Many people are now aware of NEO cryptocurrency, the Ethereum of China. While choosing this crypto, you are staking on its network instead of buying and HODLing it. Now another name is very much related to this cryptocurrency, and that name is GAS. Even veteran crypto personalities get confused when they come across these two words. When it comes to NEO cryptocurrency, an important thing to understand is how NEO staking works. In this article, we will talk about NEO staking and GAS token. Both of them have roles to play in the NEO blockchain network.
How NEO Staking Works And Its Significance
First of all, let’s look at NEO in detail. It is a virtual asset that powers the NEO blockchain. Don’t be confused if I am saying NEO as cryptocurrency as well as blockchain. The NEO cryptocurrency is actually the one that powers a platform of smart contracts finding similarity with Ethereum. The aim of NEO crypto here is to enable the blockchain economy that backs up decentralized finance in its entirety. The allure of NEO is such that it efficiently manages decentralized crowdfunding and finance. Besides firming its roots in China, it comes on the list of top cryptocurrencies in the market.
NEO is also popular because the organization behind it, Onchain, has a big business in China. Onchain is the originator of Microsoft China that enhances the validity of digital signatures by implementing immutability and transparency of the blockchain network. The company earlier offered a blockchain solution to the email system of the country’s leading ecommerce platform, Alibaba. The company is now listed as one of the top-performing companies in China by KPMG. Another innovation that Onchain has produced is Ontology or ONT, a well-known blockchain network that supports numerous applications worldwide. Onchain is also booming with time.
Coming back to NEO crypto, the coin itself offers all the governance rights to the NEO blockchain users. Under these governing rights, the user can vote to bring new changes within the network. Only the Proof of Stake consensus algorithm gives those rights to the users. If these things were available with PoW, cryptos like Bitcoin and Ethereum would have been somewhat stable. This feature in cryptocurrency plays a crucial part. To an extent, you are the one who has some authority over what is called a decentralized system.
NEO comes up with the ability to earn GAS. GAS is a token that acts as a fuel to empower the economy of the NEO blockchain. When someone has to use the NEO network, he or she has to pay GAS fees. Many crypto platforms give information on how much GAS does NEO generate. After reaching the most accurate calculations, you are able to know in which parameters both of these are working well. You can easily earn a GAS token by following the required steps provided in a crypto platform. Now, we will learn how NEO staking functions and how it is related to GAS.
Staking NEO And Earning GAS
Most importantly, you should first find a crypto wallet that allows you to stake NEO. There are a plethora of them available, but a few give you that chance. If you are looking for a one-stop solution here, you should get a NEON wallet. This crypto wallet is available for all the operating system we are using today. It works well, but a crypto wallet, Exodus has taken its position. Exodus is now trending, and many people are looking for this wallet for staking NEO. Because it is a popular one, we will cover the steps using this crypto wallet.
Steps To Staking NEO With Exodus Wallet
- Get Exodus wallet from its website.
- Enable GAS by going through its settings.
- Transfer NEO to this crypto wallet. In case you do not have NEO, you can get them by either staking or exchanging them.
- As you have enabled GAS, you can claim that after periodically checking into your wallet.
You must look for a crypto wallet that has enabled GAS. In case you do not find such an option, you should never choose such a wallet. A lot of people get stuck here, and they fail to generate GAS. Don’t choose such a wallet.
Conclusion
So, this is all about how NEO staking works. The more you stake NEO, the more you have chances to earn profits. It is as simple as that. Although Bitcoin, Ethereum, and other PoW cryptos are booming in the market, the ones running on PoS are on their own wave. Many people are profiting from these cryptos in today’s time. If you are having a hard time with Bitcoin and Ethereum, take your chance with these cryptos. The PoS cryptos are efficient and do not take much energy. They have their future to go high in the market.