Neo Upgrade Scheduled For Beginning of June, New Oversize Fee Added

The Chinese-based blockchain platform Neo has announced plans to upgrade its mainnet on June 3 at 9:00 am (GMT), according to an official blog post on May 29.

According to the announcement, one of the main consequences of this upgrade is the addition of an oversize fee — measured in the cryptocurrency GAS on the Neo blockchain — for high priority transactions over 1,024 bytes.

The oversize fee for these transactions is determined by the formula, (transaction size) * 0.00001 GAS + 0.001 GAS, with a few special case exceptions; transactions that cost under 0.001 GAS are classified as low priority and are capped at 1,024 bytes.

As per the announcement, the network fees exist to guard against attacks on the network or malicious transactions, and should not impact friendly users.

The post also advises exchanges and other individuals or groups using Neo tools to upgrade their client to v2.10.2, the version all mainnet consensus nodes will be on after the update, in order to avoid any transaction losses due to the new network fee protocols.

As previously reported by Cointelegraph, Neo 3.0 launched at the end of April on a new genesis block in order to improve the blockchain’s performance and stability. Neo co-founder Erik Zhang commented on his hopes for large-scale entertainment applications to be implemented on the latest blockchain iteration:

“When we talk about Neo 3.0 being ready for large-scale commercial use, we mean it provides the possibility to run large-scale applications with blockchain technology. In the future, we’d like to see applications such as YouTube, Alipay, and gaming giants like Tencent and Blizzard run on blockchain, and Neo 3.0 will allow these big organizations to do that.”

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