Do I receive GAS if I have NEO stored on my hosted wallet?
If you store NEO in your hosted wallet at Bitvavo, you will receive the GAS produced every week. This process is explained in more detail below:
- Every day at a fixed time we determine how much NEO every user has in his wallet. All of these daily values are added up at the end of the week.
- At the end of the week we look at how much GAS has been produced by all the NEO from the users at Bitvavo.
- The produced GAS will be distributed evenly among the users that have NEO in their hosted wallets.
You can find other digital currencies for which this is possible here.
For illustrative purposes, please note the example below:
- In a certain week user A had 50 NEO for one day, 100 NEO for two days and no NEO in his hosted wallet at Bitvavo on the other days. In total, User A has had 250 NEO during this week.
- The total of NEO stored per day by all Bitvavo users is 500.000.
- The total produced GAS that will be distributed is 1.000.
- User A would get 250/500.000*1.000=0,5 GAS
The distribution of GAS will be added to your hosted wallet on the first day of the week.