NEO wants to Upgrade Smart Contracts and Other Developments

NEO wants to Upgrade Smart Contracts and Other Developments

NEO, often known as the Chinese Ethereum is an open source platform for building dApps and smart contracts. NEO’s creator, Erik Zhang talked about NEO’s future plans in a recent interview with the Chinese YouTube channel called Chain Show. This new development is known as NEO 3.0.

Zhang said,

The initial design for NEO 3.0 was created to serve large-scale commercial applications, which is why we designed for technical features such as stability and high TPS. It also needs to be able to accommodate a huge amount of business data.

Zhang said that this requires for them to continuously improve the current system which requires a lot of changes to be made to the code. He further said that they need to add a lot of new features including support for new smart contracts and a more stable foundation for blockchain. Zhang said that they also want to make modifications to the overall economic system.

Zhang said that he understands that the most important thing right now is to attract developers to use the upgraded smart contracts and create decentralized apps on NEO’s platform.

Zhang further added,

For example, one of the things we really want to do is to reduce the cost for users who want to develop on NEO. Previously, deploying a smart contract would cost 500 GAS, and though this may be affordable for some developers, for others it is too expensive. So we have decided to reassess the pricing system as part of NEO 3.0 to compress those prices. Of course, as with the rest of NEO’s changes, this is all being discussed by the community. To summarize NEO 3.0’s changes, we’re looking to modify the token economics, improve the price model, make the network more stable and further increase the scalability in terms of TPS.

Zhang also clarified that NEO seeks ideas from the team and the firm has an open culture where creativity and initiative is encouraged.

According to coinmarketcap, NEO is ranked 14th with a price of $23.26 and a market cap of $1.5 billion.

See also DAD Chain To Integrate Neo and Ontology

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.