Neo (NEO) Announces Major Testnet Upgrade with Oracles and Neo Name System

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Wed, 02/03/2021 - 14:35
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Vladislav Sopov
Neo Global Development team (NGD) shared the details of Neo3 Preview5 testnet upgrade. Main novelties will be introduced in terms of performance and developer experience
Neo (NEO) Announces Major Testnet Upgrade with Oracles and Neo Name System
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Neo Global Development team has released an explanatory post on its upcoming upgrade, Neo3 Preview5, i.e., the fifth phase of the pre-alpha testnet of the Neo (NEO) 3.0 iteration. NGD is going to polish some performance issues, add blockchain oracles and implement Neo Names Service (NNS).

Advanced validation mechanisms, oracle instruments, Neo Name Service (NNS)

According to the official message on the Neo website, the upcoming upgrade will reconsider the process of transaction validation on the Neo (NEO) blockchain. It eliminates the necessity for nodes to store the history of transactions, making the whole process of transfer execution easier and more "lightweight."

Neo3 testnet is ready for a crucial upgrade
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Also, the logic of data storage in blockchain will be upgraded with the LedgerContact function. The process of data synchronization will be reorganized to ensure optimized data processes.

Following the Ethereum Name Service (ENS) example, Neo (NEO) testnet activates Neo Name Service (NNS). It turns Neo addresses into human-readable aliases (domain names). As a result, users can initiate transactions knowing only the "domain name" of a specific wallet.

Oracles, the smart contracts that provide Neo-based systems with external information, are also set to be officially released in Neo3 Preview5. Oracle contract and nodes were implemented in a previous phase of development.

First Neo-Based DeFi ecosystem also undergoes a major upgrade

The rest of the improvements are scheduled in the spheres of plugins and block synchronization mechanisms. The next release will herald the public testnet of the Neo 3.0 blockchain iteration.

Meanwhile, pioneering Neo-based decentralized financial ecosystem Flamingo is also set to undergo a crucial upgrade. Separate tokens will empower Neo users with new "yield farming" options and cross-chain interactions.

Related
Neo-Based DeFi Flamingo (FLM) to Undergo First-Major Upgrade

Besides that, Flamingo (FLM) DeFi will receive a unique automated market maker for derivatives trading on NEO and other blockchains, dubbed vAMM.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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