NEO Global Development (NGD) has just begun Phase One of its EcoBoost program. First unveiled at Consensus 2019, the fund will put aside $100M in the first round to support developers and growth within the ecosystem.
NEO is boosting funding for developers in anticipation of next year’s NEO 3.0.
The program will put the money towards long-term goals to grow the altcoin’s ecosystem. These developments will include dApp support, infrastructure development, and expanded institutional partnerships.
The efforts match founder Da Hongfei’s belief that “without an ecosystem, [NEO] is useless… it’s just a bunch of technology.”
EcoBoost: Starting Phase One
NEO’s EcoBoost program will be rolled out in a series of phases. The ultimate purpose of the endeavor will be to establish long-term partners.
Phase Two of the EcoBoost program will focus more on recruitment, especially for developers.
The team stresses that the fund is available to all projects — regardless of what stage of development they are in. All projects, whether in the seed phase or as mature candidates, are eligible for funding.
Recipients of funding will be given support for the full life cycle of the project — including promotional help and tech assistance.
Gearing Up for NEO 3.0
The EcoBoost fund comes at a time when NEO has been accelerating efforts to meet its 2020 deadline for the next installment of the network: NEO 3.0.
NEO 3.0 will feature faster speeds, more security, and will even require a token swap — since the entire network will be migrating.
The market has responded positively to the news, with the altcoin gaining significantly in the past few days.
Although still a far ways away from its all-time high, the expanded funding through EcoBoost should put away any doubts about NEO falling behind to its competitors. The altcoin has rallied by around 12 percent at the time of writing, since the news was announced on June 14.
As NEO 3.0 comes closer to release, we can expect more institutional partners and development projects to come on board in the near-future.
Do you believe NEO 3.0 will push the project to new heights and bring more partners on board? Let us know your predictions for the altcoin project in the comments below.