Blockelite X NEO AMA Recap

Blockelite X NEO AMA Recap

Thank you to everyone who joined AMA Blockelite x NEO on 8th September at 01:00 PM UTC I 08:00 PM (UTC+7). Here is the recap for those who missed this AMA.

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Yuno – Blockelite Host: Hello fellow Eliters and welcome to another Blockelite AMA Series
So ladies and gents, Our special guest today is John Wang – Director of Ecosystem Growth
Hello @johnwang303 , welcome to Blockelite today

John Wang – Director of Ecosystem Growth: hi to Blockelite community

Yuno – Blockelite Host: Thanks for joinning today :))
How are you today ?

John Wang – Director of Ecosystem Growth: hi to Neo fans from Vietnam!
Glad to be here

Yuno – Blockelite Host: me too 🙂
On to the Segment 1 of our AMA, we hope you’re ready for the next few questions coming at you!

John Wang – Director of Ecosystem Growth: Yes sure

Yuno – Blockelite Host: Our guest is ready, we will enter Segment 1 right now !!!
Q1: Can you please introduce yourself and share a quick overview of NEO?

John Wang – Director of Ecosystem Growth: My name is John Wang. I’m the head of Neo Ecosystem Growth. I have many years of experience in supply chain management consulting, and several successful entrepreneurial experiences. I’m currently responsible for Neo ecosystem development. I’ve been working at Neo for about 4 years.

First founded in 2014, Neo is an open-source community driven blockchain platform.
It is the most feature-complete blockchain platform for building decentralized applications. Neo enables developers to digitize and automate the management of assets through smart contracts. It also provides powerful native infrastructures such as decentralized storage, oracles, and domain name service, creating a solid foundation for the Next-Gen Internet.

Yuno – Blockelite Host: Thank you, for your introduction, our pleasure to have you join us today
Next question
Q2: Neo N3 mainnet has just been launched recently, how has the ecosystem of NEO been changed?

John Wang – Director of Ecosystem Growth: Well the ecosystem didn’t change much, but the technology and tokenomics changed

Let me introduce the tokenomics here and tech later in this AMA

We have a new economic model. We have new on-chain governance. For example, within Neo Legacy, you didn’t need to do anything. You can earn GAS by simply holding NEO token, which is not the best way to participate in the ecosystem. So the participation rate of governance in Neo Legacy is pretty low. So we decided to change it, we decided to give incentives to the voters.

So from Neo N3, you have to vote for the “correct” community member. A “correct” member means the one chosen by majority. Only if you vote for the correct community member, you’ll get awarded. And there will be 21 council members. These 21 council members will decide different parameters of the blockchain, of the protocol.

The voting can be done on this page: https://governance.neo.org/

and maybe you can pin the main links?
Guide to Governance: https://www.youtube.com/watch?v=qEMg9MzziqY
https://neo.org/gov
Guide: how to migrate NEO and GAS to Neo N3: https://www.youtube.com/watch?v=_uXsm808oLU&t=47s
https://neo.org/blog/details/4244
http://migration.neo.org/

One of the new Neo N3 NFT games: https://t.me/tothemoonuniverse
Neo DEX Flamingo Discord: https://discord.gg/W3pQyrZx
https://twitter.com/neo_blockchain

NFT platform: https://t.me/ghostmarketio

N3 Collector’s Edition NFT blind boxes and airdrop
https://medium.com/@neo.smarteco/neoverse-is-here-ef8147dfbba3

Yuno – Blockelite Host: thanks for sharing =))
Q3: With the NEO N3 mainnet, what makes NEO more special than other blockchains and attracts more developers building on NEO N3?

John Wang – Director of Ecosystem Growth: With N3, there are a lot of new features, including some basic modules like NeoID, which is a decentralized identity solution, and a built-in Oracle. It enables any smart contract on Neo to have the ability to directly access the traditional Internet. So you can call a URL from a smart contract. In other words, the new protocol has the ability to give you authentic data feed from that URL. It basically connects the next generation Internet, web3.0 to the current Internet, the web2.0. So it’s like a bridge to connect these two worlds.

And we also have a new functionality called NeoFS, which is built by a team in Russia. NeoFS basically is a new version of Neo’s equivalent to IPFS and Filecoin. But you use GAS, the utility token in Neo to pay for storage. And it’s built into the new protocol. So you don’t need to access other protocols. So these are the new features. These features are useful both for users and developers at the same time.

Yuno – Blockelite Host: okay, continue with Q4
Q4: Can you introduction something about “Neoverse – a NFT mint and collection event together with all developer communities”? How to participate and own that NFTs?

John Wang – Director of Ecosystem Growth: We will do an airdrop (and there will be a sale of blind boxes. You will obtain a random N3 Element NFT by opening the blind box. After collecting all 9 types of N3 Elements NFT, you can generate 1 limited edition N3 NFT, crafted by famous NFT artists. Holders of these limited editions will obtain special user rights within the Neo ecosystem in a later stage.

Later you can trade these NFTs on our partner platform www.ghostmarket.io

Let me show you some previews

Different ones, depending on your taste, if you like more abstract one or more detailed ones.

Yuno – Blockelite Host: I like it =)
Oke, last question in segment 1
Q5: What’s the next big milestone that NEO is working towards?

John Wang – Director of Ecosystem Growth: The biggest milestone, or the biggest task we need to finish is to do the migration. Because basically, you can regard Neo Legacy and Neo N3 as two different blockchains. So we are going to migrate from Legacy to N3. It’s basically moving all the assets, smart contracts on a blockchain A to blockchain B. So that’s a big challenge. And I believe Neo is the first one to do it in the blockchain industry. And all the assets, we will do a migration of all the assets in the next few months. And also then, we will help developers at the same time, we will help developers to deploy, to modify and deploy the new projects on Neo N3. So the migration will be the biggest challenge and task that we are facing in the next few months.

And one of the biggest challenges among them is the communication with exchanges. Because recently a lot of exchanges are under huge pressure from the governments, it’s challenging to convince them to prioritize our migration procedure. I believe it will take a few months to finish all of these.

But we already have news from big exchanges supporting Neo N3!

Okex just did an announcement today.

Yuno – Blockelite Host: Perfect
We wrapped up nicely the first part
Are you ready for Segment 2 (5 best questions from twitter)?

John Wang – Director of Ecosystem Growth: Yes
Thanks

Yuno – Blockelite Host: Our guest is ready, we will start Segment 2 right now !!!
Q1: Is it genuine that there is a “”NEO Council”” in NEO? What is a Neo Council, precisely? Are individuals from the local area permitted to take part in this board? What is necessity to join?

John Wang – Director of Ecosystem Growth: This is similar to the earlier question, so let me repeat some parts
We have new on-chain governance. For example, within Neo Legacy, you didn’t need to do anything. You can earn GAS by simply holding NEO token, which is not the best way to participate in the ecosystem. So the participation rate of governance in Neo Legacy is pretty low.

So we decided to change it, we decided to give incentives to the voters. So from Neo N3, you have to vote for the “correct” community member. A “correct” member means the one chosen by majority. Only if you vote for the correct community member, you’ll get awarded.

You can see the list of Council Members here: https://governance.neo.org/#/ and how many votes each has received.

And there will be 21 council members. These 21 council members will decide different parameters of the blockchain, of the protocol. Very soon they will decide on Gas fees for certain transactions.

Oh and actually any organization can submit an application to be a council member, but they will need to attract enough votes.

Yuno – Blockelite Host: Thank you, next question
Q2: I read that regarding NEO N3 migration there is early bird phase. Can you tell us the advantages of users migrating in this phase? What are the requirements to migrate? Is there a deadline for migration?

John Wang – Director of Ecosystem Growth: Yes, sure. In short, it’s 1% bonus for migrating now. More details below:

Token holders who migrate between September 1st and October 31st may be eligible to receive a bonus on the migration of their NEO tokens. Bonuses will start at 1% and decrease over the two month period as follows:

1% bonus: 10:00, September 1st — 9:59, September 15th (UTC)
0.75% bonus: 10:00, September 15th — 9:59, October 1st (UTC)
0.5% bonus: 10:00, October 1st — 10:00, October 31st (UTC)
Please take note: As NEO is indivisible, the minimum token bonus you can receive is 1 NEO. This means you will need to migrate NEO in the following quantities to receive bonuses:

1% bonus: 1 bonus NEO per 100 migrated NEO
0.75% bonus: 1 bonus NEO per 134 migrated NEO
0.5% bonus: 1 bonus NEO per 200 migrated NEO
Migrating in quantities less than the above numbers will not net you a token bonus. For example, if you migrate 199 NEO during week one, you will only receive 1 NEO.

video guide and links:

https://www.youtube.com/watch?v=_uXsm808oLU&t=47s
https://neo.org/blog/details/4244
http://migration.neo.org/

Yuno – Blockelite Host: Next question
Q3: Do you have any YouTube channel or website for this project? From where we can learn something?

John Wang – Director of Ecosystem Growth: this is our news channel: https://www.youtube.com/watch?v=qEMg9MzziqY

and

and our official channel, with the video about Neoverse NFT blind boxes that you asked above!
https://www.youtube.com/watch?v=7Zs20WdJDf0

Yuno – Blockelite Host: Thanks for sharing
Next question
Q4: A lot of projects are integrated into DeFi, now regarding tokenomics of the 3% anti-whale measures, do you think 3% is enough to stop whales from dumping? How about measures in place for it not to affect the project if a major whales decides to sell?

John Wang – Director of Ecosystem Growth: I’m not sure about the 3%, but wanted to talk about DeFi. DeFi is a focus of Neo, and our flagship project is Flamingo.Finance

https://discord.gg/WA3vNn9H

Flamingo is an AMM similar to uniswap, of course with yield farming.

I wonder if any of you participated in the launch of Flamingo? It was a big event.

We will migrate it to Neo N3 too.

Yuno – Blockelite Host: Ok, last question of this segment, everyone please prepare good questions for segment 3.

Q5: What is the further plan for your Project in the next 6 months? Would you like to share with us some further more information?

John Wang – Director of Ecosystem Growth: It’s migration first, but then making voting work well and attracting more developers. We have an early adoption program for that.

Right now Neo is quite fast for L1 and have advantages like multi coding language support, so we have a promising future

Yuno – Blockelite Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
Last Segment for AMA today, The guests will select 5 best questions from the community.

John Wang – Director of Ecosystem Growth: Ok I’m ready

Blockelite Community:
The idea of NFT games are very hot currently and attract attention of many investors, but there are still the risks of being scammed or the final product not met the expectations of users. What you has to offer to keep those from happening?

John Wang – Director of Ecosystem Growth: Hi
Ok that’s a good question. Well first of all you can check what the project has delivered already, but also the background of the team. And finally which names are supporting the game?

For example, we have provided an Early Adoption grant to this ToTheMoon game, so Neo is kind of putting its name behind the team.
https://t.me/tothemoonuniverse
In this game you can own a piece of Moon, and then build things there, go for adventures and grow special moon creatures.

Some more images: https://tothemoon.net/

Blockelite Community:
Can you share Your opinion about Defi & NFT ? What makes your NFTs rate and special?

John Wang – Director of Ecosystem Growth: Hi
So for NFTs we can a couple of innovative ideas, including some projects that participated in our Neo Launchpad Hackathon, they will build NFT renting; we also have GhostMarket.io

And let me quickly mention the Neoverse again

To celebrate the launch of the N3 MainNet, NGD is launching Neoverse — an NFT mint and collection event together with all developer communities. Users from all over the world are welcome to participate. The Neoverse N3 Collector’s Edition NFTs are not only invaluable collectibles but also carry various “VIP” privileges within the Neo ecosystem, further activating the growth of the N3 ecosystem.

First you have to collect 9 “elements”, each representing unique Neo feature:

And then you can mint one of the special art pieces prepared for this occasion

Such as this one:

How to Participate?
N3 Element NFTs: 9 pieces, 3,000 of each — 27,000 in total.
How to obtain: open any blind box to obtain a random piece
9,000 blind boxes to be airdropped via events hosted by Neo, Neo ecosystem projects, and Neo partners starting from 2nd September.
18,000 blind boxes are available for purchase via the official Neoverse website starting from mid-September.
Market trading of NFTs will be available at Ghostmarket from mid-September.

Follow Neo on Twitter and Telegram to know when the airdrops will happen!

Blockelite Community:
Can you share your fundraising situation and how your private and public offering tokens are distributed? And what are the plans for the next IEO? What should we prepare if we want to participate?

John Wang – Director of Ecosystem Growth: We will have an IDO platform on our DeFi flamingo.finance

Blockelite Community:
The biggest DeFi needs are that of interoperability, providing cross chain interactions and multiple blockchains, how does yield achieve this?Do users need KYC to enjoy all the awesome features of yield?

John Wang – Director of Ecosystem Growth: KYC is not needed for most cross-chain projects

In the space of cross-chain, together with our partners we have developed Poly Network, a promising cross-chain bridge, that already has provide 3 bln usd in transactions! It supports Neo and other chains now.

The Telegram group is here: https://t.me/polynetworkgroup

Blockelite Community:
The crypto industry is a fast-paced industry, how flexible is your Project to change quickly and keep pace with technology trends? What is your long-term vision for the forecasting industry in which the your Project project operates?

John Wang – Director of Ecosystem Growth: We are quite flexible, an example of that is the fact that we are launching Neo N3, which starts from a new block, so it’s quite a lot of work to migrate, but it’s important to do it because it makes some important upgrades such as replacing the outdated UTXO system.

Blockelite Community:
Do you have a coin burn / buyback system or do you plan to increase the value of those token burn tokens and attract investors to invest?

John Wang – Director of Ecosystem Growth: We don’t have a buyback or burn, but Neo is generating GAS, though in N3 you’ll have to vote to receive that GAS. Please follow our project!

Yuno – Blockelite Host: Thank you for joining today AMA! It was awesome!

Thank you for inviting me to your community!