Vitor Coelho from NeoResearch believes that Neo’s new governance mechanism can spur altruistic investment within the ecosystem. The model proposed by Neo would enable NEO holders to vote for a committee of 21 governing members responsible for representing the community. The elected members will receive GAS rewards, which Coelho believes can be redistributed to fund smart contract deployment, development meetups, hackathons, or for other incentives to use the Neo blockchain.
Coelho made his comments on the latest episode of the Neo News Today podcast during a discussion of the recent implementation of governance incentives into the Neo3 codebase. In this model, the committee will be responsible for deciding on issues such as fees, GAS circulation, and other improvements.
Decision making will likely require in-depth research and discussion. GAS distribution is the reward for the time and energy of governing responsibly, while also functioning as an incentive to act in the best interest of community voters. Once rewarded, those members can choose what they want to do with their GAS. However, Coelho surmises, investing a portion back into the ecosystem may have the best net benefits. He said:
I believe that is also a source of income. You can sell this GAS, or you can hold that GAS for motivating other projects to use the network… It’s your time. It makes sense that you sell part of the earnings of [the GAS rewards] for yourself. But, the GAS you are winning, you can also use to motivate other people to deploy contracts to use the network.
Coelho gave examples of the kind of contributions NeoResearch would make to the ecosystem, such as the creation of PrivateNets for use in education within Brazilian universities.
Coelho believes those who are well-versed in the Neo ecosystem will make apt committee members due to a comprehensive understanding of the issues that impact the blockchain. He said, “We’re going to have 21 committee members that are going to decide fees of the network, and other things. [I believe] many community members are [the] perfect [type of] people that should be on the committee.”
The full interview can be found 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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