NeoGas
Neo is a distributed network which utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets using smart contracts.
Neo is a distributed network which utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets using smart contracts. The Neo system will use DBFT, NeoX, NeoFS, NeoQS and many other original technologies, as the infrastructure for the intelligent economy of the future.
Neo utilizes a delegated Byzantine Fault Tolerance (dBFT) algorithm which provides a f = ⌊ (n−1) / 3 ⌋ fault tolerance to a consensus system that comprises n nodes. There are several types of nodes in this mechanism, such as the ordinary nodes, the candidate nodes, the committee nodes, and the consensus nodes. Anyone can start a transaction to become the candidate or vote for the candidate. Candidates with a certain amount votes are elected as committee members or consensus nodes. When a consensus needs to be passed, a speaker is randomly selected to decide the proposal, and then other consensus nodes vote according to the dBFT algorithm. If more than 2/3 of nodes agree to the proposal, the consensus is reached; otherwise, the speaker is re-elected and the voting process is repeated.
Neo network has two tokens, NEO representing the right to manage Neo blockchain and GAS representing the right to use the Neo Blockchain. 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.
Token application:
5 GAS tokens are generated every block. 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.
Token distribution:
Split between all NEO holders: 10%
Split between successful voters: 80%
Split evenly among the 21 members of the Neo Council: 10%
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