Hong Kong - Today, Neo, an open-source, community-driven blockchain platform, welcomes HashKey Cloud, a leading provider of global Web3 infrastructure, as a member of the Neo Council. As a member of the HashKey Cloud, HashKey will provide market expertise to help drive the growth of the Neo ecosystem.
Commenting on joining the Neo Council, Leo LI, CEO of HashKey Cloud, said: "We are excited about the opportunity to work with Neo, a pioneer in the blockchain space. This partnership reflects our shared commitment to advancing blockchain technology and providing world-class infrastructure services to the global community."
This significant addition means that HashKey Cloud will be among the 21 council members responsible for maintaining the health and vibrancy of the Neo network, strengthening the strategic collaboration between the two entities. This will see HashKey pool its knowledge and resources with twenty other Council members to future-proof the Smart Economy network by ensuring it meets the highest standards of security, innovation and functionality.
Da Hongfei, founder of Neo, commented on this new development: "The addition of HashKey Cloud to the Neo Council is a testament to our commitment to fostering 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.
HashKey Cloud will be tasked with key network responsibilities, including setting blockchain parameters such as system fees and electing oracle nodes. HashKey Cloud will join other notable industry pioneers on the Neo Council, including Binance Staking, Flamingo Finance and COZ. The top seven council members also serve as consensus nodes, playing a critical role in processing transactions on the Neo network.
Neo is steadily working towards becoming a more decentralized blockchain through its on-chain governance mechanism, which is structured around a dual token voting and reward system. A summary of the Neo Council's role in Neo's governance mechanisms includes
The Neo Council, an integral part of this mechanism, is a body of 21 council members elected 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 elect the candidates they believe can best represent their interests and contribute to the health of the Neo network. Each NEO token represents one vote. GAS tokens are awarded to successful voters (who vote for elected Council members), Council members, and general NEO holders.
Currently, the Neo Council is composed of industry leaders 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.
