According to an official announcement, NEO 3.0 is going the be launched on a completely new blockchain. Furthermore, users will need to swap existing tokens for newly issued tokens.

Today, NEO has announced that their 3.0 update is going to be launched on a new blockchain. The update means that NEO 3.0 will be debuted as a fresh blockchain network, and users will have to swap their token holdings to newer ones.

Erik Zhang, co-founder and core developer of NEO, announced the news on Twitter:

According to Zhang, the new chain, which is coming from a new genesis block, is necessary because several architectural improvements to Neo’s performance and stability are not compatible with the current NEO blockchain.

Zhang further stated:

“When we talk about NEO 3.0 being ready for large-scale commercial use, we mean it provides the possibility to run large-scale applications with blockchain technology. In the future, we’d like to see applications such as YouTube, Alipay, and gaming giants like Tencent and Blizzard run on blockchain, and NEO 3.0 will allow these big organizations to do that.”

All of the platforms data and transaction records will be migrated over to the new NEO blockchain. Furthermore, the announcement revealed that developers will be able to resume their building of Dapps, because most new features are backwards compatible.

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