Two new NEO-based tokens, CNEO and CGAS, were added to the NEO blockchain. The “C” represents “contract”, which indicates which the tokens are made for use in smart contracts.
The underlying concept needn’t be hard: CNEO is essentially a completely independent token that could be pegged towards price of the NEO token. Meanwhile, CGAS is really a token which is tied to the cost of NEO GAS. Both tokens could be exchanged using their counterparts in the market rate.
With a great number of similarities, exactly what makes these new tokens totally different from their counterparts?
Smart Contract Complications
Currently, the NEO token will not be transferred into smart contracts attributable to various limitations. Instead, smart contract developers must create their personal NEO-based tokens aided by the NEP-5 standard.
However, designing a new token is not necessarily ideal. Custom tokens can are afflicted by lack of recognition and are also difficult to dress yourself in exchanges, as the NEO blog notes:
“Whenever assembling your shed issues a NEP-5 token for that contract, the town might not recognize its token or exchanges will not list it for circulation. That way, it is costly for any project.”
CNEO and CGAS solve this difficulty. By becoming general-purpose NEP-5 tokens, they take away the need for developers to bring about and manage their personal tokens. These new tokens can readily be processed by smart contracts and traded for “real” NEO tokens.
An Addition, Not an Upgrade
The two new tokens are certainly not part of upgrading, and they don’t make any changes for the NEO blockchain. They were, however, developed by NEO Global Development, a core element of the NEO team. Making the new tokens a quasi-official regarding the platform.
The addition is prominent enough that several projects possess adopted the tokens. The NEO Name Service, BlaCat, and Alchemint have been completely using the new tokens. The O3 wallet is likewise planning to add support in the future.
This means that the fresh tokens can become widely adopted. Speculate one reporter notes, CNEO and CGAS are “stopgaps rather then permanent solutions.” They are really just one way of solving a concern, and the actual NEO token may soon undergo the same but separate change:
“Permanent conversion on the native assets NEO and GAS [to NEP-5] is under discussion-the changes may well be adopted as part of the 3.0 milestone for the NEO blockchain, but will need to be implemented in a new chain.”
A release date for version 3.0 of NEO have not yet been announced, but it surely will bring many changes. The upgrade happens to be described as an “entirely new version” of your platform by developers. Its going to bring major changes to NEO’s economic model, and NEO tokens will probably become more versatile.