Shanghai, China — On Aug. 9, 2021, Neo, a leading community-driven blockchain platform, marked another key milestone by commencing early bird migration while also starting the setup of Neo N3’s innovative governance mechanism. Starting on Aug. 9, users can start migrating their Neo (NEO) and GAS tokens from Neo Legacy to Neo N3 while also participating in governance to earn GAS rewards.
For users looking to participate in early bird migration, there are distinct advantages and disadvantages. On one hand, token holders can participate in governance through voting. Under the rules of Neo’s new economic structure, 80% of newly minted GAS will be distributed to Neo token holders who vote for Neo Council members. As fewer Neo tokens will be used to vote during the early-bird phase, users may have more GAS than usual. However, it may take some time to achieve universal support among leading wallets or exchanges, meaning that users might not be able to trade or sell their tokens for a short time. Despite this, support is available now on NeoLine Chrome and O3 Desktop. Moreover, early-bird migration participants will not be eligible to receive bonuses which will not be available until September.
More significantly, Neo holders who migrate their tokens to Neo N3 can start participating in governance. On Neo N3, Neo holders will take charge in selecting the 21-member Neo Council which will govern the Neo blockchain. Neo holders are rewarded with GAS tokens for participating in governance and anyone can register as a council candidate, making this an important step in Neo’s journey toward decentralization. Neo Global Development developed a governance portal that allows users to vote by connecting their NeoLine Chrome or O3 Desktop wallet. Other wallets will support the portal in the near future.
Speaking on this event, Da Hongfei, founder of Neo, noted:
“With blockchain rapidly maturing, Neo N3 is positioned to drive forward decentralization while also innovating a governance model founded on ‘elastic manageability.’ By pioneering a governance approach centered on flexibility, Neo N3 will be more capable of responding quickly to changing ecosystem and market demands — two factors that will grant us a leading edge both now and into the future. Alongside our partners, we aim to leverage our governance system to bridge the on- and off-chain worlds.”
With Neo N3’s mainnet rapidly nearing completion, make sure to stay tuned for more news regarding migration, grants and more. Please follow us on Twitter or join our Discord server to stay updated on the latest news.