Hong Kong – July 25, 2024 – Neo, an open-source, community-driven blockchain platform, announced the launch of its sidechain Neo X mainnet and announced its $20 million ecosystem funding program, the Elevate Program. The program is designed to help projects start development on the Neo X chain. The Elevate Program will support innovative projects deployed on Neo X to inspire the future of the digital economy. This funding will support developers to develop a range of new applications for Neo X, and also serve as a bridge between the Neo N3 blockchain and the widely adopted EVM-based blockchains. Neo X is compatible with EVM and protected against MEV (maximum extractable value), and is the latest chapter in Neo's technological advancement.
The Neo X mainnet inherits the delegated Byzantine Fault Tolerance (dBFT) consensus mechanism of Neo N3. While being compatible with the Ethereum Virtual Machine (EVM), the Neo X mainnet node is based on the v1.13.11 version of the Geth node, which currently supports the Shanghai fork in the newly added fork list of Ethereum. The native cross-chain bridge serves as an interoperability layer between Neo N3 (NeoVM) and Neo X (EVM), enabling seamless transfer of assets and data.
Neo X will rapidly iterate and deploy unique features to the network, such as a mechanism to defend against malicious MEVs, including sealed transactions and dBFT consensus improvements. The Neo team is currently stress testing this mechanism in preparation for its smooth deployment to the network in the near future.
“Neo X aims to be the preferred blockchain platform for creating decentralized applications and a secure smart economy, and the gateway to the Neo ecosystem,” said Da Hongfei, founder of Neo. “By focusing on empowering the community, developing advanced technical tools, and maintaining high security, Neo X combines our tradition of innovation with the latest advances in blockchain technology to meet the needs of users around the world. Now that the Neo X mainnet is live, these tools are open to everyone. We hope that the Elevate Grant Program will incentivize projects to develop the next generation of decentralized applications (dApps) on Neo.”
The $20 million Elevate Ecosystem Funding Program is divided into two parts: the Elevate Grants Program and the Elevate Investment Program. Depending on the project's business type, Neo X's Elevate Grants applicants can apply for "Genesis" or "Partnership". The Genesis track is designed for innovative projects in the early stages that will contribute to the strength and prosperity of the Neo ecosystem, while the Partner track is designed for mature core infrastructure projects that are already running on other EVM networks. In addition, the Elevate Investment Program also provides a package of investment funding of up to $500,000 for mature projects that can drive the development of Neo X and have strategic advantages.
In addition to the Elevate Grant Program, Neo plans to organize a series of online and offline events to build and deepen connections with Web3 developers and entrepreneurs in multiple countries and regions. These events include the Ambassador Program, WebX Tokyo, Korea Blockchain Week Seoul, Token2049 Singapore, and hackathons.
Before the mainnet launch, the Neo X ecosystem has gathered more than twenty Web3 projects that will integrate the chain and develop it, including Web3 infrastructure builder SubQuery, decentralized artificial intelligence infrastructure provider Phoenix, and Web3 game project ZeroX.
Projects applying for the Elevate investment program or seeking technical collaboration can submit proposals directly to the Neo EcoFund by emailing neox@neo.org.
About Neo
Founded in 2014, Neo is a community-driven open-source blockchain platform that welcomes developers to explore the smart economy. By helping developers digitize and automate asset management using smart contracts, Neo is committed to realizing an optimized digital world for the future. As the most developer-friendly blockchain, Neo seamlessly integrates the world's most widely used programming languages and tools, and provides the most comprehensive blockchain platform for building full-stack decentralized applications to meet developer needs to the greatest extent possible. At the same time, Neo has native support for powerful infrastructure, including decentralized storage, oracles, domain name services, etc., which is an ideal foundation for developers to build the next generation of the Internet.
Neo X is a sidechain of Neo. Neo X is compatible with the Ethereum Virtual Machine and can protect users from malicious MEV at the protocol level. It is the most convenient and secure choice for developers and users to enter the Web3 field.
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