The Neo Foundation has opened registration for Neo Council candidacy. The Neo Council will be 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 onchain roles (i.e., oracle nodes, NeoFS ring nodes). During their tenure, Council members will receive compensation for their time and due diligence.
In N3, Neo Council members will receive 10% of the GAS distributed in each new block. 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% is distributed among all NEO holders, regardless of it is used to vote or not.
Initially, the Neo Foundation will comprise a majority of the Neo Council, but Neo co-founder, Da Hongfei, encourages the community to run for the seats held by the Foundation.
During the Neo Council registration period, the Neo Foundation will review and seed up to ten candidates by subsidizing their initial GAS registration fees. It will also fill the remaining positions and operate the seven consensus nodes. Once 20% of the total supply of NEO is used to vote, the Neo Council will automatically update to reflect the will of voters.
Neo Council registration requirements
Anyone can register their interest in becoming an initial Neo Council member. Applicants must fill out a form including contact and organizational information and summarize why they seek to be a Council member.
NGD requests that potential candidates for the Neo Council have the following qualities:
- A solid understanding of Neo technology and its ecosystem needs
- Experience working within blockchain or related technical fields
- The ability to reliably host a consensus node.
The Neo Council recruitment process is currently ongoing and concludes on June 30. Initial member announcements will tentatively occur July 10 through July 14.
The Neo governance portal is expected to launch on July 15, when NEO holders can begin voting on Neo Council members and network proposals.
Neo Council registration details can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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