Often referred to as “Ethereum Killer” or “Chinese Ethereum,” NEO is one of the rare currencies “bold” enough to pick China as their country of issuance with all the regulations still being unclear.
However, as the blockchain space is slowly being adapted to the real-life use cases, the adoption is also becoming a matter of time, which means that NEO can additionally turn its origin into an advantage once the faith of blockchain is decided on within the matter of regulatory forces.
Moreover, as NEO is holding quite a flattering position in the market with the market capitalization of around 1.17 billion dollars, NEO Global Development is in traducing crucial parts of the Dapp puzzle that NEO is making up for in a bit more than rhetorical race against the current top platform for decentralized applications, Ethereum.
The Origin of CNEO and CGAS: Why Do We Need These For?
In case you are an NEO enthusiast you probably haven’t miss on a neat update on CGAS and CNEO that the team behind the 15th largest blockchain project published at the end of September in form of an official post on Medium.
In case you have missed the detailed post, to summarize, C in CNEO and CGAS actually stand for “Contract”, which immediately associates these tokens to the development of decentralized applications.
NEO is said to be a direct opposition to Ethereum in the terms of a shared objective of becoming one of the greatest, if not the greatest platform for the development and the deployment of decentralized applications.
Moreover, NEO also allows for the creation and issuance of ICOs on their network, just like Ethereum, however, while Ethereum network has ERC-20 type tokens, NEO allows for the creation of NEP-5 tokens with two new tokens being issues on the NEO network as of the recent events.
When it comes to the latest addition of CGAS and CNEO, these are actually NEP-5 compatible and were issued by NEO Global Development to support the further development of decentralized applications on the network.
CGAS and CNEO can be exchanged in proportion 1:1 for GAS and NEO and represent contract assets with the purpose of allowing the exchanging of native tokens of the network through smart contract utilization.
Sounds a bit complicated? Not necessarily as the issuance of these contract assets is completely justified by the fact that NEO and GAS tokens can’t be actually exchanged through smart contract operations out of security reasons.
Furthermore, although NEO network allows for NEP-5 token issuance, not any token issued within a certain project will get the needed recognition, validation, or a listing on an exchange market, thus the need for a universal solution in form of contract assets which can be used within the NEO community.
Why Use CGAS and CNEO if there are Already Community Contract Assets
In a nutshell, the purpose of CGAS and CNEO is to map global assets within the NEO network. However, there are already contract assets made within different community projects that are also meant to map the codebase of global assets within the network.
Regardless of the existence of these community contract assets, the need for CGAS and CNEO becomes obvious consequently with revealing the fact that not all contract assets made by the community can be trusted, or may not even have an open source nature.
On the other hand, NEO Global Development team has made completely decentralized, open source contract assets that can be fortunately used for any type of projects compatible with the network; hence there are no restrictions outside the technical capabilities of NEO platform.
Additionally, there are several versions of CGAS tokens as some issues have been detected during the initial design, currently utilizing the third official version, while only the latest version is recommended by the team with the ability to demand a refund in case you have unused older versions of CGAS.
For the purpose of global asset mapping, CNEO was issued after the third version of CGAS, thus being available in a single stable version, however, unlike holding NEO units, the holding of CNEO won’t CGAS or GAS.
To improve the functionality of this newly developed system, the team is also said to be working on designing a wallet support for CGAS and CNEO contract assets that have become a part of the official NEO family.