| NEO Smart Economy⚡Now a Top 10 Cryptocurrency⚡| Official Thread |Updated Aug10

[feelx87]

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

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.

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   

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/

[DodgyEnd]

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

[smartJEV]

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

what news you talking about?

[kazanchev]

I heard that Bittrex is going to add GAS coin and it`s going to accrue GAS to users who hold NEO on Bittrex. Does anybody know - what amount of GAS will we recieve for every NEO?

https://neotogas.com/

Has anyone already credited the Bittrex GAS?

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

[CryptoGorilla]

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

what news you talking about?

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?

[UniBanker]

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

[btctest]

NEO seems good

[gembitz]

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

what news you talking about?

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?

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

[electronicash]

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

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.

[EleanorZ]

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

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).

[codemanX]

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

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).

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.

[sebr1ng]

Thanks from my side as well. All clear now!

[easyrimka]

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

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).

thanks for the explanation !

[feelx87]

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

what news you talking about?

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?


First of all I mentioned the latest and first announcement of NEO partner using the system of  SAFT instead of ICO so Chinese and USA CITICEN can participate at regulated tokensales.
They talked about it at the AMA of PROJECTICO on neonewstoday.com

Second I mentioned that https://neo.org/competition.html is aBother huge chance/challenge for the NEOcomunity pricing altogether 490.000,-

[Europa1]

Hi all ,I holding some NEO at Ledger Nano S wallet ,the question is if I loose my ledger or destroy it somehow ,how can I get other accsess to my wallet?

[codemanX]

Hi all ,I holding some NEO at Ledger Nano S wallet ,the question is if I loose my ledger or destroy it somehow ,how can I get other accsess to my wallet?

There is no way I think because we can't export the keys. I recommend you to buy another Ledger Nano S (as I do), import the seed from the original one, then you will have a clone from your first Nano S.
You can use both of them, maybe one at work, one at home, or one just as a backup in a safe location.

[revelacaogr]

Despite the weekend shenanigans, another dApp has decided to transition to the $NEO blockchain: Universal Health Coin.

https://twitter.com/ByteSizeCapital/status/932959042325975040

[Cryptobo]

Good News. NEO will recover till 40$

https://neo.org/blog/details/3037

[aml007]

Impressed with the apology post, glad to see the community are recognised like this

[easyrimka]

Good News. NEO will recover till 40$

https://neo.org/blog/details/3037

dont think it will recover, but this dev post is a great news, they know how to do it now