Neo Council reduces Network and System fees on Neo N3 MainNet
In response to requests from our users and ecosystem projects, the Neo Council has decided to reduce network and system fees on the Neo N3 MainNet, effective immediately.
The updated fees are as follows:
- Execution fee factor: 3 → 1
- Storage fee factor: 10,000 → 1,000
- Network fee per byte: 0.000001 GAS → 0.0000002 GAS
Understanding the fee adjustments
The Neo N3 blockchain employs a dynamic pricing system that allows system calls, VM instructions, and other fees to scale proportionally through a single base factor.
- Network fees are adjusted using a fee-per-byte parameter.
- System fees are determined based on execution and storage fee factors.
These reductions aim to make transactions more cost-effective, fostering a more efficient and user-friendly environment on Neo N3.
The multisig transactions for fee reductions were committed into the ledger and can be found below:
- https://neotube.io/transaction/0x8354b5e6c4fb29c43b42289e0c04c08537764d8c3a6ebc14731769e568e63301
- https://neotube.io/transaction/0x7f6da453b7f09cead8c1b7e737969247bf06c3a272e2777b4ad255dca8fa49f6
- https://neotube.io/transaction/0xaf862698a2c38e203680b79e2391f423451e1442275d18b3728249d2c2c9eb5b
The Neo Council and its decision-making process
The Neo Council consists of 21 elected member nodes responsible for governing the Neo N3 blockchain. NEO token holders vote for council candidates they believe best represent the ecosystem’s vision and receive GAS rewards for voting. Meanwhile, elected council members also earn equal shares of GAS for their governance work.
Currently, the Neo Council members communicate in a dedicated channel where governance proposals are discussed, formalized, and voted on to reach consensus.
To implement network changes, the council must generate a multisig transaction, which becomes valid only if at least 11 out of 21 council members sign it. This ensures decentralization and a robust decision-making process.
Current Neo Council members include Neo Foundation, Flamingo, COZ, Binance Staking, HashKey Cloud, Everstake, Neo Global Development (NGD), Neo SPCC, Neo News Today, and others. To learn more about Neo N3 governance and voting, please check here.
Neo N3 improvements on the horizon
Led by the Core Developers, Neo N3 is undergoing significant upgrades, set to be announced later this year. These improvements focus on enhancing network performance and gaining a competitive edge amid the growing competition among L1s and L2s.
Faster, cheaper, and more developer-friendly — all upgrades align with Neo’s long-term vision of advancing toward the future of the Smart Economy.
About Neo
Founded in 2014, Neo is an open-source, community-driven blockchain platform designed to welcome developers into the Smart Economy. By enabling developers to digitize and automate the management of assets through smart contracts, Neo is built to realize the optimized digital world of the future. As the most developer-friendly blockchain, Neo meets developers where they are by integrating seamlessly with the world’s most widely used languages and tools and providing the most feature-complete blockchain platform for building full-stack decentralized applications. With native support for powerful infrastructure including decentralized storage, oracles, and domain name service, Neo is the ideal foundation for developers to build the next generation Internet.
Neo X is Neo’s sidechain. With its MEV resistance and full compatibility with Ethereum tooling, Neo X excels in cross-chain scalability and DeFi applications through its use of the dBFT consensus mechanism and enveloped transactions.
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