Neo Smart Economy

Neo3 — A New Beginning for Pragmatic Idealists

Hongfei give an in-depth walkthrough of 5 new aspects about Neo3 at the 2nd Nova Global Blockchain Investment Institutions Summit in Sanya, China.

1. New features (Oracle, NeoFS, NeoID)

2. New architecture (UXTO changed to account system, Neo VM, dBFT2.0, node and contract upgrades)

3. New economic model (GAS allocation model, transaction costs are significantly reduced due to the increase in TPS, and network deployment costs are also significantly reduced)

4. New ecosystem (Poly Network cross-chain ecosystem, Flamingo-based Defi ecosystem)

5. New governance mechanism (a flexible and manageable mechanism based on dynamic comprehensive democratic voting)

This is the most important and sophisticated change in Neo3: a new dynamic on-chain governance mechanism. Neo’s consensus nodes and Neo Council members will be voted by NEO holders and the seats will be dynamically refreshed. Any registrar, informal organization, anonymous organization or individual can become a candidate, and seek votes from the voters. The top 21 candidates with most votes will form the Neo Council. The top 7 nodes will become consensus nodes of the network and are responsible for generating blocks. The results of the vote will be updated every 21 blocks. The election will be open to the community, and NEO holders will be able to get more incentives by engaging in the governance process. Theoretically, the term of office of the council is 21 blocks, and voters can adjust their voting strategies flexibly.

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