The NEO Council has approved a reduction of network and system costs on the NEO N3 Mainnet. The adjustment is intended to make the blockchain cost -effective and efficient and to respond to feedback from ecosystem projects.
Reimbursement reductions
The updated tariff structure contains the following changes:
- Factor Implementation costs: Lowered from 3 to 1
- Storage factor: reduced from 10,000 to 1,000
- Network costs per byte: reduced from 0.000001 gas to 0.0000002 gas
With these changes, a simple guest transaction that previously cost 0.01121327 Gas in reimbursements now only cost 0.002537974 gas, making such transactions almost five times cheaper.
Decision process and administration
Adjusting the costs on the Neo-Blockchain requires a vote from the Neo Council, a 21-person administrative body chosen by NEO holders. To make changes, the Council must generate a multisig transaction that becomes valid once 11 signatures are collected.
The multisig transactions regarding this reimbursement reduction can be found below:
- htts
- htts
- htts
Future networkup grades
In addition to the reimbursement reductions, NEO noted that the Core Developer Group is actively working on important upgrades that are intended to improve network performance. These improvements are designed to strengthen NEO’s competitive position within the expanding layer 1 and layer 2 blockchain ecosystem.
The original announcement can be found on the link below:
https://neo.org/blog/details/4318
Credit : cryptonews.net
