14 September 2018

How To Claim NEO GAS With NEON Wallet

Introduction 

In this NEO tutorial we are going to discuss GAS and show you how you can easily claim GAS using the NEON Wallet. If you are new to Blockchain and the NEO ecosystem in particular, you might have a lot of questions with regards to how these different blockchains are run, and why some ecosystems use multiple tokens  to power their distributed ledgers.

The reality is that every blockchain functions according to its own specific design. There are many ecosystem varieties in blockchain design, which makes it hard to keep track. The NEO blockchain in particular is no exception and has chosen for a dual-token system.

If you are only interested in the written tutorial on how to claim Neo GAS or want see the 1m:40s video tutorial showing you how to Claim Gas using the Neon Wallet, just scroll down to the section ‘How To Claim Gas In 2 Simple steps’. In case you want to learn more about GAS,  the NEO dual token system and the differences between NEO and GAS, just keep reading!

What is GAS? – NEO-GAS Dual Token system

Within the NEO ecosystem, we’ll encounter two native tokens which are used to power the logic of the platform, namely NEO and GAS.

NEO is the governing token of the NEO ecosystem. It basically allows holders of NEO tokens to participate within the ‘governance model’ and vote!

GAS (aka NeoGas), on the other hand, is used to pay for transactions on the NEO network. You could say that you are paying for the right to use the Network. Whether you want to use the Neo blockchain as a normal user, or want to power your own decentralised application on the NEO network, you’ll need GAS to fuel it.  The Maximum supply for both NEO tokens and GAS tokens is 100,000,000.

Other Differences between NEO and GAS tokens

So, besides the elemental difference between NEO and Gas, where the NEO token represents a stake in the network from which you derive voting power, whereas GAS is used as ‘fuel’ for the network, there are some additional differences which make both tokens unique within the Network.

One of the main differences is that GAS is divisible to ‘one millionth’ and NEO is not! This fact, immediately pushes GAS as the preferred option for payments.

Another big difference has to do with token distribution. While 50 million NEO tokens have been distributed through the NEO ICO, another 50 million NEO tokens were allocated  to the NEO Council in order to support a number of specific tasks, the GAS distribution however is gradual and aimed at stake holders.

The 100 million GAS tokens are being slowly released into the network. It will take approximately  22 years before all the GAS will be distributed. GAS tokens are being distributed to the actual NEO token holders. So by holding a stake in the NEO network, you are effectively receiving GAS as some kind of  ‘dividend’.  Every block, 8 NeoGAS are being distributed between the NEO token holders. Every 2 million blocks that amount will be reduced by one.

If you are wondering how you can get or ‘claim’ your Gas, you are in the right place as we are going to discuss this next!

How and where do I get ‘GAS’?

If you intend to move your NEO tokens through the network, you will need GAS tokens to pay for the NEO transactions, so you might wonder how you can get GAS tokens! There are essentially two options to get some GAS tokens.

You can decide to outright purchase the tokens on the open market (cryptocurrency exchanges, like Binance, Kucoin, Aphelion and soon NEX) and send them to your NEO wallet in order to have sufficient GAS funds for you to move your tokens through the network or pay for other digital assets or services in GAS. 

However, if you are a regular user and NEO token holder, you might just have enough GAS simply by using the GAS you can claim yourself for holding NEO.

How to Claim your GAS in 2 simple steps using the Neon Wallet! (VIDEO Tutorial)

Before we get started, you should know that you can only be sure to be able to claim your GAS aka NeoGAS if you are holding your NEO in your own wallet. The reason why we mention this here is that many exchanges will choose not to redistribute ‘earned GAS’ to its clients. You should check with the individual exchanges if they do or don’t. (Binance does).

We have created a quick 1m:40s video tutorial explaining how to claim your GAS in 2 simple steps by using the NEON Wallet (Desktop)!

So, in this example we are going to see how to claim NeoGas by using the NEON Wallet (Desktop). Note that you can go ahead and do this with most, if not all, NEO Council  approved NEO wallets, which you can find here!

In case you have not yet created your own NEO Wallet address or have never used the NEON Wallet, you can find an easy 2m:40s video an written tutorial here. The tutorial will show you in a couple of easy steps how to create your NEO Wallet using the NEON Desktop Wallet.

Here is a quick and simple  guide on how to ‘Claim Gas’ using the NEON Wallet (Written Tutorial)

How To Claim Gas With Neon Wallet

How To Claim Gas With Neon Wallet

Step 1: Login the NEON Wallet Using Your Preferred Login Method

The Neon Wallet (Desktop) allows you to ‘Login’ in different ways. For this tutorial we will choose to ‘Login Using A Saved Wallet’. There are pros and cons with every method, so it is up to you to decide which ‘Login Method’ you feel comfortable with. Login using a Ledger is without a doubt the safest option.

Step 1- Login Using Your Preferred Login Method

Step 1- Login Using Your Preferred Login Method

‘Login Using A Saved Wallet’ method, basically allows you to login quickly without having to input any long private key or encrypted key. In this case, the Neon Wallet has stored your encrypted key in a file on your computer and you only have to choose the stored wallet you want to access and enter your ‘passphrase’ (password) linked to that NEO account.

Neon Wallet- Login Using Saved NEO Wallet

Neon Wallet- Login Using Saved NEO Wallet

 

Step 2: Claim NeoGAS in 1 simple Click!

So, you’ve logged in to the NEON Wallet with your NEO account and you are ready to Claim your GAS!

You might want to ‘Check your GAS balance’ before you get started. The Neon Wallet will only display your GAS balance rounded up to 4 decimals, however, simply by hovering over the displayed number you can consult the exact amount beyond 4 decimals.

Neon Wallet - Hover To Check Gas Balance and Claim GAS

Neon Wallet – Hover To Check Gas Balance and Claim GAS

Now, if you have checked your current GAS balance, you simply click on the ‘Claim Gas’ button and your ‘displayed’ GAS will be claimed automatically. Do note that it might take a couple of minutes before the claimed Gas is being displayed in your Neon Wallet!

Neon Wallet - Click To Claim Gas

Neon Wallet – Click To Claim Gas

Now, while you actually do not have to do anything else once you have clicked the ‘Claim Gas ‘ button, let us quickly run down some of the confirmations you will encounter.

First off, Neon Wallet will update in accordance with the NEO Blockchain and you should get the notice that the NeoGAS claim was successful, as shown in the image hereunder. The Neo blockchain confirms blocks around every 15 seconds.

Neon Wallet - Gas Claim successful

Neon Wallet – Gas Claim successful

You’ll also see that the Neon Wallet will update the transaction history on the ‘right’ side of the Neon Wallet Desktop application. This transaction history will hold a record of the amount of NEO you receive and send. It will also display transactions you have done with any NEP 5 tokens and will display the GAS you have claimed.

Remember that the blockchain essentially holds a permanent record of your transactions. This means that you can consult this data using a wide variety of NEO Wallets, or use a blockchain explorer for example, like Neoscan.io.

Once the transaction history is updated, you’ll also be able to check your updated GAS Balance. Remember that by hovering over the Gas balance, you’ll be able to see the full balance.

Neon Wallet - Check your Neo GAS Balance

Neon Wallet – Check your Neo GAS Balance

So, there is nothing to it! Claiming Gas is easy, and we hope that this NeoGAS guide was helpful to you. Don’t hesitate to leave us a comment if you have any further questions or tutorial requests!

 

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