Neo’s unique dual token mechanism separates the rights to govern and the rights to use the network. You can vote in Governance with one token ($NEO) and pay transaction fees with the other ($GAS). This system shares the right to manage and use the blockchain. It also provides a means of acquiring the tokens – voting.
This guide will show you how to passively acquire much more GAS tokens with O3 wallet.
What is NEO?
Neo is an open-source community-driven blockchain platform. Neo was one of the first blockchains to support smart contracts. The initial Neo Smart Economy aimed to automate the management of digital assets through smart contracts, with the eventual aim of building a distributed network-based smart economy system.
What is the O3 Wallet?
O3 Wallet is a non-custodial and multi-chain wallet with a friendly interface and high security, aiming to build a leading crypto wallet for exchanging, staking and safely storing crypto assets.
Why Vote with NEO?
Every new block, 5 GAS tokens are minted and split between three groups:
- 10% goes to Neo Token Holders.
- 80% goes to Voters.
- Another 10% goes to Council Members.
As you can see, Voters receive the biggest share of Gas tokens. Voting on NEO N3 is hugely beneficial as it allows you to earn much more rewards, than if you simply let your NEO tokens sit in your wallet.
How to Create a NEON Wallet?
Visit O3 Wallet and click “Download on the App Store” if you’re on a Mac or “Get it on Windows 10” if you’re on a Windows PC. It will redirect you to either Store, where you can safely install the app.
After installation, open the app and click “Create New Wallet”.
Pick Neo N3 from the available networks and click “Next”
Name your wallet and set up a passphrase, which will later be used to access your wallet and sign transactions.
O3 Wallet will offer to backup the private key. We recommend doing it immediately as this key is crucial to accessing your Wallet in the future. But there’s also an option to backup it later.
Now you can top up your Wallet and access various Neo dApps with it, including the Governance Voting dApp.
How to vote
Step 1: Connecting Wallet
Visit Neo Governance page and click “Connect Wallet”
Choose the O3 Wallet.
N3 Governance dApp will request permission to connect, click “Connect” and enter your passphrase to approve and continue.
The wallet is now successfully connected and you can see your Neo and Gas balance, Candidate Selection and Est. 24Hr Gas Generation, which is greatly reduced when no candidate is selected (near 0 in this case). Let’s fix that!
Step 2: Casting a Vote
Scroll down the page and click on Everstake. Click “Vote”.
A voting window will pop-up. Make sure you have some Gas to cover the transaction fees and click “Vote Now”
Approve the transaction.
All done! Now you can return back to the main page and see your updated Gas Generation calculations.
Conclusion
Everstake is a validator for over 50 blockchains and has a dedicated team of community, DevOps, and R&D specialists. You get your blockchain community representative with Everstake.
Feel free to contact our Neo Blockchain Manager on Twitter.
