📚Mission 4 - Neo
Learn more about Neo blockchain - the information is based on Neo documentation in neo.org
Last updated
Learn more about Neo blockchain - the information is based on Neo documentation in neo.org
Last updated
We are learning! In the last mission we learned how to find our transactions in NeoTube and to view the reward transactions from previous missions. However, Neo blockchain is much more than the token transactions and in this mission we are going to explore a bit more the Neo organization.
Neo was founded 2014 and has grown into a first-class smart contract platform. It is backed by a global developer community who continue to drive the blockchain forward. Their vision is to be an open network for the Smart Economy.
This mission will teach you a few things that will sound very technical, but are important for you to have a general understanding of Neo's organization structure and how to participate more actively in their community if you aspire to do so.
There are 2 kinds of native tokens defined in the Neo system: Neo and NeoGas (GAS).
Neo is the Governing Token. Neo holders can participate in Neo network management, including voting for consensus nodes, network parameter modification, etc. The total amount of NEO is 100 million. Its minimum unit is 1 and can not be divided. It's registered in Genesis block, and stored in standby validators' muti-signature addresses.
GAS is the fuel token for the realization of Neo network resource control, with a smallest unit of 0.00000001. Users can obtain GAS either through a claim or purchase. When using the Neo network, they need to pay a certain amount of GAS as network fees, such as transfer, registering assets, publishing assets, running DApps, etc.
The Neo N3 Genesis block will mint the exact amount of GAS token needed to account for all GAS token circulating on the Neo Legacy chain at the time of Genesis block.
NEP17 tokens, like MELK need to be issued and managed through smart contract. Their information is stored in a smart contract's storage. Go go NeoTube again and post our contract number 0xf40d025c99cf064fe11c4ba7ef4f93fe468c9a64 to learn more details about it.
Once you search for the contract, you should see a screen similar to the above, with the details of our Token type: nep17, our token symbol: MELK, number of decimals: 8, the total supply issued: 100,000,000, the current number of addresses holding our token: 3 and the current transactions that have been made: 3. The last 2 information should be different by the time you are completing this mission because it will depend on the number of users that have completed before you.
You can check the details of any token that is on Neo blockchain, you'll have to find first the contract number (NeoTube has a search page here: https://neotube.io/tokens/nep17/page/1) and add the contract number to the search box in NeoTube to see the details as above for MELK.
Let's talk a little more about NEO and GAS tokens and their importance in Neo's ecosystem.
Neo is unique in that it was the first public blockchain platform to adopt a dual token mechanism. It separates the rights of governance from the rights of using the network. It also provides a means of acquiring the tokens needing to pay transaction fees.
With a total of 100 million tokens, NEO has two main features:
The Neo network charges GAS for the operation and storage of tokens and smart contracts, preventing the abuse of node resources. System fees are burned, while network fees are redistributed to consensus nodes, creating an economic incentive for their services.
5 GAS tokens are generated every block and distributed in three parts:
The minimum unit of GAS is 0.00 000001. There is no NEO staking required in order to claim GAS tokens. Most Neo wallets will include a claim function, allowing you to collect your GAS with the click of a button. Please be aware that some exchanges distribute GAS to users that hold NEO on their platform, and others do not.
The largest portion of GAS is distributed to voters as a reward for playing an active role in network governance. NEO holders will need to ensure they choose a wallet that supports voting if they wish to participate.
NEO token holders decide who is in charge of maintaining the Neo network through the election of a Neo Council. GAS token rewards are distributed to voters and council members alike. Here are the key roles in Governance:
NEO holders are the stakeholders of the Neo ecosystem.
Each NEO token represents one vote in the election of the Neo Council, who is responsible for making decisions for the Neo blockchain. NEO holders should vote in candidates that they feel will represent their needs and are capable of maintaining the health of the Neo network.
Any Neo wallet address can register as a candidate to be elected to the Neo Council.
A GAS fee is required to register candidacy. As candidates may be elected to the role of consensus node, it is recommended that all candidates set up a reliable node and are capable of maintenance. Comprehensive knowledge of the Neo blockchain is required to fulfil the responsibility as a council member.
The top 21 candidates are voted in as members of the Neo Council.
The council is responsible for maintaining the health and liveliness of the Neo network. Responsibilities include adjusting blockchain parameters, such as system fees, and electing oracle nodes.
Here's a visual to better understand how the process works
As mentioned before GAS rewards will be distributed to both Neo votes and council members. Here is a visual explaining how that process works
Go to Mission 4 channel on discord and send a message with the transaction hash of any NEO or GAS transaction you find in TESTNET using the explorer. Remember to first copy the NEO or GAS token contract that can be found here https://neotube.io/tokens/nep17/page/1, then search on NeoTube and copy a transaction hash from the list you'll find.
If you have any questions, feel free to contact us on the Discord.
In this mission we learned more about NEO Organization, it's structure, dual token model and governance. See you in Mission 5!
