NEO Global Development (NGD) Releases CNEO and CGAS Tokens into NEO Blockchain Ecosystem
NEO community has been growing consistently without getting much of the public’s deserved attention.
NEO Global Development (NGD) recently released its monthly report which highlights new developments and upgrades to the platform. The most striking of those is the addition of two new tokens CNEO and CGAS to its blockchain. The C stands for Contract which indicates the tokens will be done particularly for smart contracts.
CNEO and CGAS are NEP-5-compliant contract assets issued by NGD (NEO Global Development), which can be exchanged one to one by the global asset NEO / GAS. The purpose of the contract is to map the global assets, so that the global asset NEO / GAS can be easily transferred inside the contract, allowing the transfer of funds within smart contracts.
Because there is a demand for many DApps project on NEO for a digital asset with strong liquidity and relatively stable price to be used within the contract. However, due to the limitations and security considerations of NEO smart contracts, it is not possible to transfer global assets (such as NEO or GAS) into smart contracts.
In CNEO and CGAS, the global assets are exchanged and returned through “mintTokens” and “ refund” function. The “mintTokens” function is similar to the Token Sale code for many projects, with a 1:1 conversion of global and contract assets within the function. In the “return” function, a user who has previously marked a UTXO as a designated user can retrieve it, and then the user can initiate a transfer to transfer the asset to its own address.
The two new tokens serve as an addition to the platform rather than an upgrade since the blockchain has not been altered. The upgrade to the platform came in the core release of NEO and NEO-CLI 2.9.0. in September.
A number of new features directed on improving the safety, stability, and flexibility of NEO nodes have been included. NEO 3.0 is still in the pipeline but is expected to bring a lot of changes to what has been described as ‘an entirely new version’.