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Neo releases roadmap to Neo N3 mainnet implementation and migration

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  • Neo blockchain has released a roadmap to guide its migration from testnet to mainnet.
  • N3 plans to create a smart economy network where all assets will be accessible with minimal trust and permission.

Community-driven blockchain Neo has marked a significant moment by unveiling the roadmap towards its Neo N3 mainnet and migration. Neo N3 creates an open network for the smart economy as a complete overhaul and optimization. Through it, anyone and any program will have access to all assets, physical or virtual, with minimal trust and permission.

In July 2018, Neo’s founder Erik Zhang first announced the network’s plan to develop N3. Since then, the blockchain sector has undergone significant change. Nonetheless, Neo still maintains its commitment to building a smart economy and plans to deliver revamped features through N3. These include platform-native decentralized storage and oracles and foundational upgrades such as a restructured governance system. Optimized architecture and a refined economic model also make the list. Together with N3’s multi-language support and premium tooling system, these upgrades will make Neo N3 the best of its kind.

 

NEO N3 mainnet launch

The full-scale launch of Neo N3 will involve four stages to ensure a seamless transition. Namely, they are formal testnet, mainnet setup, “early bird” token migration or voting, and mass migration.

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The first formal testnet stage took place on July 20 when Neo released its codebase. The network will now start taking up important components including initial Council members, Oracle nodes, and NeoFS nodes. Neo will then republish the codebase as the formal testnet right after network stability is confirmed. Also at this time, testing of token migration and application will begin.

In the second mainnet setup stage, the Neo mainnet will go live with the minting of the N3 genesis block. Thereafter, initial Council members and nodes will have defected from the formal testnet to the Neo N3 mainnet. Additionally, the Neo Foundation will migrate its GAS and Neo token (NEO) supply from Neo Legacy to Neo N3.

Final steps for migration to N3

A week after the genesis block, stage three of “early bird” token migration or voting will take place. Here, NEO holders who are early migrators will have a vote in the network’s new governance system. They will also have the opportunity to earn revenue surpassing average values. Moreover, decentralized applications (DApps) will also start being migrated to the mainnet. Grant programs for developers will also be relaunched.

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Nevertheless, during this period, it might be difficult for users to trade or exchange their tokens. This is because there will be limited NEO token support from service providers like exchanges and wallets.

Finally, mass migration will take place in the fourth stage. By this time, all constituents for a stable operation, including operational DApps, explorers, and wallets, will be in place. To encourage migration from Neo Legacy to N3, a token migration incentive program will be launched. At this point, the NEO Legacy GAS generation will be terminated.

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NEO Price Prediction 2021 – 2030

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In the crypto market, new projects appear every day. On average, only one project out of ten becomes a complete working ecosystem, and only a few of those have an application to the problems of the modern world. One successful start-up is NEO, open-source crypto with the extended functionality to develop smart contracts and decentralized applications (dApps).

What Is NEO? 

NEO, in short, is a blockchain project from China founded in 2014. It used to be called Antshares, but this changed later. NEO cryptocurrency is also called the Chinese Ethereum because they are strongly committed to creating a smart economy and receiving huge Chinese government support. This means that the project developers want to make it easy to use smart contracts on the NEO network. 

For investors to use the NEO platform, the second crypto is used – namely, GAS. This can be considered the fuel of NEO. One share of the NEO token is also seen as one share in the network, and the GAS crypto is used to make transactions on this network.

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It is possible to earn GAS with your NEO coin by saving your NEO coin in official wallets. This is due to the proof of stake principle. You deposit your NEO coin in your wallet and receive a portion of the GAS spent on the network in proportion to the amount of NEO coin you own. It is thus possible to generate some passive income for yourself.

You can imagine that when the NEO price or the GAS price rises, you will benefit from the price difference on your NEO but also that of your obtained extra GAS.

This is one of the reasons investors invest or have invested a lot in NEO crypto in the past. Over the years, as with any project, a lot has happened with the NEO price action. We should add that it’s impossible to mine this virtual currency because they were all distributed during the ICO. 

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NEO Price Prediction 2021 - 2030 1
NEO market cap history Coinmarketcap

NEO 3.0 

The NEO team was working on the project for three years. The Cryptocurrency market has been waiting for the NEO 3.0 release since the end of 2020. The launch was postponed several times. However, in March 2021, Neo started rolling out an N3 version of its public blockchain technology. 

NEO tries to create its own digital identity by attracting developers to create decentralized applications on the blockchain platform. The improved consensus protocol can be used worldwide. The upgrade of the system occurs when the Ethereum network (a major competitor of NEO) is suffering capacity problems. Moreover, China, famous for its strict crypto regulation, claimed blockchain as a strategically leading technology. 

NEO 3.0 will raise transaction speed from 1,000/second to 5,000/second and cut “gas fees” 100 times. The fee reduction is a core point in competition with ETH, which has too high fees. 

The upgrade will include a decentralized file storage solution and a new governance mechanism. Under the new governance, NEO holders will vote in a NEO Council, which includes 21 members. The Council will control the management of fees, network upgrades, and other operation-based cases.

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Poly Network, a consortium interoperability protocol, is used to facilitate NEO token migration to the new network. The migration with Poly Network will show whether the network works well to create a blockchain from scratch and transfer all the data from the existing chain without errors. 

Here are some of the major elements of the NEO 3.0 network that are supposed to attract developers to the system: multi-language support, native oracles that secure access to any off-chain data, advanced interoperability, decentralized storage, and self-sovereign identity, best-in-class tooling, and a dual-token model. 

Sometimes people include NEO in the list of Ethereum Killers. Both systems provide similar features for the market, but NEO has more advanced technology and surpasses ETH in various aspects. 

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The platform uses its own virtual machine NeoVM, allowing you to run even the most complex contracts quickly. The theoretical network capacity is 10,000 transactions per second.

At the moment, the speed does not exceed 1000 tps. NEO implements an advanced dBFT protocol that effectively protects the system from most known cyberattack methods. Unlike Ethereum, which uses the extremely sophisticated programming language, Solidity, NEO supports Java, C#, Kotlin, GO, and Python.

In the middle of April 2021, after NEO 3.0 started rolling out, the NEO/USD pair managed to hit $130. It’s a significant rise from 0.0320 USD during the ICO in August 2017. Analysts and crypto enthusiasts believe that it’s not the limit and that further development will lead to higher prices. 

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NEO price history

NEO Price Prediction 2021 - 2030 2
NEO Price History Coinmarketcap

Before the rebranding in 2017, NEO was previously called Antshares. When the company finished rebranding and became NEO, the coin’s price increased from $1 to $7. The crypto community started actively buying NEO when it learned about the coin. In August, the coin reached $40, and the market capitalization of NEO was $2 bln.

For several months, NEO was traded between $20 and $40; then, in December 2017, it started growing rapidly and nearly all the other digital assets on the market. Beyond benefitting from the overall influx of buyers into the market at that time, the growth of NEO was boosted by it getting listed on Bithumb, the largest active crypto exchange at the time. As a result, in mid-January, the coin reached its ATH – $196.

When the market turned bearish, NEO started going down. In March 2018, the digital coin cost about $52, but it returned to $76 before falling back again to $40. April was the last month when NEO showed solid growth and reached $83. After that, the coin started gradually falling, and by the end of 2018, NEO’s rate was $7.

In April 2019, when Bitcoin started growing again, NEO jumped from $9 to $12. Besides, NEO upgraded its algorithm to improve transaction speed and stability of the network. However, the update didn’t have a significant effect on the market price of the coin. By the end of June, the coin reached $20 and then dropped to its price of $8.

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In September 2019, NEO presented three new products: NEO ONE Developer Framework, NeoFS Distributed File System, and NEO Blockchain Toolkit. All these tools will be used in the new NEO 3.0. After the announcement, the coin price gradually grew to $10 and, in November, fell back to $8. For the next seven months, the coin price has been fluctuating from $6 to $14.

As you see from the historical chart above, the NEO price breaks through the local highs, and the candlesticks’ lows are rising. There is a clear bullish trend. Blue dots mark the peaks of trading volumes in 2019 and 2020. Opposite, there are Japanese candlesticks, which we should analyze to identify closing levels, lows, and highs. These figures will define the key support and resistance level.

In July 2019. The NEO price is trading in the uptrend as indicated with the red candlestick, which indicates a bearish price movement. The candlestick is close and low. 

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The trading volume formed in September 2020 was high at 25.62 and broke the current January candlestick, but the price failed to consolidate above.

The most recent January candlestick is green; its body covers the candlestick bodies over the previous four months. Therefore, the NEO bullish momentum is likely to continue.

The NEO price at the start of this month has been ranging from around $30 to $50 and seems to have acquired bullish potential.

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NEO Technical Analysis

NEO Price Prediction 2021 - 2030 3
Technical analysis for NEO price on the chart by tradingview

The NEO price technical analysis shows the 4-hour price movement of the coin. We can see that the price of the coin has bounced to the lower end of the Bollinger Band and is currently trading above the 50-day MA but below the 100-day MA.

2021 price predictions from Tradingbeasts

NEO Price Prediction 2021 - 2030 1
NEO price prediction from TradingBeasts

NEO predictions for October 2021

The expected max price is $59.173; the minimum price is $40.238. The NEO projection for the end of the month is $47.338.

NEO predictions for November 2021

The expected max price is $59.555; the minimum price is $40.497. The NEO price prediction for the end of the month is $47.644.

NEO predictions for December 2021. 

The expected max price is $59.889; the minimum price is $40.725. The NEO prediction for the end of the month is $47.911.

NEO price projection from PrevisioniBitcoin

NEO Price Prediction 2021 - 2030 4
NEO price projection chart from previsionibitcoin

NEO projection for October 2021

In October, the NEO price is forecasted to reach the price of $121.08. 

NEO projection for November 2021

In November, the NEO price is forecasted to reach the price of $126.14. 

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NEO projection for December 2021

In December, the NEO price is forecasted to reach the price of $131.21. 

2022 NEO price prediction from Tradingbeasts

NEO Price Prediction 2021 - 2030 5
Tabular presentation of NEO price prediction for 2021-2022 from Tradingbeasts

NEO price forecast for January 2022

The expected max price is $60.197; the minimum price is $40.934. The NEO prediction for the end of the month is $48.158.

NEO projection February 2022

According to Tradebeast’s projection, the average NEO price for February 2022 is 48.371 USD. The price is expected to hit the max price of 60.464 USD and a minimum price of 41.116 USD. The NEO projection change for the end of the month is -4.16 %.

NEO projection March 2022

According to Tradebeast’s projection, the average NEO price for March 2022 is 48.536 USD. NEO is expected to hit the max price of 60.670 USD and a minimum price of 41.255 USD. The NEO projection change for the end of the month is -3.83 %.

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NEO projection April 2022

According to Tradebeast’s projection, the average NEO price for April 2022 is 48.536 USD. NEO is expected to hit the max price of 60.670 USD and a minimum price of 48.536 USD. The NEO projection change for the end of the month is -3.83 %.

NEO projection May 2022

According to Tradebeast’s projection, the average NEO price for May 2022 is 48.684 USD. NEO is expected to hit the max price of 60.855 USD and a mini price of 41.381 USD. The NEO projection change for the end of the month is -3.54 %.

2023 NEO USD predictions from Tradingbeast

NEO price prediction for 2021 to 23 from Tradingbeasts
NEO price prediction for 2021 to 23 from Tradingbeasts

NEO price projection January 2023

According to Tradebeast’s projection, the average NEO price for January 2023 is 48.123 USD. NEO is expected to hit the max price of 60.153 USD and a minimum price of 40.904 USD. The NEO projection change for the end of the month is -4.65 %.

NEO projection February 2023

According to Tradebeast’s projection, the average NEO price for February 2023 is 47.795 USD. The price is expected to hit the max price of 59.744 USD and a minimum price of 40.626 USD. The NEO projection change for the end of the month is -5.30 %.

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NEO projection March 2023

According to Tradebeast’s projection, the average NEO price for March 2023 is 47.441 USD. The price is expected to hit the max price of 59.301 USD and a minimum price of 40.324 USD. The NEO projection change for the end of the month is -6.00 %.

NEO 2024 price prediction from Tradingbeast

Long term neo price from Tradingbeasts
Long term neo price from Tradingbeasts

NEO projection January 2024

According to Tradebeast’s projection, the average NEO price for January 2024 is 37.764 USD. The price is expected to hit the max price of 47.205 USD and a minimum price of 32.100 USD. The NEO projection change for the end of the month is -25.18 %.

NEO projection February 2024

According to the forecast, the average NEO price for February 2024 is 36.693 USD. The price is expected to hit the max price of 45.866 USD and a minimum price of 31.189 USD. The NEO projection change for the end of the month is -27.30 %.

NEO projection March 2024

According to the forecast, the average NEO price for March 2024 is 38.645 USD. The price is expected to hit the max price of 48.306 USD and a minimum price of 32.848 USD. The NEO projection change for the end of the month is -23.43 %.

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NEO projection April 2024

According to the forecast, the average NEO price for April 2024 is 40.688 USD. The price is expected to hit the max price of 50.860 USD and a minimum price of 34.585 USD. The NEO projection change for the end of the month is -19.38 %.

NEO projection May 2024

According to the forecast, the average NEO price for January 2022 is 42.624 USD. NEO is expected to hit the max price of 53.279 USD and a minimum price of 34.323 USD. The NEO projection change for the end of the month is -36.230%.

NEO 2021-2033 Coinforecast price prediction 

NEO Price Prediction 2021 - 2030 6
Tabular presentation of 2021-2033 price of NEO from Coinforecast

NEO Price Prediction 2021 – 2025 – 2028 by digital coin

According to the latest long-term forecast by Digitalcoinprice, the NEO price will hit $89.29 by the end of 2022 and then $126.96 by the middle of 2024. NEO will rise to $147.07 within the year 2025, $182.84 in 2026, and $226.15 in 2028.

NEO Price Prediction 2021 - 2030 7
latest long-term forecast by Digitalcoinprice

Conclusion

As you can probably tell, predicting the future of any cryptocurrency is never simple. Many elements determine whether the price will rise or fall. NEO provides many technological advantages over Ethereum, and these advantages give NEO a positive future.

Based on the averages of algorithms and expert opinions, one NEO coin price will be above $500 in 5 years, roughly 4x higher than the current NEO price. This makes NEO a worthwhile long-term investment. 

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With all this in mind, investors are advised to speak to a financial advisor before making investment decisions. Most importantly, never invest more than you can afford to lose. The cryptocurrency exchange market could come crashing down at any moment.

NEO Price Predictions – FAQ

Is Neo a good investment in 2021?

Yes, according to our forecasts, the NEO price is going to increase. Now the NEO price is $29.860, but by the end of 2021, the average price of NEO might increase to $32.322. This is a good time for crypto enthusiasts and investors to buy NEO and enjoy greater benefits in the long term. 

What is going to be the price of NEO by September 2021?

The NEO price is forecasted to reach $56 by the beginning of September 2021.

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In 1 year from now, what will NEO be worth?

In July 2022, the NEO price is forecasted to be, on average, $34.951. NEO might hit the $43.688 mark before the end of the year.

Will NEO go up in 2022? 

Yes, according to forecasts, the NEO price is going to increase and trade at $83.5353 by the end of 2022.

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Neo Smart Economy (NEO) Legacy Mainnet Set for Upgrade at 08:00 am September 13, 2021

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The Neo Legacy MainNet is scheduled for upgrade at 08:00 a.m. (UTC) on Sep. 13. After the upgrade, Neo Legacy will cease generating GAS at block height 8M. Users running Neo-CLI nodes on Legacy must upgrade to the new version before then to avoid a resync.

Da Hongfei expressed:  This is the end of an era and also the beginning of a new chapter. Neo Legacy MainNet is scheduled to stop GAS generation at block height 8,000,000. NGD will run the Neo Legacy MainNet upgrade at 8 am GMT on 13th Sep, 2021, if Testnet runs well. Attention, everyone, N3 is here.

Community response:  Mr. Da HongFei, first of all, congratulations, very good project, perfect update, perfect team, but, why zero marketing.

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Wait, what, what is going on? New Neo blockchain? What do I do with my NEO and my gas, and all my other tokens on that blockchain? Does that mean I don’t get gas anymore if I haven’t switched yet? Furthermore, do I have to switch, and if yes, when? Those who have concerns are advised to check Migration – NEO Smart Economy.

Good news, now start marketing, so people get to know NEO again.  I can’t wait to see N3 become more successful. Amazing milestone.

Meanwhile, Neo Smart Economy expressed:  Can’t wait to try N3 first? It’s time to join Neoverse now! Today marks the beginning of the final phase for Neo N3 MainNet rollout as mass migration goes live, and this is just the beginning of our brand new journey.  Bonuses are at 1%, and it is set to decrease over the two-month period.

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All of these news are like music to the ears for NEO holders.

The Neo Council is currently voting on a proposal to reduce GAS fees ratios on Neo N3 to 1/5th of the current values. NNT has voted in favor of this proposal. Based on the current USD value, fees on a transfer of 1 GAS would be reduced from approximately $0.56 to closer to $0.10.

Community response:  Will it impact the fees on bids? Yes, it affects any normal network usage like that. But the current proposal does not change the fixed fee settings for candidate registration, oracle request, and the base fee for contract deployment.

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I would not change that fee. It reduces the Network fee per byte, Storage fee factor, and Execution fee factor by 1/5. Reduced NFT contract creation fees would be a great proposal too.

Meanwhile, critics were like; 0 exchanges have listed the new token N3 token. Do you expect people to make a non-reversible trade on pure speculation that it will get listed? I should have had that in place first! Now, if within a year, if not listed, ALL coins will be worthless! What is up?

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Neo: what is cryptocurrency and how does it work

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NEO is the cryptocurrency with its open-source blockchain which is part of the ecosystem of the Smart Economy and Decentralized Finance (DeFi).

How NEO cryptocurrency works

Launched in 2014 in China, under the name of Antshares , the project then saw a renewal (Neo = new) in 2017, with the official launch of the new blockchain. Today on Neo you can perform peer-to-peer transactions, digitize new assets and create smart contracts. 

Precisely for this reason, it has also been defined as the “Chinese version of Ethereum”. In fact, in 2018 the developers updated the degree of decentralization of the network with the NeoVM or Neo Virtual Machine.

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The NeoVM allows through smart contracts to create new tokens based on Neo standards, such as NEP-5 tokens . To give a practical example, the tokens of ONT, DBC and NEX are NEP-5 

Decentralized applications or dApps and DeFi projects based on NEP-5 standards are now applied in various sectors such as exchange, fintech, gaming, marketplace, service, media, identity and infrastructure 

NEO and GAS: the two native tokens on the Neo blockchain

Unlike many other blockchains, Neo’s network has two native tokens: NEO and GAS . Thus, while NEO serves as an investment token and allows users to participate in voting regarding blockchain improvements, GAS is used to pay the fees of transactions that are completed on the network.

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At the time of writing, the market capitalization of the NEO crypto does not reach 4 billion dollars, with a dominance of 0.18% on the entire crypto market. 

In general, the price of NEO followed the market trend , seeing its all-time high of $ 176 around January 2018, a time when Bitcoin (BTC) itself touched $ 20,000. The same also happened to GAS which touched the price of $ 76. 

Only in this 2021, the bull run that saw new all-time highs on BTC and ETH prices, was not the same for NEO which followed the trend but without exceeding its previous ATH or All-Time High. 

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NEO-crypto
NEO is the native cryptocurrency of the blockchain of the same name

NEO N3: NEO 3.0 version is ready

Announced already last April 2020, NEO is ready today to welcome the launch of N3, namely the 3.0 version of Neo . Specifically, starting from September 1st until October 31st 2021, bonuses dedicated to all NEO users who will activate the mass migration of their NEO and GAS tokens from Neo Legacy to Neo N3 are also available. 

Reminder: The mass migration with token incentives will begin at 10:00 am on September 1st (UTC). Bonuses will start at 1% and decrease over the course of the two months. Find the latest update below ”.

NEO and NFTs: Neoverse

Staying in the theme of the NeoVM, NEO also introduces the NFT Neoverse N3 Collector’s Edition which are valuable collectibles and which also bring various “VIP” privileges within the Neo ecosystem, further activating the growth of the N3 ecosystem.

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“To celebrate the launch of N3 MainNet, we are introducing Neoverse – an NFT collection event alongside multiple ecosystem partners. Users from all over the world are invited to participate! ”.

There are 9 different N3 Element NFTs to collect that allow you to mint a special N3 Collector’s Editions NFT by burning all nine Element NFTs. Three world-renowned NFT artists joined forces to create the Neoverse, presenting 3 series (3 works within each series) of prestigious NFT collections.

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