The third version of Neo was announced in 2018 by Erik Zhang. Expectations have been high in recent years and finally the update is closer than ever. The announcement said:
Platform-native decentralized storage, oracles, and name services are just some of the features that will make Neo the most complete blockchain development platform available today.
The current network, Neo 2.x, will be called “Neo Legacy” from now on. This choice was made to make it clear that once Neo 3.0 is available, the old network will eventually no longer be supported by developers:
As most of you know by now, N3 has many new features that are not compatible with 2.x. So Neo will launch N3 on a new chain from a new genesis block. This means that we will have two versions of the Neo blockchain simultaneously.
Neo 2.x will therefore no longer be supported at some point. The team emphasizes that there will be enough time for users to transfer their data, including their NEO, to the new network.
Sometime at the end of this month, N3 will be launched on the testnet. This is a kind of test environment in which the code can be tested for bugs. Subsequently, a new website, funding’s, developer events and other initiatives will be launched to further stimulate the development of N3.
The team address potential concerns among NEO owners Saying:
We are aware that many token holders are probably wondering what to know about migration from Neo Legacy to Neo N3. For the foreseeable future, you don’t have to worry about this. We will be publishing information as the MainNet release gets closer regarding token migration, so for now it is just enough that you keep an eye on the official Neo channels for more details. When the new MainNet goes live, Neo Legacy will run in parallel with Neo N3 for an extended period of time to ensure everyone has enough time to migrate.