Today, Neo, an open-source, community-driven blockchain platform, welcomes HashKey Cloud, a leading provider of global Web3 infrastructure, to join the Neo Council as a member. This significant addition means that HashKey Cloud will be among the 21 council members responsible for maintaining the health and liveliness of the Neo network. Other Neo Council Members include notable names such as Binance Staking, Flamingo Finance, and COZ.

Neo is steadfastly working towards becoming a more decentralized blockchain through its on-chain governance mechanism, structured on a dual-token voting and rewarding system.

• The Neo Council, an essential part of this mechanism, is a panel of 21 Council members, voted in by NEO token holders from a pool of candidates. Any Neo wallet address is eligible to register as a candidate.
• NEO holders exercise their voting rights to select candidates they believe can best represent their interests and contribute to the health of the Neo network. Each NEO token represents one vote.
• 5 GAS tokens are generated every block: 80% of them (4 GAS tokens) are distributed among the successful voters (who vote for elected Council Members); 10% of them (0.5 GAS token) is distributed among the Council Members.
• Once elected, Neo Council members are tasked with crucial responsibilities, including adjusting blockchain parameters such as system fees and electing oracle nodes. Additionally, the top seven Council Members serve as consensus nodes, playing a critical role in processing transactions on the Neo network.

Alongside the addition to the Neo Council, a strategic partnership is forged between the two entities. HashKey Cloud’s new membership in the Neo Council is expected to further increase diversity to the Neo community and increase cross-platform user engagement for both parties.

Commenting on the joining of the Neo Council, Leo LI, CEO of HashKey Cloud, said, “We are excited about the opportunity to collaborate with Neo, a trailblazer in the blockchain space. This partnership reflects our shared commitment to advancing blockchain technology and providing top-notch infrastructure services to the global community.”

Da Hongfei, Founder of Neo, remarked on this new development: “The addition of HashKey Cloud to the Neo Council is a testament to our commitment to diversity and decentralization. As a global Web3 infrastructure provider, HashKey Cloud’s expertise will be invaluable in guiding the growth and sustainability of the Neo ecosystem.”

As of the writing of this article, the Neo Council is composed of industry-leading players such as Binance Staking, Everstake, and InfoStone; Neo-based projects such as Flamingo Finance and GhostMarket; and members of Neo’s developer communities, including COZ and NeoSPCC, among others.

About Neo

Founded in 2014, Neo is an open-source, community-driven blockchain platform designed to welcome developers into the Smart Economy. By enabling developers to digitize and automate the management of assets through smart contracts, Neo is built to realize the optimized digital world of the future. As the most developer-friendly blockchain, Neo meets developers where they are by integrating seamlessly with the world’s most widely used languages and tools and providing the most feature-complete blockchain platform for building full-stack decentralized applications. With native support for powerful infrastructure including decentralized storage, oracles, and domain name service, Neo is the ideal foundation for developers to build the next generation Internet.

About HashKey Cloud

HashKey Cloud, as a leading provider of global Web3 infrastructure and a core member of the HashKey Group, focuses on delivering professional, stable, secure, and compliant blockchain services to clients worldwide. Since 2018, we have been deeply committed to blockchain infrastructure technologies, with our staking services covering over 40 mainstream public chains and continuous exploration into Ethereum Layer2 and Bitcoin Lightning Network technologies.

We have upgraded our product line as Web3 transitions from foundational technology to application development. Our new product line includes decentralized identity (HashKey DID), compliant liquidity staking products (EPotter), STO infrastructure services, and Appchain node operations products. We aim to meet the diverse needs of our clients and provide top-notch services to the global market.