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OneGate voting guide: Neo N3 Governance in your pocket
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neo

OneGate voting guide: Neo N3 Governance in your pocket

OneGate can also be used to participate in the NeoBurger dApp. We will cover this process in our next guide.

APR 10, 2022

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”.

OneGate_create_a_new_wallet

Pick a name for your wallet and tap “Continue”.

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Write down and verify a recovery phrase as suggested by OneGate. This phrase will later be used to access your wallet. 

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Create a password for your wallet.

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Wallet successfully created! Deposit some NEO and GAS tokens on your address to start participating in the N3 Governance dApp. 

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Step 2: Voting

Tap “Store” on the lower panel and open the N3 Governance dApp.

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Scroll down the Governance page and find a candidate you’d like to vote for in the candidates list.

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Tap on your candidate. Here you can learn more about the node candidate and vote. Tap on the big green “Vote” button.

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Governance dApp will show the estimated 24 hr GAS generation while voting for the node candidate. Confirm your vote by tapping “Vote Now”.

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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. 

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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.

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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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Everstake

Content Manager

Everstake is the leading non-custodial staking provider, delivering audited, globally distributed infrastructure aligned with SOC 2 Type II, ISO 27001, and NIST CSF 2.0 for institutional and retail clients.

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Everstake 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 does not conduct any independent diligence on or substantive review of any blockchain asset, digital currency, cryptocurrency or associated funds. Everstake’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. All metrics displayed on the website, including without limitations value of staked assets, total number of active users, rewards rates, and networks supported, are historical figures and may not represent the actual real-time data.

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