- NEO (NEO) mainnet nodes will be upgraded to neo-client v2.10.2 on June 3, 2019
- The NEO team has hinted that the network fee mechanism will also be adjusted to improve network stability
- The team says the Network Fees will also help in preventing malicious transactions and network attacks
NEO (NEO), an open source distributed ledger technology (DLT) project in charge of the 19th largest cryptocurrency in the world by market capitalization, has announced on May 29, 2019, that it’s set to carry out its mainnet upgrade on June 3, 2019, at exactly 9:00 am (GMT).
NEO Launches v2.10.2
As stated in the press release by the NEO organization, the NEO blockchain network will undergo an upgrade to neo-client v2.10.2 with the optimized delegated Byzantine Fault Tolerance (dBFT) 2.0 consensus algorithm.
For the uninitiated, the Delegated Byzantine Fault Tolerance consensus algorithm comes with some proof-of-stake (PoS) features which protect the network from “Byzantine faults using minimal resources.” The dBFT consensus algo solves performance and scalability issues inherent in current blockchain implementations.
Importantly, the NEO team has stated that it would also be adjusting the “Network Fee” mechanism, in a bid to foster stability, while also protecting the network from attacks and malicious transactions.
The Adjusted Fees
Specifically, NEO has said that after the upgrade, all transactions larger than 1024 bytes will attract an “Oversize Fee,” relative to their transaction sizes, according to the following implementation scheme:
- A transaction must come with a fee of 0.001 GAS to become a “High Priority” transaction and deploy and invoke smart contract transactions on client v2.10.2 will cost 0.001 GAS as the starting fee.
- Only 20 Low Priority transactions (transactions with fees lower than 0.001) and they cannot be larger than 1024 bytes.
- ClaimTransaction is classified as a high priority transaction regardless of the Network Fee attached.
- A High Priority transaction will attract an Oversize Fee, based on the formula: transaction size*0.00001 GAS if its size exceeds 1024 bytes.
Per the team, for those who send transactions through RPC request, the latest upgrade will also enable node operators to configure the highest fee they are willing to pay.
“This can be configured in the config.json file found in the RpcWallet plugin. If a transaction triggers a fee-charging condition, this configuration will protect users’ funds by only sending the transaction to the blockchain if the Network Fee does not exceed the customized maximum fee. Otherwise, the transaction will fail,” declared NEO.
All crypto exchanges are required to upgrade their neo-client to v2.10.2, before June 3, 2019, and NEO-related tools or projects must be upgraded according to the new Network Fee mechanism to “avoid any loss due to failed transactions brought about by insufficient Network Fees.”
It’s worth noting that NEO (NEO) adoption has been on the upside of late.
As reported by Blockchain Reporter earlier in April 2019, leading payments platforms including Apple Pay, and Samsung Pay added support for NEO via the Zeux App.
At press time, the price of NEO has surged by a whopping 12.70 percent at $13.86, with a market cap of $901.14 million.