How to stake NEO | NEO Gas Staking Guide

The NEO network operates on the basis of a decentralized share proof algorithm between several centrally approved nodes, called the Delegated Byzantine Fault Tolerant (dBFT) algorithm.

Written By Pavel Rabtsevich

Beginner
6 min

What is NEO?

NEO is an open-source blockchain technology networking platform that operates on a decentralized “proof-of-interest” consensus mechanism that is resistant to Byzantine failures. NEO cryptocurrency was conceived as a large-scale blockchain project whose function is to create an intelligent economy capable of automatically defining and digitizing business processes. NEO is not just a coin, it is a great ecosystem.

What is NEO staking?

The NEO network operates on the basis of a decentralized share proof algorithm between several centrally approved nodes, called the Delegated Byzantine Fault Tolerant (dBFT) algorithm. It is known to be a Byzantine Fault Tolerant consensus mechanism. Consensus in the Chinese cryptocurrency network is achieved using the dBFT (Delegated Byzantine Fault Tolerant) algorithm, based on the Byzantine Fault Tolerant protocol. The difference between dBFT and Proof-of-Work or Proof-of-Stake is that it does not allow the creation of parallel branches in the blockchain or the cancellation of transactions after verification. This greatly increases the security of the network.

The principle behind this algorithm is that token holders delegate their right to confirm transactions and create blocks to a so-called accountant, a group of nodes responsible for reaching consensus in the network. Voting is done in real-time.

How does it work?

According to the NEO website and an official document, their priority is to create a smart economy. This concept is described as the sum of digital assets, digital identity, and smart contracts. Furthermore, the project wants to achieve this through distributed networks connecting these three elements. In the project’s vision, the digital asset remains decentralized. However, it is also legally protected through the use of digital certificates on a blockchain. The ultimate digital identity should be the link between the digital world and the physical world. And NEO should help connect the physical world with digital assets. Finally, every organization, individual, device, or application must be identifiable on the network.

What is staking pool on Guarda?

In order to be part of the staking pool, you must interact with NEO gas. GAS is a Cryptocurrency that is distributed by holding NEO in your wallet. GAS is used to fuel transactions on the NEO blockchain. With each NEO Block getting generated, GAS will be distributed to all NEO holders. The minimum unit of GAS is 0.00000001.

What’s Neo Gas Staking Interest rate?

The annual return on NEO placement in Guarda wallet is currently about 1%

How is the reward distributed?

The minimum unit of GAS is 0.000001. Guarda Wallet has a NEO requirement feature that allows you to claim your GAS at the touch of a button. Most GAS is distributed to constituents as a reward for their active role in running the network.

How can I start staking with Guarda?

  • To get started, go to the Guarda website
  • Click the button Launch app to begin registering your wallet
  • Press the “create a new wallet”
  • After this step you will need to come up with your personal password
  • Download backup
  • Save a backup copy on the computer
  • Go to Guarda NEO Staking page
  • Enter the desired amount
  • Press the Stake NEO button

Stake NEO Gas

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