Neo (formerly known as AntShares) was created in 2014 and has often been referred to as ‘China’s first blockchain platform’. Neo is a smart contract ecosystem similar to Ethereum. It also has many protocols like NeoContracts, NeoVM, NeoX, NeoFS, NeoQS, etc. which perform different types of blockchain-based computing functions. Neo is able to achieve a higher transaction speed and be more efficient than Bitcoin due a consensus mechanism called Delegated Byzantine Fault Tolerance (dBFT)--as opposed to Bitcoin’s own Byzantine Fault Tolerance (BFT). Coupled with other optimizations, Neo claims to be able to handle 1,000 transactions per second with dBFT. In contrast, Bitcoin only handles about 3-7 transactions per second.
NEO and Ontology have been working together to build a smart contract ecosystem, NeoVM and NeoContract. NeoContract provides the smart contract infrastructure rich with various functionalities, while NeoVM serves as a decentralized virtual machine, developed with low-coupling architecture. Its potential utility holds the promise of decentralized computing, where NEO users can tap on for Machine Learning, video-rendering etc.
Like Ethereum and Ethereum Gas or VeChain and VeChain Thor, Neo uses a dual token model: NEO token (NEO) and Neo GAS (GAS). NEO is used for staking purposes and offers its holders voting rights in the NEO ecosystem. GAS is used to pay for items and services on the blockchain, such as generating smart contracts.
Both NEO and GAS are capped at 100 million tokens each. NEO is indivisible while GAS can be divided. NEO holders receive GAS just by holding NEO in an eligible wallet. GAS is generated at a rate of 8 GAS per block with rate of production decreasing by 1 for every 2 million blocks generated. It is estimated that, around 2039, all 100 million tokens will be released and no further GAS will be created.
Simply keep NEO with us and GAS earned will be credited automatically after 14:00 (daily payout). The cycle starts around 14:00. Be sure to deposit with us before 14:00, in order to gain GAS the following day.
User GAS = Total Gas in the market * proportion of NEO owned
Proportion of NEO owned = amount of NEO owned / total NEO circulating in the market
Yes, Cobo will take a small administrative fee out of the total GAS:
For GAS < 0.1, there will be no Administrative Fee.
For GAS between 0.1 and 5, there will be a 0.05 GAS charged.
For GAS more than 5, there will be a 5% of the total GAS charged.
Cobo distributes GAS every day around 14:00 (GMT +8) to users’ Cloud Wallet accounts for NEO stored in the Cloud Wallet in the last 24 hours. The amount of NEO for each user is calculated via a random snapshot at any time within the last 24 hours.
No rules, simply get rewarded when you store NEO on Cobo Wallet!