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bNEO is a standard NEP-17 token with decimals 8 and it can be minted from NEO and redeemed to NEO 1:1. bNEO holders receive the optimized GAS reward in NEO GOVERNANCE.

Applications

• dashboard
• web gui

Use bNEO

The smart contract of NeoBurger is well designed to support all kinds of wallets.

operation	description
mint bNEO	send NEO to NPmdLGJN47EddqYcxixdGMhtkr7Z5w4Aos and you will receive the same amount of bNEO instantly in the same transaction
redeem bNEO	send withdraw fee (GAS) to NPmdLGJN47EddqYcxixdGMhtkr7Z5w4Aos and you will redeem bNEO to NEO instantly in the same transaction (the withdraw fee is 0.001 GAS per NEO) (it is better to send integer multiples of 0.001 GAS because NEO is indivisible) (the argument data of transfer invocation must be null which is default for most wallets)
claim GAS	send any amount of bNEO to NPmdLGJN47EddqYcxixdGMhtkr7Z5w4Aos and you will claim your GAS reward (it’s better to send 0 bNEO if your wallet supports sending 0 amount)

bNEO is available on both mainnnet and testnet with the same script hash and contract address:

• bNEO script hash: 0x48c40d4666f93408be1bef038b6722404d9a4c2a
• bNEO contract address: NPmdLGJN47EddqYcxixdGMhtkr7Z5w4Aos

Once bNEO is transfered, GAS reward afterwards will be distributed to the receiver.

Holding bNEO implies vote delegation in NEO GOVERNANCE. BurgerDAO is provided to enhance NEO GOVERNANCE in a decentrilized way.

How it works

+--------------+      NEO       +--------------+      NEO       +--------------+
|              |--------------->|              |................|              |
|              |                |              |                |              |
|              |      bNEO      |              |                |              |
|     USER     |<---------------|  NEO BURGER  |                |NEO GOVERNANCE|
|              |                |              |                |              |
|              |      GAS       |              |      GAS       |              |
|              |<---------------|              |<---------------|              |
+--------------+                +--------------+                +--------------+

Neoburger participates in NEO GOVERNANCE by making use of the deposited NEO and distributes the GAS reward to bNEO holders.

Neoburger is 7x24 maintained by automated systems and optimized strategies. Neoburger always tries to maximize the GAS reward by adjusting the voting targets and voting positions of Neoburger agents since the marginal revenues of each candidate are different and changing all the time.

The permission of the strategist is restricted by the candidate whitelist in order to protect the dbft assumptions since it’s our responsibility to keep the network safu.

For more about NeoBurger strategies, see here.

Fee

Performance Fee

1% (will be sent to the treasury)

Performance fee is necessary for this project to survive and it is just 1% of the GAS profit.

Withdraw Fee

0.001 GAS per NEO (99% will be distributed to bNEO holders and 1% to the treasury)

Withdraw fee is necessary to ensure the profit safety of exsiting bNEO holders.

• Every withdraw will affect other bNEO holders’ profit because it breaks the current NEO distribution on each agent contract and GAS reward is not optimal until the strategist re-adjust the NEO distribution again.

• the GAS reward will be distributed to all bNEO holders when the harvest operation is called and the harvest operaiton is triggered every serval hours. Imaging a hacker deposits a huge amount of NEO 1 second before the harvest operation and then withdraw its NEO 1 second after the harvest, then the hacker will get most of the GAS reward of this harvest (because GAS is distributed based on the bNEO balance and the hacker has a huge amount of bNEO at that time). Actually the hacker contributes almost nothing but steals GAS reward from existing bNEO holders. To avoid this kind of risks, withdraw fee is used.

  The profit of the hacker can be calculated by the following expression

    P = G * X / (X + T) - X * F * T / (X + T)
  

  where

  • P: profit of the hacker
  • G: GAS reward to be harvested
  • F: withdraw fee factor
  • T: NEO deposited by other users
  • X: NEO deposited by the hacker

  thus

    P < 0 -> G < F * T
  

  That’s how the withdraw fee it decided.

Governance

Eventually, NeoBurger is a DAO based project and BurgerDAO will be the owner of the entire project.

The governance module is under development and it is expected to have a good DAO application on Neo.

BurgerDAO is also an enhancement for NEO GOVERNANCE and it solves the following dilemma:

I want to vote for a candidate but I only want to vote for it if it is going to win. Otherwise, I’ll vote in another candidate that will give me some GAS.