In an effort to improve the affordability and efficiency of its blockchain, the Neo Council has approved significant reductions in network and system fees on the Neo N3 MainNet. This strategic adjustment is a direct response to feedback from the ecosystem projects that form a critical part of the Neo blockchain operation.
The revised fee structure introduces several substantial changes. Notably, the execution fee factor has been slashed from 3 to 1, and the storage fee factor has been cut from 10,000 to 1,000. Additionally, the network fee per byte has been lowered from 0.000001 GAS to 0.0000002 GAS.
To put these changes into perspective, a simple GAS transaction that formerly cost 0.01121327 GAS in fees will now cost a mere 0.002537974 GAS. This represents a reduction of almost five times, making such transactions significantly less expensive.
The process of adjusting fees on the Neo blockchain is not a unilateral decision but rather a democratic one, requiring a vote from the Neo Council. This council comprises 21 members who have been elected by NEO holders. In order for changes to be enacted, a multisig transaction must be generated by the council. This transaction only becomes valid once it has been signed by at least 11 council members.
The multisig transactions pertinent to the fee reduction can be accessed through the links provided.
As well as reducing fees, the Neo Council disclosed that the Core Developer group is actively working on major upgrades aimed at enhancing network performance. These upgrades are specifically designed to bolster Neo’s competitive standing within the rapidly growing Layer 1 and Layer 2 blockchain ecosystem.
This move by the Neo Council is a clear indication of their commitment to continual improvement and adaptation. By reducing fees, they have made the Neo blockchain more accessible and cost-effective for users. Moreover, the ongoing work on network upgrades demonstrates their dedication to keeping their technology at the cutting edge of the blockchain industry.
For more information on these changes, the original announcement can be found at the link provided.
This latest development marks an exciting new chapter in the evolution of the Neo blockchain, offering a more affordable and efficient system for users, and promising further enhancements in the future. It underlines the Neo Council’s commitment to respond to user feedback and their willingness to adapt in order to maintain their competitive edge in the ever-evolving landscape of blockchain technology.
