Following on from the release of the first episode in its introductory video series, NEO St. Petersburg Competence Center (NEO SPCC) has published the second instalment with a focus on how payments work in the system.
In NeoFS, users can pay noderunners to store data or rent out storage space in return for GAS, which is used as the currency for the system. The latest video provides an overview of how the NeoFS smart contract is used by users to deposit and withdraw GAS. The contract maintains account balances for all the GAS circulating in the network.
The video also introduces the role of inner ring network nodes, responsible for monitoring and processing transactions on the network. These nodes handle off-chain micro transactions, allowing account balances to be consistently updated until a user decides to submit a withdrawal request. The second video can be viewed below.