Neo Legacy Blockchain to Shut Down by October: Transition to Neo N3 Underway

The Neo blockchain, originally launched in 2016 and known as Neo Legacy, is set to officially shut down by the end of October. This marks the final stage of the project’s transition to its upgraded version, Neo N3. Users and developers are being urged to migrate their assets and smart contracts to Neo N3 before the deadline to prevent permanent loss of funds or data.

The End of an Era for Neo Legacy

Since its inception, Neo Legacy has played a pivotal role in the blockchain ecosystem. Over the years, it has achieved significant milestones, including the production of over 14 million blocks, processing more than 281 million transactions, and supporting close to 3 million unique addresses. However, as blockchain technology evolves, Neo Legacy is stepping aside to make way for its more advanced successor, Neo N3.

Neo N3, launched in June 2021, offers enhanced features and improved performance, making it the natural next step for the Neo ecosystem. With the shutdown of Neo Legacy’s testnet scheduled for June 1 and its mainnet set to cease operations on October 31, the migration to Neo N3 is being strongly emphasized by the project team.

What Happens After the Shutdown?

According to the Neo team, after the October 31 shutdown, block production on Neo Legacy will permanently stop. This means:

  • Users will no longer be able to transfer assets on the Neo Legacy network.
  • Migration of tokens to other networks will not be possible.
  • Deployment and development of smart contracts on Neo Legacy will cease entirely.

To preserve the historical state of the Neo Legacy network, a final network snapshot will be taken before the shutdown. However, all users and developers must migrate their assets and smart contracts to Neo N3 before the deadline to avoid irreversible loss.

Migration Support for Users

To ensure a seamless transition, the Neo team is providing migration support through official portals and community channels. They are also working with exchanges to facilitate the process. Users are encouraged to take advantage of these resources to complete their migrations safely and efficiently.

Key Steps for Migration

If you’re a Neo Legacy user, here are the essential steps to prepare for the transition:

  • Check your assets and contracts on the Neo Legacy blockchain.
  • Follow the official migration guidelines provided by the Neo team.
  • Use the Neo N3 migration tools to transfer your assets and contracts.
  • Stay updated by joining Neo’s community channels for assistance and support.

Why Move to Neo N3?

Neo N3 offers several advantages over its predecessor, including:

  • Improved scalability and performance.
  • Enhanced developer tools for building decentralized applications (dApps).
  • Advanced security features to protect user assets.

The transition to Neo N3 is not only a step forward for the Neo ecosystem but also an opportunity for users and developers to leverage the benefits of a modern blockchain infrastructure.

As the October deadline approaches, users are advised to act promptly to ensure a smooth migration. Failing to do so could result in the permanent loss of assets or contracts stored on the Neo Legacy blockchain.

Stay informed and take proactive measures to transition to Neo N3, ensuring that you continue to participate in the evolving blockchain landscape.

Post Views: 0