In the last few hours, NEO has announced an important update on the future of NEO3 and released a preview of the product.
✔️Upgraded NeoVM and Neo Core;
✔️More flexible and powerful Neo3 smart contract system;
✔️Accelerated Neo3 infrastructure development.
Let the testing and building begin!https://t.co/eIgtE6vVZh
— Neo Smart Economy (@NEO_Blockchain) April 21, 2020
It is basically a glimpse of what NEO3 will be in the future with the NeoVM and Neo Core update, which will be 16 times more powerful than previous versions in order to allow better blockchain modulation to expand the protocol.
In addition, NEO3 will also see transactions per second increase by 8 times compared to the old version, a significant improvement in this respect.
There are also some improvements on the smart contract side: for example the permission control, the contract ID, and also an improvement of the JSON to facilitate the migration to NEO3.
In fact, when upgrading an entire blockchain and it already supports smart contracts, it is necessary to take this aspect into account because they must be transferred to the new protocol and avoid being damaged (a problem that Ethereum’s blockchain will have to face when it switches from the Proof of Work model to the Proof of Stake one).
Considering that NEO3 is nearing completion, also the related SDKs will have to be improved and migrated, so developers will have to start using the resources with the new information, the various tools, wallets, explorer and so on, in order to prepare the infrastructure for NGI (Next Gen Internet).
2020 will most likely be an important year for NEO, but also for the other blockchains.
Due in part to the rampant pandemic, which is already having a significant economic impact, cryptocurrencies may prove to be a winning model compared to the hyperinflationary system of the traditional economy.
In the US, for example, the FED has had to intervene by printing trillions of dollars out of nowhere, which will generate appalling price inflation in the coming months, something that will not happen for deflationary currencies like Bitcoin (BTC).