NEO is one of the leading smart contract platforms aspiring to reach the top of the CMC list. In February, Lykke listed NEO on Lykke Exchange and recently, we have activated the EURO/NEO trading pair.
NEO’s product offering is based on the principles of smart economy:
digital assets + digital identity + smart contracts.
The functioning of this system is fueled by another token — GAS. GAS is necessary to pay for transaction commissions and serves as a reward for holding NEO. Now GAS is also available on Lykke Exchange for deposits, withdrawals and trading in pairs with EUR, USD and BTC, and as a reward for holding NEO.
NEO’s smart economy is built in a way to stimulate users to use the NEO cryptocurrency. The incentive is a reward that the users get in form of the GAS tokens. Each time a new block is added to the NEO blockchain, 8 GAS tokens are generated. Those 8 tokens have to be distributed among all those users who contributed to the generation of the block. Critically, a new block is only generated when there are new transactions to record. As a result, the users who moved their NEOs are entitled to get rewarded for creating a new block and for holding NEO.
How are these GAS tokens distributed among the users?
In order to get rewarded with GAS, NEO holders have to claim them with a special transaction. The amount of the reward depends on the amount of NEO stored in your wallet, on the time it spent there, and on the amount of NEO transferred out of the wallet. This may seem a bit complicated. However, the good news is that with Lykke, NEO is stored in our hot wallet and thus we claim the GAS on behalf of our users and distribute these tokens automatically among the NEO holders according to our rules of GAS distribution.
Please also check our T&C and country restriction list. Lykke is a digital exchange based and pursuing regulation approvals in Switzerland. Founded in 2015, Lykke has been a pioneer on the cryptomarket in various occasions: by introducing the first fully-functional off-chain settlement mechanism, building a semi-centralized exchange and recently, launching the family of LyCI crypto index utility tokens. Learn more!