Neo Legacy is moving to Neo N3: what it means and how users can swap coins
Neo developers have improved the protocol to version N3, expanding the platform functionality, improving the economic model, and adding highly modular architecture for creating DApp applications.
The nature of the new improvements makes them incompatible with the previous version of the Neo Legacy protocol, so for transactions to work correctly, users need to transfer NEO and GAS tokens from the legacy protocol to Neo N3. In this guide, we’ll show you how to.
Before you start swapping, you need a Neo N3 protocol-compatible wallet or an exchange that supports NEO token migration. For this guide, we have selected O3 Wallet, which is one of the most popular NEO token wallets. The wallet is available on Windows, Mac OS, as well as iOS and Android mobile devices.
The process of migrating tokens for different wallets compatible with the Neo N3 protocol will be similar, so this guide is relevant for other crypto wallets as well. The following wallets support the N3 network:
- NeoLine add-on
- NeoLineMobile (Android and iOS version available)
- Neon Wallet (Available for Windows, Mac OS, and Linux).
Creating a wallet
1. Go to the O3 Wallet website to download the wallet for your device, or download it from the links below:
2. Launch the O3 Wallet, select an account (click on the wallet address) and click Create New Wallet.
3. Select the Neo N3 network and then click Next.
4. Come up with an arbitrary name for the wallet and a passphrase (password) to encrypt the files stored in the memory of your device. The password will be required to log into the wallet and protect it from unauthorized access. Then click Create.
Note: set complex passwords like Eir-2Y2-GBb-XMb consisting of uppercase and lowercase letters, special characters, and numbers. Passwords such as Andrew1974, 012345fdsa, or qwerty1234 are not strong.
5. The wallet is created — quickly and easily.
Important: be sure to save the private key for the wallet so as not to lose access to it. Click on the button Show private key and scan the QR code, or simply copy the private key, then save it in a safe place.
Swap tokens from Neo Legacy to Neo N3
Important: note that you need to transfer tokens from the old address to the new one as soon as possible. This does not mean that the network will stop servicing the users in the near future: the Legacy and N3 blockchains will coexist for a long while. The developers state that you will have at least a year to swap your tokens to the new Neo N3 blockchain. But it’s better not to put off this process.
1. Go to the Neo N3 Migration portal and click on the button Connect Wallet.
Note: migration has been temporarily suspended due to a hack in the PolyNetwork Internet Protocol. Once the Ethereum network stabilizes, you can swap NEO NEP-5 tokens to Neo N3 at any time.
2. Select a wallet to connect, in our case, the O3 Wallet.
3. Select an account and click Connect.
4. From the drop-down list, select the token that you want to transfer to the updated blockchain.
5. Enter the amount of NEO tokens you want to transfer. The new tokens will be swapped to the N3 wallet (ratio of 1 to 1).
Note: if you swap less than 10 NEO or 20 GAS, the Neo N3 protocol will charge a commission of 1 GAS. This is to protect the network from dust attacks caused by small transactions.
6. Select one of the N3 addresses you want to use and then click Select.
7. Click Next to continue.
Check the details of the transaction. If everything is ok, then click Next again to swap the tokens.
Finally, click Approve to confirm the transaction.
8. The migration process has started. After it is completed, new tokens will appear on the balance of the N3 wallet in the O3 Wallet.
9. To complete the NEO token migration process, click Confirm.
10. The migration is complete. You can check the token swap status on the page Migration History.
Vote for the Everstake Validator on the NEO Network
Everstake is already available on the new Neo N3 network, and you can support it by voting for the validator on this page. Everstake is one of the largest staking providers serving over 50 of the largest PoS networks in the crypto industry.
The Everstake node was one of the first validators on the Neo N3 testnet, launched back in early 2020. The Everstake team supported the updated Neo network not only as a validator but also participated in the development of the IDE, helping to create contracts for the NEO blockchain.
To vote, you need to connect a wallet on the Governance page.
Then select the validator to whom you want to vote and click on the Vote button.
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