Neo N3 mainnet online, official migration plan announced

Original title: Neo N3 Main Network Online and Migration Plan

Original source: NEO 

The time has come. At 17:00:00 on August 2, 2021, Neo N3 mainnet was officially launched.

We've come a long way since Neo founder Zhang Zhengwen first announced his intentions for Neo 3.0 in July 2018. The whole world and the cryptocurrency market are changing rapidly, with trends rising and declining again and again. The whole blockchain industry has become mature.

Nevertheless, our goal has always been the same: to build the most developer-friendly blockchain platform.

We have received tremendous support from around the globe in this difficult task. Whether it's COZ in the US and Europe, NeoResearch in Brazil, AxLabs in Switzerland, Neo SPCC in Russia, Red4Sec in Spain, NeoTracker and NGD Enterprise in Seattle, or the NEXT community in China, All Neo community developers and members have been working hard on the path to N3, contributing to the establishment of a truly global blockchain platform.

We are very grateful for all the hard work and proud of the milestones we have reached together.

We have great confidence in the N3. Neo N3 not only brings a lot of new features, including native decentralized storage and predictive machines, but also radically reconstructs many frameworks and mechanisms of Neo Legacy, including a new governance system and economic model, and a reconfigured underlying architecture. These new features, combined with multi-language support and top-notch development tools, make Neo the best choice for blockchain developers.

The N3 takes us one step closer to the vision of a smart economy.

We have prepared a series of promotional events to celebrate the launch of the N3 mainnet. This includes NFT airdrops, beta network activities, content creation plans, etc. For more information, be sure to check out Neo's official channel in the weeks ahead.

In addition, this article answers some important questions about the Neo and GAS migration from Neo Legacy to Neo N3, such as dates and incentives. For more information about the full rollout program, seeThis article.

Through the migration

Token migration is an important milestone in Neo N3's online phase. Typically, the user needs to create a new wallet address on Neo N3 and send the Neo Legacy token to the migration contract. The contract will then release Neo N3 tokens in a 1:1 ratio to your new wallet address on Neo N3, bridging the two chains via Poly Network.

There are three different migration channels to choose from: migration on Neo.org via dAPI, migration within wallet, or migration via exchange.

For details on dates, supported wallets and exchanges, and frequently asked questions, see neo.org/migration. This page contains all the latest and most comprehensive migration details. Please note: The current page will be updated by Monday, August 9.

NEO or GAS holders should note the following two important migration dates:

August 9 - The "early bird" migration begins

September 1 - Mass migration begins

August 9 - "early birds" migrate

Token holders can begin migrating NEO and GAS from NEO Legacy to NEO N3 as early as August 9. Please note that there are pros and cons to participating in the early bird migration:

The main advantage of participating in the "early bird" migration is being one of the first voters in the new Neo governance system.

According to N3's new economic model, most GAS will be allocated to Neo holders who vote for Neo Council members. Because fewer NEOs are used to vote in the early bird phase, the GAS allocated to each voter may be higher than after mass migration.

However, during this time, support for the N3 from external services such as wallets and exchanges may be limited. This means that you may not be able to migrate through your usual wallet, or even store your N3 tokens once the migration is complete. In addition, you won't be able to migrate back to Neo Legacy, which means you won't be able to trade the migrated Neo and GAS until the exchange has N3 support.

In addition, the N3 mainnet will remain in the "setup" phase for the rest of August. While the current architecture is considered stable and open to use, we will continue to add infrastructure throughout the month. The process is presumably uninterrupted and does not involve any financial risk, but unforeseen circumstances that may slow down some functionality or ecosystem and service provider support cannot be ruled out.

The token holder is requested to weigh the pros and cons according to the above instructions.

September 1 - Mass migration

After the main network setup phase is over, we will start the mass migration of NEO and GAS. We will be offering 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.

However, while we are working to ensure that more external channels support the Neo N3 mainnet in the first place, we do not have complete control over the process of the work of external organizations. We will continue to do everything we can to ensure rapid adoption and adoption of N3. But in the end, universal support may not come together.

Token migration incentive program

The token Migration Incentive program will run from September 1 to October 31, and users who complete the migration during this period can receive NEO rewards. Rewards will start at 1% and decrease over a period of 8 weeks. The details are as follows:

Neos that complete a migration between September 1, 2021 and September 14, 2021: Rewards 1% of the number of neOs that move;

NEO migrations completed between September 15, 2021 and September 30, 2021: reward 0.75% of NEO migrations;

Completed NEO migrations between October 1, 2021 and October 31, 2021: Rewards 0.5 percent of neOs for migrating;

Please note: since neos are indivisible, the minimum migration incentive available to users is 1NEO. Therefore, users need to migrate at least the following number of NeOs to receive the reward:

Reward 1% of the number of NeOs moved - 1 NEO for every 100 neOs moved

Reward 0.75% of neOs moved - 1 NEO for every 134 NeOs moved

Reward 0.5% of the number of neOs moved - Gain an incentive of 1 NEO for every 200 neOs moved

There is no incentive for users to move fewer neOs than that. For example, if you migrate 199 NeOs in the first week, you will only receive an incentive for 1 NEO.

The central exchange will have a self-announced incentive plan, which may offer divisible migration rewards. Please refer to the exchange incentive announcement for details.

Incentives will be issued within three days of completion of the migration. There are currently no incentive plans for GAS migration.

Migration costs

When a user migrates 10 or more NEOs, or 20 or more GAS, the NEO Foundation will cover the cost of the migration. This payment process is automatically processed during the transaction and no action is required by the user.

When a user migrates less than 10 NeOs or 20 GAS, there is a charge of 1 GAS. Because all transactions on Neo N3 are currently charged, allowing users to migrate small amounts of tokens for free would create a loophole that would allow users to chronically consume the Neo Foundation's GAS through junk transactions.

The Neo Foundation has set a total budget of 200,000 GAS to subsidize customers' migration costs -- which is generally sufficient. If, at some point, the budget runs out, later migrants may have to pay a fee even if the number of migrated tokens exceeds the free threshold.

Whether users choose to participate in the "early bird" migration or the mass migration, they are required to pay a GAS fee, which is paid with GAS on Neo Legacy during the migration.

Neo Foundation token migration

To ensure the smooth launch of the Neo N3 Network, neOs and GAS currently held by the Neo Foundation will not be migrated through the Poly Network and will be distributed directly to the consensus multi-signature address on Neo N3.

Non-neo Foundation holdings of Neo and GAS will be issued to Neo N3 cross-chain agency contracts. Neo Legacy token holders are able to unlock their Neo N3 token from this contract through token migration.

When Neo Legacy block height reaches 8,000,000: GAS generation stops

After THE launch of Neo N3, Neo Legacy will enter long-term support status and continue to operate for at least another year. In the meantime, Neo N3's migration channel will remain open.

However, because the GAS generation mechanism on Neo Legacy is slightly different than on Neo N3, there may be some problems for ecology and service providers, such as exchanges that need to calculate the flow of supplies.

To address this, Neo Legacy will stop generating GAS at a block height of 8,000,000. The current estimate is around mid-September.

At this point, the GAS flux on Neo Legacy will be exactly 52,000,000. The initial supply of GAS on Neo N3 will be cast based on this amount and sent to the consensus multi-signature address on Neo N3.

As mentioned in the previous section, tokens that are not currently part of the Neo Foundation will be issued to a cross-chain agency contract on N3.

Continuously updated

The migration phase is about to begin. Please check the Neo official channel for more information. For the latest on available migration channels, specific dates, supported wallets and exchanges, frequently asked questions, and more, see neo.org/migration. This page contains all the latest and most comprehensive migration details. Please note: The current page will be updated by Monday, August 9.

When neP-5 tokens on Neo Legacy are migrated, the contract owner needs to first create a new NEP-17 contract on Neo N3. We welcome all project parties to contact NGD's digital assets department for migration support. The token holder should seek information from the project party regarding the migration plan and schedule.

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