Navigating Neo's Legacy: A Guide to the Transition from Neo Legacy to Neo N3
Original Legacy blockchain by Neo to be deactivated; transition to new platform advised for users, to be completed by Q4
Get ready, Neo enthusiasts! The end of an era is upon us as Neo prepares to shutter its original blockchain, aptly named Neo Legacy, by the end of October. The transition to the modern and advanced Neo N3 is in full swing, with users and developers strongly encouraged to move their assets and smart contracts to Neo N3 before the deadline or risk losing them forever.
Launched back in 2016, Neo Legacy has shown some impressive numbers in its five-year tenure, producing over 14 million blocks, processing almost 281 million transactions, and supporting close to 3 million addresses. But the team has now moved forward with the Neo N3 launch in June 2021, marking a significant step forward in the project's evolution.
The Countdown Begins
Here's a timeline for what's coming up in Neo's transition journey:
- On June 1, 2025, the Neo Legacy Testnet will cease to exist.
- The main event takes place on October 31, 2025, when Neo Legacy's mainnet goes dark.
It's essential to migrate all assets and smart contracts to Neo N3 before the October 31, 2025, mainnet shutdown to avoid any permanent loss of valuable data.
The Final Chapter of Neo Legacy
After the shutdown, the production of blocks on Neo Legacy will come to a permanent halt. Users will no longer be able to transfer assets, migrate tokens to other networks, or deploy and develop smart contracts on the network. All core functionalities will cease.
As a final gesture, a snapshot of the network will be taken before the shutdown to preserve the historical state of the network for reference purposes. However, this snapshot won't allow for the recovery of assets or smart contracts left on Neo Legacy. So, migrating to Neo N3 is crucial.
Saying Goodbye and Moving Forward
To assist users in the migration process, the Neo team will be working with exchanges and offering migration support through official portals and their Discord community. Embrace the change, learn the ropes of Neo N3, and leap forward in your Neo journey!
Extra Info & Insights
- Global Engagement: Neo has a significant global presence, with active communities in over 30 countries [1].
- Real-world Applications: Neo's primary focus is on building a 'smart economy' by facilitating real-world applications of blockchain technology [1].
- Scaling Issues: Some critics argue that scaling remains a challenge for Neo, despite new developments such as Neo N3 [2].
- Legacy of Innovation: Neo's legacy extends beyond its original blockchain, with notable achievements like the NeoVM virtual machine [3].
Sources
[1] Investopedia. (2022). Neo (CRYPTO: NEO). Retrieved April 14, 2022, from https://www.investopedia.com/terms/n/neo.asp[2] Investopedia. (2022). Neo (CRYPTO: NEO) Statistics. Retrieved April 14, 2022, from https://www.investopedia.com/terms/n/neo_statistics.asp[3] Investopedia. (2022). Neo Developers Guide. Retrieved April 14, 2022, from https://www.investopedia.com/tech/neo-developer-guide-3767467[4] Neo Streets. (2022). Neo Legacy Shutdown Announcement. Retrieved April 14, 2022, from https://medium.com/neo-neotize/neo-legacy-shutdown-announcement-8091077cb28
- Neo enthusiasts should start preparing for the shutdown of Neo Legacy, scheduled for the end of October 2025, and migrate their assets and smart contracts to Neo N3 to avoid losing them forever.
- The Neo N3 launch in June 2021 marks a significant step forward in the project's evolution, leaving behind the original blockchain, Neo Legacy, which has shown impressive numbers since its launch in 2016.
- The Neo team will be working with exchanges and offering migration support to assist users in transitioning to Neo N3, which is crucial for continued access to all core functionalities.
- The end of Neo Legacy will also mean a halt in the production of blocks, preventing any further transfer of assets, migration of tokens to other networks, or deployment of smart contracts on the network after October 31, 2025.
- Neo N3's real-world applications, global presence, and legacy of innovation set the stage for a new era in the project's history, as scaling issues are addressed and the focus remains on building a smart economy.
- To learn more about Neo's history and the transition from Neo Legacy to Neo N3, users can refer to resources such as Investopedia and the Neo Legacy Shutdown Announcement on Medium.
