Hello again in my Crypto Income series.
This time I will take a closer look at crypto platforms. I would really like to tell you how you can stake your Ether to get some rewards, but sadly Proof of Stake is not yet implemented into Ethereum. We will have to wait until the Casper protocol goes live on the mainnet.
As long as we are waiting for Ethereum, we can take a closer look at NEO (NEO), formerly Antshares and widely known as the “Chinese Ethereum”.
Adoption
I really like NEO myself, because they try to be as developer friendly as possible, by allowing developers to code in already existing mainstream languages such as
- C#
- Python
- Java
- JavaScript (JS/TS)
- Go
Allowing developers to use languages they already know, will tremendously help mainstream adoption.
Most of the other cryptocurrencies have tried to create their own coding language, some with success some without. Ethereum with its language “Solidity” and Cardano with their Haskell programming language, require each developer to learn their programming language first before starting to create dapps.
If you would like to start developing on Neo, just click the link below!
Ecosystem
Neo’s ecosystem has two main tokens, besides their various sidechain tokens. First there is NEO which is the main token in the Neo ecosystem, the second coin is GAS. Gas can be claimed every 5 minutes, the amount claimed depends on the amount of Neo you have hold in the wallet. The Gas returns are around 1-5% p.a..
In my case I get 0.0000195 Gas every 5 minutes, which doesn’t seem much, but it definitely adds up after a few weeks. I will definitely keep building up my Neo position until I have 100 Neo, keep in mind that Neo and Gas are at a price of 11.04 and 1.08 respectively, what in my opinion should be a lot more worth.
Two years ago Neo and Gas had its All-time high at 150$ per Neo and 55$ per Gas, in my opinion Neo has a lot of potential and could definitely be a competitor for Ethereum.
Wallets
Here is a link for all official wallets. I recommend using the Neon wallet! Staking is available on the Neon wallet.
At Neotogas you can check the current ROI.
There's also the possibility to stake Neo on the Binance exchange, all you have to do is deposit your Neo coins onto Binance.
Rewards are distributed with this formula:
GAS distribution number = total distribution number of GAS * NEO holder position ratio (with 8 digits after the decimal point)
NEO holders position ratio = sum of daily position number for NEO holders/ sum of daily position number for all NEO users
The daily position number is based on daily snapshot of NEO.
The rewards get paid about once per month, here's a list of the historical yield.
To get the full list just go the Earn -> Staking section and open the Neo menu. Right besides the details you can see the historical yield tab.
To check your rewards open your wallet tab on Binance, on the left side you can now see a Distribution history tab, there are all staking rewards and airdrops you got.
Here's proof that Binance actually distributes those rewards.
