Neo (NEO) to redesign the governance in the N3 version, here’s how

Vladislav Sopov

The developers of Neo (NEO) explained the details of their Neo N3 mainnet to Chinese media

contents

• New governance model in Neo N3
• DeFis, NFTs, oracles: focus of “Chinese Ethereum”

As the highly anticipated Neo N3 release of the Neo (NEO) blockchain mainnet draws nearer, the Chinese tech media outlet Chain Catcher (链 捕手) sheds light on its eccentric governance design.

New governance model in Neo N3

According to the transcript posted on Neo’s official blog on Medium, the upcoming Neo N3 release will be the most profound upgrade in all of Neo (NEO) history.

# NeoN3 was recently featured on Chain Catcher, where readers were presented with an in-depth analysis of # N3’s features and governance incentives.

Here is a full transcript of the article: https://t.co/0qpxXsLJVj

– Neo Smart Economy (@Neo_Blockchain) July 5, 2021

In terms of governance, Neo N3 will have a council concept designed to encourage users to use their NEO to vote while using their GAS. The council will include 21 top candidates per 21 blocks; only 7 of them are eligible to act as consensus nodes.

Users of the Neo (NEO) blockchain are economically motivated to stay active: The rewards for voters could exceed 37% in the APY.

Each block generates 5 GAS, while 80% of the newly generated GAS are proportionally distributed among the voters. 10% of the GAS goes to dormant users who do not vote despite having NEO tokens.

DeFis, NFTs, oracles: focus of “Chinese Ethereum”

For the first time in its history, GAS becomes a deflationary asset: fees for on-chain transactions are partially destroyed.

As a result, NEO engineers are promoting their product as the “Most Comprehensive Blockchain Development Platform”. The release of N3 will increase the existing blockchain capacity by 50 times.

However, NEO has every chance of evolving into a “one-stop” platform for various types of decentralized applications, including DeFi and NFT-focused projects.
At press time, Neo (NEO) hosts 30 decentralized applications with a net market cap of over $ 1 billion.