As the hotly anticipated Neo N3 release of the Neo (NEO) blockchain approaches, the Chinese tech media Outlet Chain Catcher sheds light on its eccentric governance design.
Here is a full transcript of the article: https://t.co/0qpxXsLJVj
— Neo Smart Economy (@Neo_Blockchain) July 5, 2021
According to a transcript posted on Neo’s official Medium blog, its upcoming Neo N3 release will be the great update in Neo (NEO) history.
From a governance standpoint, the Neo N3 will include a Council concept that will encourage users to use their NEOs to vote when using their gas. The council will include the 21 best candidates for every 21 blocks; only 7 of them will be eligible to act as consensus nodes.
Users of the Neo (NEO) blockchain will be economically motivated to stay active: voter rewards could exceed 37% on yearly basis.
Namely, each block will generate 5 GASES, while 80% of the newly generated GASES will be distributed proportionally among the voters. 10% of GAS will go to inactive users who do not vote, despite in possession of NEO tokens.
For the first time in its history, GAS will become a deflationary asset: payments for on-chain transactions will be partially eliminated.
As a result, NEO engineers are promoting their product as “The Most Complete Blockchain Development Platform”. The N3 release will increase the existing blockchain capacity by 50 times.
Nevertheless, NEO has every chance of becoming a universal platform for various types of decentralized applications, including projects focused on DeFi and NFT.
At press time, Neo (NEO) hosts 30 decentralized applications with a net market capitalization of over $1 billion.