NEO Global Development Launches Pilot Preview Program For NEO3 Update

Neo has announced the launch of its NEO3 Preview1 through a pilot testing network. Preview1 has been designed to bring updates for developers in NEO3. The pilot test is being run in preparation for the official launch of Preview1, which is scheduled for next year.

The release of a pilot test version of Preview1 is meant to provide developers with some insights about the architectural changes that will be implemented on NEO3 and reveal some of the significant updates that will be executed. Erik Zhang, the founder of NEO, said that the pilot of Preview1 allows NEO to advance towards its goal to provide large scale commercial applications, an endeavor which is essential for a smart economy and the next-gen Internet. Zhang added that moving forward, they aim to accelerate the development of NEO3, and created stability and optimized developer experience.

NEO3 Preview1

The testnet version of Preview1 does not carry all of the changes that will come to NEO3, but it comes with some significant pointers about upcoming architectural changes. One of the major changes is the move from UTXO based assets to account-based ones such as those used by NEP-5 tokens. Assets on NEO3 will be created using smart contracts, and this includes native tokens NEO and GAS.

The update is designed to save bandwidth and space and increase TPS. It makes use of an auto compression mechanism on P2P messages to achieve this. The saving of space and bandwidth will give developers more extensive capabilities as they work on their projects. It will also help NEO3 become more scalable.

NEO has made changes to its manifest files. The files are a prerequisite for the deployment of contracts on NEO3, and they carry vital information about the contract that would have been deployed. The manifests are designed to create transparency around a contract’s functions while maintaining security for users.

The Preview1 pilot program comes with a huge reduction in the system fees for the deployment of a contract. The free 10 GAs system has been done away with on the Preview1, and so has the free 20 transactions per block. The testnet version does not provide free transactions, but it shows that there is the potential for free transactions to be enabled in the future.

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