BLOG June 8, 2021
The launch of the Neo N3 MainNet is gradually approaching after the release of multiple TestNet versions. One of the most prominent changes in Neo N3 is an entirely revamped governance model, which will push Neo towards a more decentralized future.
NEO token holders will be empowered to vote on a 21 member Neo Council, of which the top seven will also become Consensus Nodes. The Neo Council will be responsible for maintaining the health of the Neo network, with rights to adjust critical blockchain parameters such as fees.
In order to ensure the stability of the Neo N3 MainNet in its early phases, the Neo Foundation is seeking candidates to become the initial members of the Neo Council. The primary goal is to ensure that the first members of the Neo Council have a fundamental understanding of the Neo platform and are technically capable of carrying out their duties.
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 MainNet launch. 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.
The Neo Council will remain in the default setting until 20% of the total circulating NEO has been used to vote. Once the 20% threshold is reached, the Neo Council will adjust to reflect the will of the people.
What are the incentives for Neo Council members?
5 GAS is generated every new block and will be rewarded to voters and Neo Council members alike. 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.
Neo Council members also have the power to adjust blockchain parameters such as system fees and the ability to elect other on-chain roles such as oracle nodes.
What are the requirements to become a Neo Council candidate?
Anyone can register their interest to be an initial member of the Neo Council. Ideally, we are looking for candidates with the following qualities:
- A solid understanding of Neo technology and its ecosystem needs
- Experience working within blockchain or related technical fields
- The ability to reliably host a consensus node
Once the Neo N3 MainNet launches, anyone can register on-chain to become a candidate and be voted into the Neo Council.
How to apply to become an initial member of the Neo Council？
Applications to become an initial Neo Council member are now officially open. The Neo Foundation will be selecting up to 10 foundation members according to 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
- July 15 - Launch of the governance website and community voting
To submit an application, please email firstname.lastname@example.org with the below information, or complete the registration form found here.
- Your full legal name
- Position title
- Contact phone number
- Contact email address
- Brief introduction to yourself or your organisation
- Why do you want to be a Neo Council member？
- What are your plans for governance？
We welcome everyone to join us in building the Neo Smart Economy of the future.
More information about Neo N3 governance can be found at here.