It is always nice to see your NEO rise in value. But it is even better to earn GAS while you’re at it without doing anything extra. In this article it is explained how to automatically generate GAS with your NEO.
What is NEO?
NEO, before Antshare, is a Chinese open-source blockchain and was founded in 2014. NEO is creating a ‘Smart Economy’ where people and companies can create ‘Smart Contracts’ on the NEO blockchain. A Smart Contract is a contract where all conditions are programmed into the Blockchain. Once a contract is programmed, you’re not able to change it. And once the contract is expired, it will automatically be terminated.
What is GAS?
The NEO network uses two Cryptocurrencies, NEO and GAS. NEO is a share in the network itself. Just like shares in other public companies, you can only own whole pieces. Only on exchanges it is possible to own and trade parts of these shares. GAS is the second Cryptocurrency that is involved with NEO. When someone wants to make a Smart Contract on the NEO network, they have to pay with GAS. People that own NEO are entitled to their fair share of this revenue and it is paid out as dividend. The max. supply of both coins is 100 million. The expectation is that somewhere around 2039 the last GAS is produced.
How to earn dividend with my NEO?
Here it will be explained how you can earn dividend with your NEO, while you hold it in an online wallet. Are you a daytrader? When you scroll down, you will find the best exchange for trading NEO while you still earn GAS.
- Step 1: Download the NEON wallet from GitHub and read the disclaimer. Under ‘Downloads’ you will find the best version for your computer.
- Step 2: Open your NEON wallet and create your own NEO wallet by clicking on ‘Create a new wallet’.
- Step 3: Create a strong password, fill this in twice and write it down so you won’t forget. Click on ‘Generate Keys’. Now your private keys will be generated.
- Step 4: You’re now on a page where all the information you just generated is being displayed. Write everything down, just to be save.
- Step 5: Name your account and click on ‘Save Key’. Your account is only created when your press this button. When you close the page before doing it, all the previous information is gone.
- Step 6: When you performed step 5 correctly, you can click on ‘Back’. Next you can click on ‘Login using a saved wallet’ and select the name you gave your wallet. Enter your password and press on ‘Decrypt’. You are now in your NEO wallet.
- Step 7: You can now send NEO to your wallet. Be careful, you can only send whole shares of NEO to your NEON wallet. For example: When you want to send 10 NEO to your NEON wallet from Bittrex, you have to make sure you include their withdrawal fee of 0.1 NEO, so you have to send 10.1 NEO. When you only send 10, it won’t accept the remaining 0.9 NEO and that will be lost.
- Step 8: From the moment your NEO is in your NEON wallet, you can collect GAS by simply pressing ‘Claim’. It will automatically be added to your balance.
How to earn GAS on an exchange?
Lots of exchanges earn GAS while holding your NEO. They will keep that GAS and won’t pay you any of it. Binance is one of the few exchanges that pays you your GAS dividend while you are holding NEO on their exchange. Binance is therefore a great exchange to day-trade and still earn GAS. Here you can easily create your Binance account.