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Update to Neo website: Early bird Migration and management is now underway

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As of today, users can begin migrating NEO and GAS from NEO Legacy to NEO N3. NEO holders can also begin to participate in governance in order to receive GAS rewards.

Neo Official website Update: Early Bird Migration and Governance Now Underway

Source: Neo

The migration

Participating in the first wave of "early bird migration" has its pros and cons. Token holders interested in participating in the Early bird Migration are invited to read the following carefully and weigh in for themselves.

1. The main advantage of participating in early bird migration is that it can participate in voting governance as early as possible

According to Neo N3's new economic model, 80% of the newly minted GAS will be allocated to Neo holders who successfully vote for Neo Council members. Because fewer NEOs are used to vote during the early bird phase, each voter may be allocated more GAS than the usual GAS generation level.

2. Not all wallets immediately support migration or voting

It will still be some time before universal support for migration and voting becomes available in all common Neo wallets. Currently, the NeoLine Chrome plugin wallet and O3 Desktop Wallet are available.

3. The trading platform does not support Neo or GAS trading on Neo N3

Like the wallets above, the Neo N3 will still take some time to gain widespread trading platform support. If you migrate a token from Neo Legacy, you cannot migrate it back. This means that you won't be able to trade the migrated token until the exchange platform supports Neo N3.

4. You will not be eligible for additional migration incentives

The mass migration phase is scheduled to begin on 1 September and will provide wider ecological support. The token migration incentive program will run concurrently, rewarding neOs with a maximum of 1% of the number of migrations. If you participate in early bird migration, you are not eligible for this incentive.

If you already know this and still want to participate in the early bird migration, you can check out neo.org/migration for more information on migration channels and user guides.

NGD has developed a portal for migration, which you can connect to via the NeoLine Chrome plugin wallet and O3 Desktop Wallet. Other wallets will start in-app migration soon.

Nep-5 tokens on Neo Legacy require the contract owner to create a new NEP-17 contract on Neo N3 when migrated. The token holder should seek information on the migration plan and schedule from the project party. The NEP-5 project is not expected to participate in the migration during the early bird phase.

One more thing to note: We previously told you that when users migrate less than 10 NEOs or 20 GAS, they will have to pay a 1 GAS fee. This fee will be collected from GAS on Neo Legacy to pay for transactions on N3. One more thing to add here: at the time of transaction, according to the calculation, it is highly likely that your actual commission will be less than 1 GAS.

vote

As of today, Neo holders who have migrated their tokens to Neo N3 can begin participating in governance.

On Neo N3, Neo holders have the right to participate in the management of the Neo blockchain by electing a 21-member Neo Council. The Neo Council will consist of seven consensus nodes responsible for providing services, maintaining network stability, and adjusting key blockchain parameters, along with other council members.

NEO holders receive a GAS incentive after successfully voting for a council member. Anyone can register as a council candidate free of charge. This is an important step in the decentralization of Neo.

The Neo Foundation has selected initial Neo council members, including seven NF nodes, four NGD nodes, and ten community-run nodes. The initial Board members were elected by the Neo Foundation with its own Neo vote, ensuring a smooth transition from Neo Legacy to Neo N3.

As a NEO holder, you have the right to vote for any NEO Council member you like. Of course, when making governing decisions, you should vote for the candidate you feel best represents your values.

NGD has developed a portal for governance, and you can vote by connecting to the NeoLine Chrome plugin wallet or O3 Desktop wallet. Other wallets will also support the portal soon.