The NEO team have provided additional details about »NEO 3.0«, an upcoming upgrade to the NEO platform. In the last month, NEO made a few cryptic social media posts which fueled a lot of speculation, and on July 6, they finally announced that NEO 3.0 was the project they were teasing their community with.

We’ve seen the NEO platform host a number of projects that have gained a lot of buzz in the cryptocurrency community – the most notable is certainly Ontology (ONT), the 25th cryptocurrency by market cap, which existed as a NEP-5 token before recently launching their own mainnet. There’s also THEKEY (TKY), Aphelion (APH), and Neonexchange (still in the ICO phase).

NEO kicked off July with a strong rally, and the speculation about upcoming developments most likely played a part in its momentum. After bottoming out at $28 on June 29, NEO went up all the way to $42 on July 5. Along with the rest of the cryptocurrency market, however, NEO cooled off, and the token is currently trading at $34.5.

Development for NEO 3.0 started in the second quarter this year, and the team is promising that it will be an all-encompassing upgrade. Erik Zhang, one of the founders of NEO, said that the new version of NEO is intended to be enterprise-ready and capable of handling large-scale distributed applications. According to him, the platform’s economic model will be adjusted to make the deployment and running of smart contracts much cheaper, making NEO a more attractive option for developers.

With NEO 3.0, there is also a possibility that the NEO token will become divisible, which would be a major change.