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

Neo has announced plans to upgrade its mainnet in June with an updated transaction fee system to prevent malicious activity.

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.

Publication date: 
05/30/2019 - 21:57

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