October 30, 2017BLOG

"NEO Sponsor Giveback Plan" Announcement

By Neo Global Development

Dear contributors and supporters of NEO community,

First, we would like to extend our sincere gratitude to your continuous contributions and support to NEO! NEO MainNet has been in sound operation for over 1 year.

As of today, there are more than 90,000 NEO holders and over 76,000 NeoGas holders. As NEO smart economy gradually establishes itself as a well-recognized concept, followers on Twitter has grown into a 110,000-odd force while subscribers on Reddit exceeded 30,000. Further to our surprise, NEO community has seen an increasing number of outstanding developers onboarding and high-quality projects going live, including NEON light wallet, NeoTracker blockchain browser and NeoNewsToday, a news portal, to name but a few. With the joint efforts of contributors around the world, NEO has evolved into a technical community that empowers the world. With continuous enhancement of NeoContract smart contract system and the activation of NEP (NEO Enhancement Proposals) mechanism, it's in our belief that NEO community will see a swelling number of high-quality projects and a growing number of contributors.

NEO is a not-for-profit open-source project driven and funded by community. Without the initial sponsors’ trust and support, it wouldn’t have been possible for NEO to become a world renowned public chain supported by a grand community. Today, NEO Council has gained sufficient funds and resources to sustain the R&D and community development efforts in the years to come. Therefore, we decide to officially launch the NEO sponsor giveback plan designed to unconditionally give back to the early sponsors in the amount equal to the fiat value they contributed back then. It is an unprecedented move in the global token-raising history. Once the giveback plan is fully accomplished, NEO will be the world’s first ICO program offered full-amount giveback to sponsors.

The plan targets all the sponsors participating in the seed-round financing, ICO1 and ICO2, offering giveback in the amount of their respective contributions at the CNY rate back then (around CNY 30,000,000).

The giveback comes from the remainder of the total funds raised during the seed-round financing, ICO1 and ICO2. Initial sponsors may claim their respective portions either through bank transfer (in CNY only) or in NEO. For those who choose to claim the giveback in NEO, NEO Council will purchase NEO with the remaining funds. The 50% NEO under the management of NEO Council will not be used for the giveback, as it is reserved for the development of community and ecosystem.

Individual giveback amount is calculated as per following rules: for seed-round sponsors who contributed in CNY, the amount will be directly based on their contributions back then. For ICO1 and ICO2 sponsors who made contributions in BTC, the amount will be calculated as per then BTC/CNY rates1. Detailed instructions will be released within 2 weeks.

ICO, a highly-efficient yet controversial financing method has its two sides. On the one hand, it may facilitate funding for blockchain technology development and pool together the community force; on the other, it makes it convenient for defrauders to perform illegal fund-raising under disguise. We hope that the “NEO Sponsor Giveback Plan” will set a good example for the community. We are looking forward to seeing more of the blockchain developers and service providers to use NEO blockchain. Please feel free to contact us via contact@neo.org.

1 When ICO1 was closed, BTC/CNY rate was RMB 2,183; when ICO2 was closed, BTC/CNY rate was RMB 4,128. The price data is from OKCoin.com.NEO Council

Oct. 30, 2017