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 OneGate 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 OneGate Wallet?
OneGate is a secure non-custodial wallet that allows to securely store Neo ecosystem assets and access various N3 dApps.
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.
Step 1: Creating OneGate Wallet
Visit OneGate and download the app. Open the app and tap “Create a new wallet”.
Pick a name for your wallet and tap “Continue”.
Write down and verify a recovery phrase as suggested by OneGate. This phrase will later be used to access your wallet.
Create a password for your wallet.
Wallet successfully created! Deposit some NEO and GAS tokens on your address to start participating in the N3 Governance dApp.
Step 2: Voting
Tap “Store” on the lower panel and open the N3 Governance dApp.
Scroll down the Governance page and find a candidate you’d like to vote for in the candidates list.
Tap on your candidate. Here you can learn more about the node candidate and vote. Tap on the big green “Vote” button.
Governance dApp will show the estimated 24 hr GAS generation while voting for the node candidate. Confirm your vote by tapping “Vote Now”.
Tap “Continue” to sign the transaction. A small GAS fee will apply, but your NEO tokens will stay in your wallet and won’t be sent anywhere.
All done. Just wait for a few seconds and refresh/reopen the Governance page. It will now show your current vote and the estimated 24 hr GAS generation.
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.
