Neo Welcomes Binance Staking as Its Newest Council Member
[May 25th, Singapore] Neo, the most feature-complete blockchain platform for building decentralized applications, has welcomed Binance Staking as one of its 21 council members. Neo Council members are responsible for maintaining the health and diversity of the Neo network. Binance Staking is a cryptocurrency exchange that is the largest exchange in the world in terms of the daily trading volume of cryptocurrencies.
Neo’s new on-chain governance mechanism advocates for Neo’s vision to become a more decentralized blockchain. NEO holders can participate in governance by voting on the members of a Neo Council to manage the Neo N3 blockchain. The Neo Council consists of council members and consensus nodes who provide services, maintain the diversity of the network, and adjust critical blockchain parameters. The council is responsible for governing and maintaining the Neo N3 blockchain by adjusting network parameters to continuously meet both community and market demands. For any proposal to be approved, over 50% of council members must reach an agreement before signing a transaction to update blockchain parameters on-chain. The top 21 candidates who receive votes secure spots as members of the Neo Council. As compensation, voters and Neo Council members alike will be rewarded 4.5 GAS every time a new block is generated. Moreover, 10% of the released GAS will be evenly distributed to all NEO holders, while the consensus nodes will also receive the network fees packaged within each newly generated block.
Da Hongfei, Neo Founder, said, “As one of the most exciting components of Neo N3, Neo Council members will play a key role in driving forward the future of not only the Neo community, but also the blockchain sector at large.”
Binance Staking’s new membership in the Neo Council is expected to bring new diversity to the Neo community and increase cross-platform user engagement for both parties.
Neo is an open-source community-driven blockchain platform. It is the most feature-complete blockchain platform for building decentralized applications. Neo enables developers to digitize and automate the management of assets through smart contracts. It also provides powerful native infrastructures such as decentralized storage, oracles, and domain name service, creating a solid foundation for the Next-Gen Internet. For more information, visit https://neo.org/.
About Binance Staking:
Binance Staking automatically rewards users who hold select crypto assets in their Binance accounts. With competitive annual yields for supported chains and no staking fees, Binance Staking is designed to increase accessibility and incentivize participation by maximizing user earnings. For more information, visit https://www.binance.com/en/staking.
Neo official website: https://neo.org
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