The Neo Foundation offered an in-depth overview of Neo3’s upcoming governance and economic model in the recent Neo Live Ask Me Anything. NF’s developer community strategist Longfei Wang discussed how GAS will be distributed to NEO token holders, how council members and consensus nodes will operate in the governance model, examples of issues that will be can be put to vote, and more.
Afterward, Wang answered questions from the community about how NEO token holders will vote, dApp migration from Neo2 to Neo3, block times, and support for future central bank digital currencies.
The full transcript can be found below.
Longfei: Hello everyone. My name is Longfei Wang, and I’m currently working at the Neo Foundation as a Developer Community Strategist.
I am very glad to join this Neo Live session today to share with you all the latest updates about the Neo3 governance and economic model
As Developer Community Strategist, I have been working closely with all the Neo communities to build the fundamental tools and infrastructures that provide better developer experiences to anyone wants to develop on the Neo blockchain.
Today, our main topic is about Neo3’s governance and economic model.
Along with the development of Neo3, Neo core developers are continuously discussing areas for improvement on Neo2’s governance and economic model. Therefore, the new governance and economic model is the most important and essential change in Neo3.
So, we believe it is a flexible and manageable mechanism based on dynamic comprehensive democratic voting as our founder Da Hongfei had described in his presentation last week in Sanya, China.
Let’s start with a brief overview about the Neo3 governance and economic model in the image below.
Source: Neo Foundation
For Neo3, we will start adapting to an on-chain council governance mechanism which will introduce a brand-new r...