NEO Staking FAQ: How to earn NEO GAS on the Neo Blockchain
NEO Crypto Staking FAQ: This article covers common questions asked about the NEO blockchain (NEO) and its related asset, GAS (GAS).
In this article
- What is NEO (NEO)?
- What is GAS (GAS)?
- How is GAS generated?
- How do I receive GAS?
- Where do I see the GAS received by my Exodus wallet?
- How do I claim and send the GAS in my Exodus NEO address?
- Can I use Exodus to vote for NEO consensus nodes?
- Will Exodus wallet receive airdrops of NEO tokens?
- Claiming GAS inside of your Exodus wallet
What is NEO (NEO)?
NEO is a blockchain whose development was started by founders Da Hongfei and Erik Zhang in 2014. The project raised Bitcoin in a two-stage ICO in October 2015 and August 2016. Originally known as AntShares, the blockchain rebranded to NEO in the summer of 2017.
Once nicknamed "Chinese Ethereum" because of its smart contract capabilities, NEO is indeed similar to Ethereum (ETH) as they are both programmable public blockchains with support for smart contracts. However, NEO's design and technology differ from Ethereum. This is most noticeable in its consensus mechanism (an adaptation of Byzantine Fault Tolerance, which offers finalized, irreversible transactions in a single block) and in its NEO/GAS dual-token economic model.
Additionally, NEO tokens are indivisible (they exist in whole numbers only). Although fractional NEO can be bought and sold on centralized exchanges, only whole NEO tokens can be transmitted on the blockchain and held in NEO wallets such as Exodus Wallet.
What is GAS (GAS)?
GAS is the secondary token on NEO ecosystem - it is used to pay for transaction fees for more complex transactions. It is also used to deploy and run smart contracts on the NEO blockchain. Unlike NEO, GAS is divisible and does not need to be a whole number.
Owning and holding NEO in your NEO wallet will generate GAS over time (passive income). NEO holders receive a small amount of GAS for each NEO held in their wallet.
How is GAS generated?
The maximum supply of GAS is the same as NEO: 100 million GAS tokens. However, the two are distributed differently. GAS is awarded to NEO holders in every block published by the NEO blockchain. It is estimated to take over 20 years for all of the GAS to enter circulation.
For the first 2 million blocks, 8 GAS was generated per block and distributed amongst NEO holders (at a rate of 0.00000008 GAS, per NEO held in an address, every block). The next 2 million blocks generated 7 GAS per block, along the following pattern:
- Block 0 - 2,000,000: 8 GAS/block
- Block 2,000,001 - 4,000,000: 7 GAS/block
- Block 4,000,001 - 6,000,000: 6 GAS/block (Current distribution rate is 6 GAS per block)
- Block 6,000,001 - 8,000,000: 5 GAS/block
- Block 8,000,001 - 10,000,000: 4 GAS/block
- Block 10,000,001 - 12,000,000: 3 GAS/block
- Block 12,000,001 - 14,000,000: 2 GAS/block
- Block 14,000,001 - 42,000,000, at which point all 100,000,000 GAS will have been distributed: 1 GAS/block
After GAS is fully distributed, NEO holders will still receive the recycled GAS spent to deploy smart contracts on the blockchain.
To find out more about what Annual Percentage Yield (APY) is and how to view the current APY for NEO and GAS, please check out this article: What is APY.
How do I receive GAS?
GAS dividends are automatically calculated and sent to NEO holders, who can claim them at their address from directly within Exodus wallet. You can also use this website to estimate the number of GAS you will receive based on your NEO holdings: https://neotogas.com
As block times are approximate and can vary with network conditions, the GAS received over time will differ from the estimates shown on this website.
Where do I see the GAS received by my Exodus wallet?
To see the GAS received by your Exodus wallet, all you will need to do is enable it from the settings menu. You can see how to enable assets in this article we wrote: https://support.exodus.io/article/101-how-do-i-enable-disable-assets-in-exodus
How do I claim and send the GAS in my Exodus NEO address?
If you have NEO in your address and have some GAS that you want to claim, you will need an initial amount of at least 1 NEO to start receiving your claimable GAS and cover the network fees. Send at least 1 NEO to your wallet to start claiming!
Can I use Exodus to vote for NEO consensus nodes?
Although NEO holders have voting rights, voting for consensus nodes on the NEO blockchain is not fully live yet. When the voting activity becomes more widespread, we will evaluate the feature for addition to Exodus.
Will Exodus wallet receive airdrops of NEO tokens?
This is similar to GAS - all airdrops sent to your address will still be stored on the blockchain, but Exodus will not be able to display them inside the wallet. You will need to use an advanced wallet to access them. Most but not all of these airdrops have no market value; it is advised to exercise caution when using your private key in another wallet.
Claiming GAS inside of your Exodus wallet
If you have generated some unclaimed GAS, in order to claim it all you need to do is head over to your NEO GAS wallet.
- Open up your Exodus wallet and head over to the Rewards app.
- Navigate to where it says NEO and then click on Get Reward.
- Then, click on Claim GAS Rewards
Just follow the on-screen prompts and you are done!
It is very similar, open up the Earn Rewards section by tapping on the Earn Rewards symbol in the top right of your NEO or NEO GAS wallet and just tap Claim:
It will take around 5 minutes for your GAS to available in your Exodus wallet balance!