NEO(earlier AntShares) is the use of block-chain technology and as digital identity to digitize assets, the use of smart contracts for digital assets to be self-managed, to achieve " smart economy " with in a distributed network.
Economic Model
NEO has only two native tokens,i.e. NEO (abbreviated symbol NEO) and Neo-Gas (abbreviated symbol GAS).
NEO, with a total of 100 million tokens in numbers, represents the right to manage the network . Management rights include voting for book-keeping, The NEO network parameter changes and so on. The minimum unit of NEO is 1 and tokens cannot be further subdivided.
The GAS is a fuel token for the realization of NEO network resource control, with a maximum total limit of 100 million (same number). NEO network charges for the operation and storage of tokens and smart contracts, thereby creating economic incentives for book-keepers and preventing the abuse of resources. The minimum unit of GAS is 0.00000001.
In the creation block of the NEO network, 100 million NEOs are generated, GAS has not yet been generated. 100 million GAS, corresponding to the 100 million NEO, will be generated through a decay algorithm in about 22 years time to address holding NEO. If NEO is transferred to new address, the subsequent GAS generated will be credited to the new address (benefit).
NEO network will set threshold by voting to exempt GAS from a certain amount of transfer transactions and smart contract operations to enhance the user-experience. When a large amount of spam transactions occur, Neo-ID can be used to prioritize transactions and smart contracts with qualified identities. Transactions and smart contracts with no qualifying digital identities can get priority by paying GAS.
GAS distribution
The GAS is generated with each new block. The initial total amount of GAS is 0 (zero). With the increasing rate of new block generation, the total limit of 100-million GAS will be achieved in about 22 years. The interval between each block is about 15-20 sec, and 2 million blocks are generated in about one year.
Each year around 2-million blocks will be generated and the initial generation will be 8-GAS per block. There will be annual reduction of 1-GAS per block, per year, to coincide with the passing of every 2-million blocks. The reduction will continue down to just 1-GAS per block and will be held at that rate for around 22-years. After the 44 million'th block the total GAS generated will have reached 100-million and from this point there will be no further generation of GAS from new blocks.
According to this release curve, 15%+ of the GAS will be created in the first year, 50%+ of the GAS will be created in the first four years, and 80%+ of the GAS will be created in the first 12 years. These GAS will be distributed proportionally in accordance with the NEO holding ratio, recorded in the corresponding addresses. NEO holders can initiate a claim transaction at any time and claim these GAS tokens at their holding addresses.
Claim your GAS in Binance exchange (only exchange where you can claim your Gas) @czbinance
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