NEO Sets Aside $11 Million NEO for 2020 Operations

On March 25, the Neo Foundation announced the release of funds to aid the continuity of its operations in the coming financial year. A total of 1,660,865 NEO tokens were released (worth approximately $11 million), with 27,800,303 NEO (approximately $190 million) still available.

Neo Foundation also revealed in its blog post that its financial review for 2019 was now complete. It planned to release the annual report to the general public soon.

Furthermore, the foundation published a transaction ID showing that the tokens were sent to an address containing over 14.6 million NEO, (worth approximately $100 million). Incidentally, the Neo White Paper has a provision to spend annual funds not exceeding 15 million tokens.

According to the blog post, the transfer of these tokens took place from the locked account to the current account. The blog post also pointed out that fund utilization would focus on NEO’s technological development, ecosystem growth, community expansion.

Reports indicated that the transfer seemed to imply that the foundation’s funding pool was deeper than the one contained in the first wallet. There were also indications that the address to which the transfer happened might not be an exchange address. The sparse transaction history seemed to support this idea. However, it was possible that it could be the exchange’s cold wallet.

Improving NEO platform

NEO, formerly known as AntShares, is an open-source blockchain platform. Ever since its rebranding in 2017, the platform has reportedly worked with a vision to manage and issue digital assets by utilizing blockchain technology. Its aim has been to create a friendly, smart and decentralized economy.

Besides, the platform is currently shifting focus towards mainstream applications, though it still supports tokens. As seen in its programming processes, the platform supports traditional programming languages such as C++ and JavaScript, rather than custom languages like Solidity.

Notably, the blockchain platform utilizes a distributed Proof of Stake (dPoS) consensus mechanism. It has the capability to support up to 10,000 transactions per second. Due to its focus on relaunching its blockchain for NEO 3.0, the platform has been operating quietly of late.

However, recently, world-renowned 3D racing game, 0xRacers became a member of the NEO blockchain ecosystem. This reiterates the notion that the application of decentralized technology to the gaming industry is becoming a fast-rising trend.


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