Neo News expressed:  Are you a blockchain developer interested in trying Neo N3? NNT is giving out 2x $4,000 grants to inquisitive devs who’d like to test drive Neo for the first time. There are no restrictions on how you choose to explore the tech. Applications are open.

What is the NEO N3? The Neo N3 protocol has a lot of potential in it. For example, a single Neo N3 node can now provide about 30K TPS in NeoGo implementation, and 8.8K is no longer a big problem in a networked scenario.

Reportedly, Neo stopped the migration of tokens from “Neo Legacy” to “Neo N3” following the Poly Network cross-chain protocol attack where there was a theft of more than the US $600m in assets. For clarity, the Poly Network is the cross-chain bridge used to facilitate the migration of tokens from “Neo Legacy” to “Neo N3”.

There was a panic among users following the hack, but clarification was provided, which read thus:  “Either Neo Legacy nor Neo N3 was affected by the incident. All NEO, GAS, and NEP-5 assets are safe.  All wrapped assets on Neo and their underlying original assets on Ethereum are all safe. Any assets that are currently locked in Flamincome are also safe and unaffected by the attack.  Token holders will be able to use Poly Bridge to manage their assets again after Poly Network has updated its contracts.”

Following the incident, few decisions were made about “Neo Legacy to Neo N3 migration.”

The early bird migration from NEO Legacy to NEO N3 resumed on August 18, 2021. The new method will replace the previous migration process.

Under the new approach, users were able to send the Neo Legacy NEO and GAS to a “blackhole address” on the Legacy network, and they had to attach a Neo N3 address to the transaction.

The NF will then scan the blackhole address and then distribute the corresponding value of NEO and GAS to the Neo N3 address given by the user.

The NF will only use the Neo Legacy blackhole address for migrating the Neo N3. Therefore, users should not send funds manually to the address. By doing this, they risk losing their assets. Also, the migration should only be done via an approved channel.

Two types of network fees are applicable during the migration. The first fees of nearly 1 GAS can be incurred when transferring less than 10 NEO or 20 GAS. This is important to prevent malicious users from disproportionately wasting GAS on Neo N3 by creating lots of small migration transactions.

Also, additional network fees might apply to a single transaction that has more than 15 UTXO inputs. A UTXO is the amount of cryptocurrency which will remain on an address after a transaction gets executed. The UTXOs are continually processed and stored on a blockchain as inputs for future transactions, requiring additional storage and computational resources.

It is essential for users to have updated web wallets (O3 v3.8.2 or NeoLine v3.4.2) for the new migration.