This summer the NEO team proposed some changes to their network. NEO 3.0 is an upgrade designed to make NEO accessible for large enterprises. It’s expected for the new upgrade to be a new version of the Neo platform that will provide stability, improved opportunities for smart contracts and economic pricing models.
The first thing that will be improved is increasing the transaction speed. NEO can handle up to 1,000 transactions at one time. This does outweigh Ethereum and Bitcoin but is still not good enough since VISA can process up to 20,000 transactions per second. Increasing the transaction speed will incentivize enterprises to use NEO rather than other rival platforms. The way transactions would be increased is by optimizing the network’s protocol, refactor core modules, adjust the economic model and prepare the platform for dynamic sharding.
One of the most important changes is the change in the economic model. Now, investors can only invest in the coin if they are prepared to buy one. This is why the team wants to change the current model by increasing the supply of GAS every year, make NEO divisible and implement reward consensus nodes.
Alongside changing the economic model and increasing the transaction speed, NEO 3.0 plans to make cross-platform smart contracts that will allow them to extend past NEO’s blockchain and get compatible with other blockchains. With all the changes in NEO, the team strives to make NEO much more accessible for enterprises and help eliminate scalability limitations that other rivaling cryptocurrencies have.
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