Neos v3.0 is coming and with it come many changes. The cryptocurrency that was previously known for its outstanding wallet features like an encrypted messaging system, an in-wallet trading platform, multi-currency support, and more, is now changing its use cases and overall vision, applying the knowledge and lessons acquired from previous versions.
The development team behind the project is now shifting its focus to provide a core set of services that are completely decentralized and that do not rely on any third-party services which, according to the team, “proved to definitely be the wrong path to take”.
The entire Neos code base is being worked on to provide a new foundation that will serve the new use cases while still preserving some of the signature features of the Neos cryptocurrency, such as the Proof-of-stake consensus mechanism and the existence of a masternode network that provides instant and private transactions.
The focus of Neos is now to serve both the cryptocurrency and mainstream audience by offering access to the Neos token itself (and consequently to the Neos platform’s features) without the need for any third party services or middlemen like exchanges, faucets, and so forth. This creates the perfect gateway cryptocurrency for entrant users to begin exploring blockchain technology with, while also providing a decentralized social network where everyone has the opportunity to earn (and spend) Neos.
How does Neos accomplish this? Let’s take a look.
Neos provides a web browser-like app in which the pages are served by the decentralized Neosphere network. The network is completely powered by the Neos blockchain with no third services or technologies involved, meaning that Neos also behaves like an immutable hosting service.
Users can create and host their websites on the Neosphere and these will be accessible through the app, which will have a main site directory for those that wish to have their website listed with filters like trending content, best rated, and so forth. The platform also provides multiple tools to build the website with.
What’s unique about Neos, is that the blockchain that serves as a decentralized hosting platform also serves as an incentive system for activity. While PoS miners and masternodes are rewarded with a portion of the block reward (newly issued coins) to maintain the blockchain, process transactions and provide special features like anonymous and instant transfers, users also receive part of the block reward as an incentive for network contributions.
This means that any activity within the network, such as creating, liking or sharing content (and much more) is rewarded with Neos directly from the blockchain based on a point system. This system creates a revenue source for users and a system where users are incentivized to create and curate quality content.
Within the platform, users can choose between premium or free services, with premium having certain perks like smaller domains or special accounts.
This means that Neosphere not only allows users to earn Neos, it also provides services for which users have to pay, which in turn means two key things: That there is both supply and demand for the Neos coin and that Neos is a deflationary currency, since part of the coins spent on the platform’s premium features are destroyed (burnt). The other (smaller) part is sent to a development fund that helps further develop and maintain the platform.
Other than premium features, Neos can also be spent to purchase items on the platform’s store which is also hosted by the blockchain. Things like website themes can be listed for sale within the platform.
Neos v3.0 is currently in the closed beta stage and is scheduled to be released soon. To learn more about the Neosphere and get a sneak peak at the platform, check out the Neos v3.0 Preview video and visit the community forum.