On March 24th, the Neo Foundation (NF) unlocked 1,660,865 NEO tokens to support Neo’s long-term development, operation and maintenance, and ecosystem. Additionally, NF announced that it has recently completed its financial report for the 2019 fiscal year, which it soon intends to distribute.
The 1,660,865 NEO was moved from an account which now contains 27.8 million NEO. As outlined in the Neo white paper, 50% of the total 100 million NEO supply was distributed during the crowdfunding phase, while the other 50% was reserved to support the development of the Neo ecosystem.
Such ecosystem support includes funding of the Neo Foundation, Neo community groups, investments in blockchain projects, and contingency funding.
The white paper also denotes NF will not exceed the use of 15 million NEO per year to fund various aspects of the Neo ecosystem.
In a mid-2019 financial report, NF reported the distribution of 797,036 NEO during the first half of the year. The NEO was used to “finance/motivate NEO core developers and support the operations of the NF and NEO Global Development; invest in other blockchain projects; and, finance/motivate the growth of the Neo ecosystem.” The mid-2019 report was an addendum to NF’s initial financial report, released in June 2019, that offered the first official snapshot of NF’s coffers.
The next Neo Foundation financial report is tentatively expected for release in April 2020.
The full announcement 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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