neo
Neo N3 Voting Guide: Using NeoBurger to increase your passive GAS rewards even more!
In this guide, we will push the GAS rewards even further by using the NeoBurger.io dApp to optimize the voting strategy for maximum efficien
MAR 14, 2022
Table of Contents
What is NEO?
What is NeoBurger?
Why Vote with NeoBurger?
How to vote with NeoBurger
Conclusion
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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 NeoBurger.
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 NeoBurger?
NeoBurger is a Neo-based dApp, aiming to optimize the Neo Governance voting strategy for maximum efficiency.
We recommend reading our previous guide first to get familiar with the GAS rewards system, O3 Wallet installation process, and the N3 governance voting concept. The guide is also available in video format.
Why Vote with NeoBurger?
When you vote for Neo Council, it is always more profitable to vote for the least popular candidate in the top-21 list, since you’re sharing the generated GAS rewards with a smaller group of people. But the number of votes for each candidate changes every day and the least popular candidate that you voted for yesterday can easily become the most popular candidate tomorrow, making you share GAS rewards with a larger group of people.
NeoBurger avoids such inefficiencies and provides a stable high reward rate for its participants by utilizing a variety of complicated mathematical mechanics described in their doc.
To start participating you simply need to swap your NEO to NeoBurger’s bNEO tokens. The bNEO is a standard NEP-17 token with 8 decimals and it can be minted from NEO and redeemed to NEO 1:1, allowing you to transact with smaller bits of NEO (e.g. 1.001 bNEO, 20.00005 bNEO).
How to vote with NeoBurger
Open the O3 wallet app and log into your account. (The O3 Wallet installation guide can be found here).
Visit the NeoBruger.io website and click “Connect Wallet”. From the list of wallets choose the O3 wallet.
The O3 app will ask for access confirmation. Select your wallet and click “Connect”.
Scroll down the page. Enter the amount of NEO to swap. Click “Swap”.
The O3 Wallet will once again ask to approve a transaction. Click “Approve”.
All done! You can now see the bNEO tokens in your O3 Wallet assets list and passively earn more GAS rewards. The rewards will automatically accumulate while you’re holding bNEO.
To claim your rewards, simply click “Claim”.
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.
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Disclaimer
Everstake, Inc. or any of its affiliates is a software platform that provides infrastructure tools and resources for users but does not offer investment advice or investment opportunities, manage funds, facilitate collective investment schemes, provide financial services or take custody of, or otherwise hold or manage, customer assets. Everstake, Inc. or any of its affiliates does not conduct any independent diligence on or substantive review of any blockchain asset, digital currency, cryptocurrency or associated funds. Everstake, Inc. or any of its affiliates’s provision of technology services allowing a user to stake digital assets is not an endorsement or a recommendation of any digital assets by it. Users are fully and solely responsible for evaluating whether to stake digital assets.
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