Topic: | NEO Smart Economy⚡Now a Top 10 Cryptocurrency⚡| Official Thread |Updated Aug10 - page 199. (Read 241421 times)

Thanks from my side as well. All clear now!

Thanks EleanorZ for your explanation, for me it was unclear what the benefit of holding NEO will be after all the GAS is generated, but implementing Fees on transactions and share them to the NEO holders makes sense.

Gas is roughly the equivalent of ETH in function, in that users use GAS to deploy and run smart contracts. NEO is equivalent to shares in a company, which explains why it isn't divisible; it has no 'smart contract' function of its own. Each NEO generates GAS at a declining rate over 22 years, ultimately resulting in a 1:1 ratio of GAS to NEO. After 22 years, no more 'new' GAS is created. As 'shareholders' in the NEO network, NEO holders will eventually also receive a reward, in re-distributed GAS, for transactions taking place on the NEO network. This feature is not yet implemented, but when it is, the amount of GAS they receive will be a function of 1) how many NEO they hold and 2) how many transactions are taking place on the network. In theory, if the NEO network is successful, these rewards will more than compensate for the declining generation of 'new' GAS over time. Thus, there is always an incentive to hold NEO and receive GAS dividends (again, assuming the network itself is successful).

So, you need GAS to deploy contracts. GAS is the utility token. But you need NEO to generate GAS in the first place, and to collect a portion of fees on the network.

As a separate matter, users will be able to run network bookkeeping nodes at a cost of 1000 GAS. In theory, these nodes can charge whatever fees they want for the service they provide, but of course network users will choose the cheapest option available. Thus, in practice, bookkeeping nodes will likely charge very little, or perhaps even nothing. There will be little financial incentive to run a bookkeeping node; those who run them will do so mostly for the benefit of the network (e.g., a bagholder might want to run a bookkeeping node to help ensure network health and protect their own investment).

for you to earn gas, you need to keep your NEO on your wallet else you won't earn gas incentives. for you not to sell your NEO, hold it and earn gas - look at it that way. but they are not done yet, NEO is a platform, sooner there will be more blockchain projects involving NEO platform just like  ETH.

NEO chart looks oversold here :-D buy/hodl weeee

NEO seems good

What is the purpose of the gas incentive, how does that contribute to the smart contract system?

LOL

Which tweet are you talking about?

The one about the NEO Devcon? The DEV competition hosted by NEO and Microsoft or the one about the NEX (Neo Exchange)?

Or the one from Malcolm?

Your name fits you perfectly. It was a rumour. No Gas from Bittrex. Kucoin (daily) and Binance (monthly) only.

what news you talking about?

That is some very interesting news! I'm a proud NEO hodler, and very sure the only way is up!!

I've got some late but very interesting news from the latest AMA of PROJECTICO on neonewstoday: To give citizen of USA, China etc. (ICOBanned Countries) the opportunity to join blockchain-projects from the very first beginning the SAFT (smart contract developed by NEO) is a new way of Investing... So actually the game-changing News of rejecting the ICO-Ban came on monday... the only problem - no-one has read it due to huge amount of rumor and fud! here the source: https://neonewstoday.com/general/projectico-ama-recap/

Yea, NEO is a strong project and I like the way they work, actually a bit disappointed about their PR last week, but I think they will learn from it. In any way, as a blockchain platform it looks even better than ether, so maybe it will reach this price one day, so yes, now is a chance to buy it cheap

Exactly. The "bad news" (FUD) will come and go, but Neo is here to stay.

Take the price dip as an opportunity to pick up some cheap Neo while you still can.

We've only just begun, so fasten your seat-belt, sit back and enjoy the ride   

Has anyone already credited the Bittrex GAS?

Nothing. Its normal price for NEO at the moment. Dont worry. Keep your NEO, its a good project. Use some wallet which generates GAS and you will get additional 10% yearly.

There's some bad news going on about Neo and it's dropping. Anyone has any idea what's going on?

second variant

 Blockchains that Aim to Beat Ethereum

https://cryptostreet.co/eth-competition-blockchains-beat-ethereum/

Since it was created Ethereum has been an inspiration for many developers. Created by Vitalik Buterin, Ethereum’s purpose was to be a comprehensive platform that allows developers to build blockchain apps.

Today there are a lot of projects based on the Ethereum blockchain. But it is not the only existing technology that offers the possibility to host applications.

Buterin stated that he invented Ethereum because of the lack of options bitcoin was offering when he tried to create applications. But he also opened a door for other developers which are constantly raising the bar.

The Ethereum Foundation held an initial coin offering (ICO) in July 2014 during which they sold 60 million tokens. Shortly after other developers started to create technologies inspired by the immense success of Ethereum.

Here are some of the existing blockchains similar to Ethereum that are aiming to surpass it or improve the blockchain industry:

.............

ICO in China, a "little difference"