Shanghai, China – On June 8, 2021, Neo, a leading community-driven blockchain platform, commenced recruitment for the 21-member Neo Council to prepare for Neo N3’s entirely revamped governance model. To ensure the stability of the Neo N3 mainnet upon release, the Neo Foundation is looking for up to 10 candidates to become initial members of the Neo Council who will be responsible for maintaining the early health of the Neo Network.
As the launch of the Neo N3 mainnet rapidly approaches, one of the most prominent changes that will be unveiled is a completely upgraded and reimagined governance model. With a focus on sustainable and long-term growth, Neo N3 will feature a more decentralized governance system that has been designed to be more flexible and adaptable for the blockchain sector of today and tomorrow.
To that end, Neo Global Development will seed up to 10 candidates into the Neo Council. The remaining places will be filled by the Neo Foundation, including the seven consensus nodes. This will be the default Neo Council composition upon the initial mainnet launch. Once the N3 mainnet launches, Neo holders can immediately start voting for candidates to receive increased GAS generation rates. Interested parties can also start registering as candidates on-chain and begin soliciting votes. Once 20% of the total circulating Neo has been used to vote, the Neo Council will adjust to reflect the will of the community.
As a critical component of Neo’s revamped governance model, the Neo Council will be responsible for governing and maintaining the Neo N3 blockchain by adjusting network parameters to continuously meet both community and market demands. For any proposal to be approved, over 50% of council members must reach an agreement before signing a transaction to update blockchain parameters on-chain. As compensation, voters and Neo Council members alike will be rewarded 5 GAS every time a new block is generated. Moreover, 10% of the released GAS will be evenly distributed among the 21 members of the Neo Council, while the consensus nodes will also receive the network fees packaged within each newly generated block.
Speaking on this subject, Da Hongfei, the founder of Neo, noted:
“As one of the most exciting components of Neo N3, Neo Council members will play a key role in driving the future of not only the Neo community but also the blockchain sector at large. Through our model, we aim to pioneer an approach that I think of as ‘elastic manageability’ — that is, designed to easily, quickly and flexibly adapt to rapidly changing needs and concerns. With our Neo Council members, I am more confident than ever that we are well-positioned to become one of the pillars of next-generation blockchain.”
Applications to become an initial Neo Council member are now officially open. The Neo Foundation will be selecting up to 10 foundation members based on the schedule below:
- June 6–June 30 — Application period to become initial Neo Council members.
- July 1–July 10 — Applications review period.
- July 10–July 14 — Announcement of initial Neo Council members.