NEO has has a stellar year throughout 2018 in terms of development of the NEO ecosystem. Despite the price falling sharply along with the rest of the cryptocurrency market, the future looks very positive for NEO. As we approach the final quarter of 2018 there are still a number of very exciting developments due to occur within the NEO ecosystem. This article will give you a roundup of the top 5 NEO community developments to look out for.
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The upcoming developments are not in any particular ranking, but are 5 of the biggest events we believe will happen within the NEO economy in the coming months. If there is any you feel we have missed or should also be included feel free to email us at email@example.com
NEO Community Developments
NEO 3.0 Development
NEO is currently in the process of creating NEO 3.0 which was announced by on 10th July, 2017 and began development in Q2 2018. NEO’s co-founder and core developer Erik Zhang explained a bit about NEO 3.0 and how it will further improve the NEO economy and allow for higher TPS and stability, expanded APIs for smart contracts, optimised economic and pricing models, while also promising to “redesign NEO’s core modules.”
NEO 3.0 will be an entirely new version of the NEO platform, built for large scale enterprise use cases. It will provide higher TPS and stability, expanded APIs for smart contracts, optimized economic and pricing models, and much more. Most importantly, we will entirely redesign NEO’s core modules.
The current improvement proposals for NEO 3.0 can be found on the GitHub. And include the following:
A number of updates will occur to NEO in order to allow for higher TPS, these will include:
- Refactor the code and core modules
- Optimize the network protocol
- Implement the feature manifest and permission system for NeoContract
- Prepare for dynamic sharding
- Detach state persistence and block persistence
Adjusting the economic model
Since NEO was lunched, it has operated on a dual-token economic model, which has been highly successful for the development of NEO. However the fact that NEO is not divisible and GAS can not be divided when paying for system fees has caused some roadblocks. Therefore there are some potential upgrades which have been suggested:
- A small increase in the supply of gas every year
- Reward consensus nodes
- Make NEO divisible
- Allow gas to use the decimal part when being used for system fees
Cross-platform smart contracts
Smart contracts should be able to be executed on different blockchain platforms, if they’re made compatible with NEO 3.0. To achieve this, we need not only NeoVM support, but also unified smart contract APIs. In addition, we also provide an API for platform detection.
Native contracts are smart contracts that are not run in a virtual machine. Instead, it’s built directly into the blockchain code. Native contracts can still expose their script hashes to other contracts, so that other contracts can invoke them.
Native contracts can allow for the interaction with NEO and GAS (and all global assets) as NEP-5 tokens. This introduces a unified approach for sending and receiving assets in smart contracts.
There are a number of other developments and there is no set date for any of the upgrades. The upgrades will likely happen at varying times and together they will make NEO 3.0. To see all of the proposed updates check out the article on the official NEO site.
NEO Name Service Mainnet Launch
Neo Name Service (NNS) is a decentralised domain name service which will run on the NEO blockchain. In short Neo Name Service will allow users to assign a .neo domain as an alias for their public key. So rather than having a long complicated public key users can send and receive funds to an easy to remember name such as bitguru.neo.
The domain name will not replace the public key but will rather point to it via a smart contract. In effect your domain name will have your public key associated to it. When the live version of Neo Name Service (NNS) is released, a bidding system will be deployed within the network meaning users will need to purchase domain names. On which NNC will be the native governance token on their platform.
The Neo Name Service mainnet is due to launch on October 9th, after the team made an official announcement. The team also announced “domain name mining” for the first 2 week of the mainnet launch.
To reciprocate your support, we have prepared a gift for community members and supporters; a two-week domain name mining activity will be held after the launch of NNS Mainnet. The activity will run between Oct. 9th-22nd 2018 (GMT+8).
Domain name mining will encourage users to bid for domain names by offering a reward to those who successfully purchase a domain name in the first 2 weeks. The reward will an amount of Neo Name Credits (NNC) specific to the amount of GAS spent on the .neo domain.
Domain name winners will be rewarded with 70 NNC for each 1 GAS they spend if the domain auction start time is between Oct. 9th-15th 2018(GMT+8).
Domain name winners will be rewarded with 50 NNC for each 1 GAS they spend if the domain auction start time is between Oct. 16th-22nd 2018 (GMT+8).
The amount of NNC that will be awarded in the domain name mining activity will be no more than 100 million NNC (10% of NNC total supply). If there is any NNC left, the leftover NNC will be locked up.
NNC is the native token on NNS and has a number of different uses.
nOS is going to be a new internet browser which will run on the NEO blockchain. There have not been many projects like this yet. One of the major issues with browsers today is they are powered for the benefit of a few major companies; Google, Amazon, Facebook etc. In which your data is sold to companies and you are displayed adverts that you may or may not want, or require, based on this data.
nOS is a virtual operating system that introduces a new, decentralized internet. On this new internet user data is safe, and it only goes where the user wants it to go.
nOS solves key issues surrounding dApp development, deployment, discovery, and interaction, allowing for true adoption of decentralized applications and blockchain technology.
Because applications can choose to make their back-ends fully open-source and transparent, this new implementation of the World Wide Web is defined as the Open Internet.
Users can now download the nOS v 0.3.0 on GitHub now, and the nOS token sale/token generation event is due to take place in Q3 2018, with the launch of nOS open internet client due to be launched at some point in 2019.
Although nOS is still in development this is quite possibly one of the most highly anticipated projects within the NEO ecosystem. nOS will enable users to use the internet and dApps while keeping full control of their data and how it is used and shared. nOS have also announced a partnership with Neon Exchange (NEX)
The nOS & NEX partnership will bring several new features for both platforms. nOS will natively integrate features of NEX, and vice-versa, so as to make the Smart Economy as accessible and easy-to-use as possible, for everyone.
Switcheo Callisto Update
Switcheo was the first ever decentralised exchange to run on the NEO blockchain. And is often touted as the main competitor to NEX. Switcheo did have a working product whilst they were conducting their ICO, which concluded back in March 2017.
After a number of exciting updates this year including a partnership with O3 Labs which involves integration into the popular NEP5 mobile and desktop wallet O3.
“We had a chance to meet with the Switcheo Team while they were in Tokyo to continue our conversation about the integration. We are excited about what the Switcheo Team has built and is building. This integration will enable our users to log in to Switcheo and trade directly from their mobile wallet, fullfilling many support requests we have received from our users. We are glad to partner with a like-minded company like Switcheo. We always strive to provide our users the best user experience and our partnership and collaboration with Switcheo is part of that.
The Callisto update is likely to be another hugely positive move for Switcheo, as this will involve adding support for both the Ethereum and the Qtum blockchain. Allowing users to trade ERC20 and QRC20 tokens on the decentralised exchange.
The Callisto update was due to be launched by the end of Q3 2018, however the team have decided to move this back slightly for a few reasons. Including, understanding the Qtum blockchain more. As this is a slightly less mature blockchain they would like o have a more in-depth knowledge before they enable on-chain trading. They are also planning to focus on marketing and partnerships in order to build a larger customer base. This will meant the addition of ERC20 and QRC20 trading will have a greater impact.
To be transparent, I would like to inform our community ahead of time that we won’t be going live with Callisto in September. While there is still some time left in this quarter, we currently foresee that the much awaited update will be pushed back.
Neon Exchange, also known as NEX have recently concluded their token sale. The token sale itself was pushed back repeatedly over the course of the last few months, although, with good reason.
The team at NEX announced that the “NEX security token” had finally been approved after a year-long effort involving a number of law firms and dozens of lawyers.
While this approval has allowed us to finally begin raising money from public investors, it has much broader implications for our company and the cryptocurrency markets as a whole. The NEX security token allows us to deliver strong token economics for investors in our exchange. It also sets precedent for many other projects that are seeking to issue tokenized securities in the European markets, and lays the groundwork for our future plans to legally interact with governments and regulators.
This means a number of different things for NEX, aside from them being the first ever blockchain based based security token in Europe, they have potentially paved the way after setting a precedent for future blockchain projects.
Issuing a security token brings investors in NEX many benefits, such as protection against market manipulation, fraud, and insider trading. Perhaps most importantly, it allows us to pay our investors dividends through fees taken by the exchange, a form of profit sharing.
As the token sale has now concluded, we can expect to see the following developments from the NEX project in the next 4/5 months:
Cross-chain token support
MainNet trading release
Staking contract release
Launch of staking contract on NEO for holders of NEX to receive exchange revenue
Launch of cross-chain cryptocurrency index fund, supported by the exchange and extension
At a recent conference Da HongFei, the co-founder of NEO stated that NEX was the most famous decentralised exchange being developed on the NEO blockchain and that this could have a major impact on NEO as a whole.
I think it’s similar, yeah. We have ICOs, NEP-5 tokens, equivalent to ERC-20, and we also have decentralized exchange, the most famous one is called NEX, they’re doing pretty good, and also we are encouraging developers to do gaming, and STO, the secure token offering, I do think that decentralized exchange, gaming, and STO probably will be the next killer app.