The Neo Foundation has announced the initial 21 members of the Neo Council. The Council will assume its responsibilities upon the launch of Neo N3 MainNet, and is comprised of:
- Nash Exchange
- Neo Foundation/Neo Global Development (11 spots)
- Neo News Today
- Neo SPCC
At launch, the NF and NGD will comprise a majority of the Neo Council (11 out of 21 seats) and operate the seven consensus nodes.
When N3 MainNet launches, users can migrate Legacy NEO tokens and begin participating in network processes. NEO holders can then vote for Council members to receive GAS rewards and other entities can register to become candidates for the Neo Council.
In the coming weeks, NGD will outline the next steps for governance and migration processes.
What is the Neo Council?
The Neo Council is tasked with maintaining the network’s health and liveness. Of the 21 elected members, the seven with the most votes will become consensus nodes responsible for validating blocks on Neo.
Neo Council members will vote on issues impacting the state of the Neo network, such as blockchain parameters (i.e., fees) and electing other on-chain roles (i.e., oracle nodes, NeoFS ring nodes). During their tenure, Council members will receive an equal share of 10% of the GAS distributed in each new block (approx. 0.48% each).
At the time of press, 5 GAS will be released per block on Neo N3. NEO holders that vote for Council members will receive 80% of the GAS produced each block. The final 10% will be distributed among all NEO holders, regardless of whether or not they use their NEO for voting.
The full Neo Council announcement can be found at the link below: