Neo N3 MainNet launches, token migration plan for NEO and GAS released

Since the first vision of Neo 3.0 was laid down 3 years ago by Erik Zhang, contributors from all around the world have come together to build a feature rich dApp platform. Neo’s core developers have met the task of packing vital native functionality such as oracles and on-chain governance into the network.

Meanwhile, community groups from Europe, Asia, and the Americas have sought to provide a best-in-class user and developer experiences for key infrastructure across numerous languages and userbases.

As the mass adoption of N3 begins, users will have two alternate options for when to participate in token migration.

Early bird

The first opportunity for migration will open a week after MainNet launch on Aug 9, giving early access to voting under Neo’s new governance system. NEO holders who vote for a Neo Council member will split GAS rewards, potentially enabling early adopters to access higher than normal GAS incentives.

A notable downside of this process is that many wallets and exchanges will not yet offer support for N3. Since it is not possible to migrate tokens from N3 back to Neo Legacy, users that migrate within the first few weeks may find themselves unable to trade tokens for a time.

Mass migration

Better support for N3 is expected in September, which will coincide with a token migration incentive program. Starting on Sep 1, users will receive up to a 1% bonus NEO when migrating tokens independently. A minimum of 1 NEO can be received as NEO is indivisible.

The reward schedule is as follows:

• Sep 1 – 14: 1 bonus NEO per 100 NEO migrated
• Sep 15 – 30: 1 bonus NEO per 134 NEO migrated
• Oct 1 – 31: 1 bonus NEO per 200 NEO migrated

Users of centralized exchanges should note that each exchange may select its own distribution schedule.

Fees

No matter when a token holder decides to migrate, a 1 GAS fee must be paid when migrating less than 10 NEO or 20 GAS. Sending more than these quantities will be free, with Neo Foundation covering the costs of transfer.

GAS generation

Two versions of the Neo blockchain running in parallel would generate double the GAS. To mitigate this issue, Neo Legacy will cease GAS generation at block height 8,000,000.

The N3 genesis block will mint an equivalent amount of GAS to that minted on Neo Legacy at this height, a total of 52,000,000 GAS. NEO and GAS tokens not owned by Neo Foundation will be sent to the cross-chain proxy contract ready for user migration.

NEP-5 Tokens

Like NEO and GAS, NEP-5 tokens can also use Poly Network to migrate across to the N3 network. For this to be possible, the team responsible for the NEP-5 token will also need to deploy a new NEP-17 token on the N3 blockchain. Used in tandem with Poly, this will allow some NEP-5 token holders to migrate their assets to the new blockchain.

However, it is not expected that all NEP-5 tokens will release NEP-17 counterparts on N3. Users are encouraged to listen for official communications from projects in the ecosystem that are still in active development and may choose to migrate to N3.

The original announcement can be read in full at the following link: https://medium.com/neo-smart-economy/neo-n3-mainnet-launch-migration-plan-525fc3ee8305