NEO MainNet introduces CGAS; Initiates exchange for GAS at a 1:1 ratio
On 6th September, Neo Smart Economy posted on Twitter, the contract mapping of GAS has officially been launched on the NEO MainNet. It has been deployed by NGD [NEO Global Development] to satisfy diverse types of assets requirements.
NEO’s Twitter post stated:
“CGAS – contract mapping of GAS officially launched in #NEO MainNet! CGAS is a NEP-5 token that maps GAS to the contract at a 1:1 ratio. It’s deployed by NGD to satisfy diverse types of assets requirements.”
Digital assets are an integral part of NEO Smart Economy, which consists of global assets [NEO & GAS] and contract assets [NEP-5]. There has been an increasing number of large dApps implemented on the NEO platform, thus increasing the need for diverse types of assets.
CGAS refer to the NEP-5 contract assets which have been issued by NGD. CGAS is fully refundable and can be exchanged for GAS at a 1:1 ratio. The main aim of the contract was to map global assets of GAS and benefit the internal transfer by using the method of contract invocation. NGD had recently developed the CGAS contract asset, which has been designed to map GAS to the contract. The NEP-5 token has a total supply of 100 million, which is equal to the total supply of GAS.
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