Farewell to the Era of Founders, Neo Embarks on a True Restructuring
Neo, a public blockchain launched in 2014, is undergoing a major governance restructuring to resolve long-standing structural issues, including founder conflicts, opaque finances, and centralized control. A new proposal by co-founder Da Hongfei aims to fundamentally reform the Neo Foundation by decentralizing decision-making and asset control.
Key reforms include establishing a unified on-chain and off-chain governance framework, introducing a staking-based voting mechanism with a 180-day lockup to discourage speculation, enabling fractional NEO tokens for broader participation, and redistributing a significant portion of the foundation’s assets—approximately 26 million NEO and 40 million GAS—back to the community through a "Giveback II" program. The foundation will relocate to the Cayman Islands under a new legal structure with a five-member board and an independent supervisor, explicitly barring founders from holding board seats for the first two years.
This overhaul seeks to transition Neo’s governance from founder-dependent to community-driven, enhancing transparency, accountability, and long-term sustainability. If successful, it could set a precedent for other mature crypto projects facing similar governance challenges.
marsbit04/14 07:24
