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Neo announces N3 mainnet online and migration plan: it will be carried out in three phases

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The next phase of work for Neo N3 will be carried out in three phases: formal test network, mainnet launch, and large-scale migration.

Source: Neo

With the official launch of Neo N3 online on the horizon, Neo today released the Neo N3 mainnet launch and migration roadmap to the community.

According to the Neo official, Neo N3's next work will be carried out in three phases: the official test network, the main-network rollout, and the large-scale migration. Neo will be doing a lot of work at each stage to ensure that the Neo N3 mainnet is ready when the massive token migration takes place.

Official test network

Neo has now begun deployment on the Neo N3 RC4 test network for key roles such as initial Neo Council members, NeoFS nodes and Oracle nodes. Once Neo N3 RC4 has passed the appropriate stability tests, the RC4 code base will be directly rereleased as Neo V3.0.0 code and the official Neo N3 test network will be online.

Milestones in this phase include:

Governance Testing (in progress)

The Neo Foundation recently announced the initial members of the Neo Council, responsible for on-chain governance of N3. Initial members of the Neo Council have now begun testing on the RC4 test network to ensure that they have all operational nodes ready before the mainnet goes live.

NeoFS and Oracle testing (in progress)

NeoFS and Oracle will be operated by the NeoSPCC and Neo Foundation, respectively, during the initial N3 launch. The corresponding team will conduct a system test at this stage to ensure that all dApps can run smoothly once the Neo N3 main network is online.

Token migration test (in progress)

The Neo Foundation, developer community, and exchanges will use Poly Network to test the migration of Neo and GAS during this phase. This follows the completion of token migration tests from Neo Legacy to Neo N3 RC3 test network.

Application testing

The first N3-enabled applications will be contracted out during this phase. Some of these apps are entries from the Neo Frontier Launchpad, while others are supported by the Early Adoption program.

Main online

The Neo N3 mainnet will be born along with the Genesis Block after the official online test, marking a major milestone for Neo. Initial Neo council members and other node roles will be moved from the N3 official test network to the main network.

The "early bird" phase of token migration and council voting will be open after the mainnet goes online. However, the channels available for migration and the support of external services, such as wallets and exchanges, will be limited at this stage.

The focus of this phase is to complete the start-up work once the main network is online. Neo will lay the groundwork to ensure the N3 network can operate independently and prepare for mass migration.

Milestones in this phase include:

Net migration

Initial Neo Council members, NeoFS nodes and Oracle nodes will run smoothly on the N3 official test network for a period of time before migrating to the main network.

Neo Foundation token migration

The Neo Foundation will migrate its own NEOs and GAS from Neo Legacy to the Neo N3 mainnet. The Neo Foundation intends to use some of the migrated NEOs to vote on Neo council members, and GAS will be used to support dApps, council candidates, nodes, and other early migration initiatives.

Early bird token migration/voting

One week after the launch of the N3 mainnet, users can choose to participate in the "early bird" token migration through the Neo website. The voting function of the Neo Council will also be activated.

Both NEO and GAS can be migrated from Legacy to N3 on a 1:1 scale. NEO holders who migrate early will have the opportunity to be among the first voters on NEO N3.

Application migration

DApps will begin migrating to the Neo N3 mainnet.

Upgrade developer funding projects

Neo is always looking for talented teams and individuals to join our ecosystem. With the launch of the N3 mainnet, Neo will also launch an updated Neo Developer funding program, which will provide funding for general development, core development, and industry research.

Mass migration

The mass migration of NEO and GAS is expected to start a month after the mainnet goes online. At that time, Neo will offer a full set of incentives for mass migrations to encourage users to migrate from Neo Legacy. Users will be able to migrate through various channels including Neo's official website, designated wallets and exchanges.

Milestones in this phase include:

Token Migration Incentive program opened

After the mass migration starts, users of NEO migration will be given the following incentives:

Users who migrate in the first two weeks of the mass migration phase: 1% of the number of neOs they migrate;

Users migrating in weeks 3-4 of the Mass migration phase: 0.75% of neOs migrating;

Users migrating in weeks 5-8 of the Mass Migration phase: Reward 0.5% of the number of neOs migrated;

More information on the migration will be announced in the coming weeks.

Neo Legacy stopped generating GAS

Neo Legacy will enter long-term support after the Neo N3 main network goes online. However, because the GAS generation mechanism on Neo Legacy is slightly different than on Neo N3, there may be some confusion for ecology and service providers.

To solve this problem, Neo Legacy will stop generating GAS at a certain block height. The specific GAS stop block will be determined after the Neo N3 migration has been open for some time. We will be announcing the block height and estimated date of the GAS stop in advance to ensure that everyone has enough time to complete the GAS migration.

conclusion

It's worth noting that a number of N3-based dapps have sprung up during the just-concluded Neo Frontier Launchpad competition. In a short period of time, developers who have just come into contact with Neo have been able to create a number of amazing applications with the help of N3's many new features. This demonstrates Neo's core competency as a full-featured blockchain platform.

In a sense, though, Neo N3's creative journey is about to blossom; But in a broader sense, a greater journey has just begun.