In an exclusive interview with AMBCrypto, NEO Marketing Head Caterina Zhang spoke about NEO's latest developments, NEO blockchain scalability plans, and their goals to achieve more transactions per second.
When asked about future scalability plans for the NEO blockchain, Zhang said that NEO has just begun development of an update to the platform, which will be called NEO 3.0.
She also added: “This NEO platform will provide higher Transactions Per Second (TPS), automatic stability and will make the NEO platform ready to deploy real enterprise applications on top of it.” This, according to Zhang, will prepare their platform for the smart economy.
Furthermore, NEO founder Eric Zhang's proposal to make NEO divisible has allowed the developer community to join the conversation about NEO 3.0. Katerina Zhang further explained that there were previously technical limitations related to the divisibility of NEO.
“We have only 100 million NEO tokens and we have GAS to operate the tokens. One GAS needs to be divided into 100 million pieces so that we can distribute GAS to 100 million addresses without any leftovers, but in the future the GAS distribution will be organized differently."
In the future, GAS will be held for a certain period of time before it is distributed to NEO token holders.
"As a result, we will have instant transactions [there will be no time spent on GAS distributions], and we will be able to divide NEO. This way, people will be able to buy NEO in quantities smaller than 1 unit,” said Katerina.
However, this proposal has not yet been approved and needs to be evaluated with the community. She also noted that a detailed description of the changes will be released in a couple of months.
According to Katerina, at the moment, the development of blockchain technology is at a very early stage. There are many technical limitations, including limited transaction processing speed, lack of stability, and limited storage capacity. With NEO 3.0 they will be able to achieve higher speeds. NEO is currently operating at 1000 TPS, which has already surpassed many platforms. NEO's goal is to reach 100,000 TPS by 2020.
She further explained: “In terms of storage capacity, we are also developing NEO FS, a decentralized NEO file storage. Our plans include the NeoX protocol, which will provide cross-chain interaction."..
When asked about how NEO plans to combat spam, Katerina said that they used to have about 10 free transactions, but now they charge a fee to process them. She said: "When exchanges face transaction congestion, they may introduce certain fees into GAS to prioritize certain transactions. The network performs well despite spam, and we continue to improve the platform. This development will not be stopped by such spam attacks."
Katerina said that NEO is working to create a bridge between the real world economy with the virtual decentralized world and that the mindset of the NEO community is what sets them apart from Bitcoin or Ethereum.
According to AMBCrypto
You May Also Like
Commission on the Monero network has decreased by 90%
Monero (XMR), the most widely used and popular anonymous cryptocurrency, has completed one of its biannual hard forks. New developments include features that reduce the cost of transaction fees by more than 90%.
The collapse of the Iranian rial has increased demand even for dubious altcoins
The Iranian rial has lost almost half its value on the unofficial market since the start of the year. The government is making attempts to stabilize the exchange rate, but against the backdrop of looming US sanctions, Iranians are desperately buying up affordable fiat, gold and cryptocurrency.
