Neo Smart Economy 3 TestNet

NEO Smart Economy Doing their Best about NEO 3 TestNet by the End of the Year

October 23, 2020 Off By Steven Anderson

NEO Smart Economy recently celebrated the 4th anniversary of the Neo MainNet launch.  The Neo Foundation prepared an open letter for the entire NEO community. They stated that it is time to celebrate milestones that they have achieved together and that they are look forward to what the future holds.

The letter signed and dated October 17, 2020 expressed how there were several innovations at different layers in the blockchain universe, particularly with a focus in the DeFi space. NEO also stated that with new development, they are facing new challenges. 

Acknowledging that they are already very slow in terms of mass adoption, industry regulation, scalability and usability stated that they need to improve in many platforms.  Also, reinstated that Neo are committed to improve the development of the digital asset protocols.

They pointed to how throughout 2020, they were committed to building new standards for digital assets by collaborating and working with leading organizations like InterWork Alliance (IWA), Blockchain-based Services Network (BSN), and others.   

They pointed to major NEO milestones like the interoperability protocol alliance, with the Poly Network, as a founding member, together with Ontology, and Switcheo.

NEO have played a major role in pioneering heterogeneous interoperability, making cross-chain asset transfers and transaction atomicity possible by enabling cutting-edge solutions like Flamingo Finance, which is an interoperable full-stack DeFi protocol built on Neo.

NEO recalled how the “Mint Rush” touched $1.6 billion USD, where about $500M were cross-chain assets. Also stated that they are now working on the next 2 important modules of the platform like Perp (perpetual contract trading) and DAO (community governance). Thus, they stated that with all these developments they provided for a solid foundation for the future DeFi development. 

Sydney Ifergan, the crypto expert tweeted:  “Neo3 they say is set to be future-proof full-stack blockchain solution with a decentralized files storage system – NeoFS and a DID solution – NeoID and a built-in Oracle. Waiting.”

NEO Smart Economy Towards NEO3

NEO are furthering on their new governance and economic model consisting of a voting-based incentive mechanism.  NEO are hopeful that Neo3 will be the ideal next-gen internet infrastructure for mass adoption.

They hope to invite everyone to experience Neo3 on the TestNet by the end of the year, and the Neo3 MainNet is set to launch during the first quarter of 2021. 

To ensure seamless transition they are planning early adopter plans for projects and developers, with a clear migration plan to ensure smooth transfer of tokens and assets. Developer grant programs, hackathon and more are in the dice.

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