The Neo Foundation announced on March 25 that they have released the necessary funds to continue operating for the 2022 Fiscal Year (FY). A total of i,660,865 NEO worth approximately $11 million was released, with 27,800,303 NEO ($190 million) however remaining.

Co-ordinate to its blog post, the Neo whitepaper allows the Foundation to sell its pale of NEO to "support Neo's technological evolution, ecosystem growth, customs expansion."

The transaction ID published by the foundation reveals that the tokens were sent to an address that contains over 14.half-dozen 1000000 NEO, worth $100 million. The announcement reads that the tokens were transferred from the "locked account to the current account," which would imply that the foundation has an even deeper funding pool than the one contained in the first wallet.

While the sparse transaction history seems to exclude the possibility that it is an exchange address, it could also be the exchange'due south cold wallet. Neo Foundation representatives did not immediately answer Cointelegraph's inquiries on the matter.

The foundation as well revealed that it completed the financial review for 2022, with an annual report to exist "released shortly" to the community.

Background on Neo

Neo, originally known every bit AntShares, is a blockchain platform based on BFT, a distributed Proof of Stake (dPoS) consensus algorithm.

While it also supports tokens, the platform appears to be shifting its focus toward mainstream applications. This is too seen in its programming environment, which supports traditional languages such as C++ and JavaScript, every bit opposed to custom languages like Solidity.

The project hasn't often been in the spotlight recently, every bit it focuses on relaunching its blockchain for Neo 3.0. In early 2022, roadmap predictions placed its launch in Q2 2022.

NEO co-founder, Da Hongfei, focused on the importance of blockchain at Blockshow Asia in improving the Internet's data privacy, suggesting that this a potential evolution direction for Neo.

In September, Neo joined Microsoft'southward .NET Foundation every bit the first blockchain member.