management consulting, and several successful entrepreneurial experiences. I’m currently responsible for Neo ecosystem development.
First founded in 2014, Neo is an open-source community driven blockchain platform.
It is the most feature-complete blockchain platform for building decentralized applications.
Neo enables developers to digitize and automate the management of assets through smart contracts.
It also provides powerful native infrastructures such as decentralized storage, oracles, and domain name service, creating a solid foundation for the Next-Gen Internet.
Q2. What are the advantages of Neo project ?
Neo is the first public blockchain adopting BFT Style Consensus and we improved our BFT Consensus with Neo N3.
And we will be able to prcess thousands of transactions per second and the cost will be much lower than in Ethereum.
And also we have our completely original and new Neo smart contract system.
Developers can use their familiar language like C#, Python, or Go languages to write smart contract.
And we also have good integration with VS Code as ID tools.
Q3 please tell us about the goal you want to achieve in this year
This year is quite special.
The biggest milestone, or the biggest task we need to finish is to do the migration.
As I mentioned above, we launch N3 this year – it’s a new version of our blockchain.
Because basically, you can regard Neo Legacy and Neo N3 as two different blockchains. So we are going to migrate from Legacy to N3.
It’s basically moving all the assets, smart contracts on a blockchain A to blockchain B. So that’s a big challenge. And I believe Neo is the first one to do it in the blockchain industry!
And all the assets, we will do a migration of all the assets in the next few months.
So CryptoTitans, if you have any NEO, Gas or FLM token, you need to migrate those to the new Network.
There is no deadline, but in September and October there are some good bonuses.
Actually one of your community members asked a question about this, I’ll tell more details about the bonuses later.
Q4. Every project has a story behind their name, Can you tell us more about the story
Actually it’s quite simple. Neo is Greek for “new” and Neo packs a lot of new features.
And here we will put best questions from our members and Neo fans:
Q1) What’s the difference between NEO and N3, what improvements does Neo3 add to the present version of NEO? N3 will be a brand new blockchain, what will happen to our current NEO tokens? Will they be exchanged or upgraded? What are the advantages that N3 offers to Dapps developers?
There are many new features in N3. But actually, first I would like to clarify the naming. So the version number of the current chain is 2.x. And the next version will be 3.2. So we decided to call the 2.x Neo the Legacy and the 3.x simply Neo. Neo Legacy will be phased out in the next year or two.
So you’ll have time to change your tokens, but better to do that ASAP!
With N3, there are many new functionalities, including some basic modules like NeoID, which is a decentralized identity solution, and a built-in Oracle. It enables any smart contract on Neo to have the ability to directly access the traditional Internet. So you can call a URL from a smart contract. In other words, the new protocol has the ability to give you authentic data feed from that URL.
It basically connects the next generation Internet, web3.0 to the current Internet, the web2.0. So it’s like a bridge to connect these two worlds.
And we also have a new functionality called NeoFS, which is built by a team in Russia. NeoFS basically is a new version of Neo’s equivalent to IPFS and Filecoin. But you use GAS, the utility token in Neo to pay for storage. And it’s built into the new protocol. So you don’t need to access other protocols. So these are the new functionalities. As you see, at the same time these are the advantages for developers.
And we also have a new economic model. We have new on-chain governance. For example, within Neo Legacy, you didn’t need to do anything. You can earn GAS by simply holding NEO token, which is not the best way to participate in the ecosystem.
So the participation rate of governance in Neo Legacy is pretty low. So we decided to change it, we decided to give incentives to the voters.
So from Neo N3, you have to vote for the “correct” community member. A “correct” member means the one chosen by majority. Only if you vote for the correct community member, you’ll get awarded. And there will be 21 council members. These 21 council members will decide different parameters of the blockchain, of the protocol.
Q2) N3 will be a brand new blockchain, what will happen to our current NEO tokens? Will they be exchanged or upgraded? NEOVM will be completely separated in the N3 update and become a true virtual machine. What’s the benefits of this action?
All existing NEO tokens on Neo Legacy will be migrated to the new NEO tokens on N3.
To explain the approach in plain language, the migration function on the Neo official migration portal will send NEO and GAS to a blackhole address (ANeo2toNeo3MigrationAddressxwPB2Hz) on Neo Legacy along with a valid Neo N3 address.
Neo Foundation will scan this blackhole address and release the corresponding amount of NEO and GAS tokens to the Neo N3 addresses provided by the users. The majority of users should receive tokens within 30 minutes, while some may take up to 24 hours.
The migration portal link is pinned in this chat.
Speaking of NeoVM, it will be completely decoupled from the blockchain in Neo N3, which is intended to offer several benefits including the support of non-blockchain applications and easy contract debugging without needing blockchain data.
NeoVM is a lightweight, cross-platform and scalable virtual machine.
So it’s a technical answer.
Q3) Could you share with us about the ‘Mass Migration’ which will take place on Sept 1st, 2021? I know this is part of the development of N3, but what is the difference between N3 and the previous version that needs to do token migration?
Mainnet launch is done, so we are starting the mass migration of NEO and GAS tokens. A token migration incentive program encourages token swaps from Neo Legacy to N3. Additional migration channels, wallets, and exchange support will also increasingly become available.
The token migration incentive program will run from September 1st until October 31st, offering bonus NEO tokens to users who migrate during this period. Rewards will start at 1% and decrease over the eight week period as follows:
September 1st — 15th — 1% bonus
September 15th — October 1st — 0.75% bonus
October 1st — 31st — 0.5% bonus
Please take note: As NEO is indivisible, the minimum token bonus you can receive is 1 NEO. This means you will need to migrate NEO in the following quantities to receive bonuses:
1% bonus — 1 bonus NEO per 100 migrated NEO
0.75% bonus — 1 bonus NEO per 134 migrated NEO
0.5% bonus — 1 bonus NEO per 200 migrated NEO
Migrating in quantities less than the above numbers will not net you a token bonus. For example, if you migrate 199 NEO during week one, you will only receive 1 NEO.
If you are migrating 10 NEO, 20 GAS, or more, the Neo Foundation will cover the costs of the transfer. No action is required on your part as this will be handled automatically during the transaction.
A 1 GAS fee is required if you are migrating less than 10 NEO or 20 GAS. This is because fees are now required on all Neo N3 transactions.
Q4) Do you intend to add some killer features to the Neo project, given the plethora of NFT projects available? Will the Neo N3 Neoverse NFT Blind Box, for instance, support multi-chain? Do you have any new partnerships with other creative art projects in the pipeline?
Neoverse NFT Blind Box is a new feature, we haven’t announced it officially yet 🙂 I wonder how do you know about it.
So we will have this NFT activity, you will obtain a random N3 Element NFT by opening the blind box. After collecting all 9 types of N3 Elements NFT, you can generate 1 limited edition N3 NFT, crafted by famous NFT artists. Holders of these limited editions will obtain special user rights within the Neo ecosystem in a later stage. Neoverse NFTs are Neo-native, no plans for multi-chain.
Q5) Could you please explain how the platform handles pricing and selling, can the artist decides the list price of their own NFTs.? Is the price of all Neo N3 Neoverse Blind Boxes the same, and do they all come with the same number of Neo NFT tokens, or do they vary?
The price is fixed for all blind boxes. We will announce it later. Please follow our social media.
There are in total 9 types, 3000 pieces per type.
Q6) Can you tell us which exchanges will support Neo N3 ?
The same exchanges as support Neo now (Binance and all others) will support N3 too, but they will take some time to see if the network is operating stably. They should support N3 in the end of September.
Q7) I can see you have two blockchains that continue to generate GAS at slightly different rates making things complicated for the provider.
So, Solve this problem? And Do you think N3 GAS is different from Legacy GAS in terms of trading on the exchange?
N2 will continue to generate gas for some time but will be stopped at block 8 mln
“To solve this issue, NEO holders should be advised that GAS generation will stop on Neo Legacy at block height 8,000,000, estimated to occur around the middle of September.”
You need to move your N2 GAS to N3 and you can trade it on exchanges that support it. Such as www.flamingo.finance
Q8) What major problem your project will solve in the blockchain industry and what are your best features against competitors?
Actually we had a hackathon finished just recently.
You can see some of them here: https://neo-frontier.devpost.com/project-gallery
Some of them has received grants from Neo’s Early Adoption program, such as Humswap and ToTheMoon. ToTheMoon is more developed by now, it’s an NFT game. You can see their Telegram group here: https://t.me/tothemoonuniverse
Q9) Do the token holders are have the right to me participate in the governance of the project? What kind of cos decisions can they vote on about the project?
I’ve mentioned the voting earlier – basically it’s free to vote, but gives you a chance to earn more gas. Here’s the link: https://governance.neo.org/
Q10) Neo used Poly Network’s bridge mechanism to facilitate the migration from Neo Legacy to Neo N3 and its tokens. We all know that there was a recent exploit of Poly Network’s system. How did Neo comply with this issue? Is your migration still on effect after the attack?
Yes, the migration is now done not via PolyNetwork, but via our website, as I explained a bit above. It’s still safe to migrate.
The funds were returned to Poly Network and now it’s safely back in operation. The team handled the case quite well. Neo is one of the founding members of Poly Network.
And this was the end of our AMA with Neo.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://neo.org/
Medium :- https://medium.com/neo-smart-economy
Twitter :- https://twitter.com/neo_blockchain
Reddit :- https://www.reddit.com/r/NEO/
Discord :- https://discord.gg/rvZFQ5382k
Facebook :- https://www.facebook.com/NeoBlockchainOfficial