As the hotly anticipated Neo N3 release of Neo (NEO) blockchain mainnet is approaching, 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 published in Neo’s official blog on Medium, its upcoming Neo N3 release will be the most profound upgrade in entire Neo (NEO) history.
#NeoN3 was recently featured on "Chain Catcher", where an in-depth analysis of #N3's features and governance incentives was laid out to readers.
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 include a Council concept that will incentivize users to use their NEO to vote while utilizing their GAS. Council will include 21 top candidates per every 21 blocks; only 7 of them will be entitled to act as consensus nodes.
Users of Neo (NEO) blockchain will be incentivized economically to stay active: the rewards for voters might surpass 37 % in APY.
Namely, every block will generate 5 GAS while 80 % of newly generated GAS will be distributed proportionally among voters. 10 % of GAS will go to dormant users who don’t vote despite holding NEO tokens.
DeFis, NFTs, Oracles: Key focuses of ‘Chinese Ethereum’
For the first time in its history, GAS will become a deflationary asset: on-chain transactions fees will be partially destroyed.
As a result, NEO engineers promote their product as the ‘Most Comprehensive Blockchain Development Platform’. Release of N3 will bring a 50x boost to existing blockchain capacity.
That said, NEO has all the chances to evolve into a ‘one-stop’ platform for various sorts of decentralized applications including DeFi and NFT-focused projects.
At press time, Neo (NEO) hosts 30 decentralized applications with a net market cap exceeding $1 billion.