NeoBurger early contributor and developer, Vang1ong7ang, joined Neo Global Development’s AMA series, Neo Live, on Monday, Nov. 9. NeoBurger is a NEO token wrapper that integrates a dynamic voting function to maximize GAS returns through Neo governance processes. The dApp, formed by a mixture of Neo researchers and community developers, recently launched with approximately 33,000 NEO wrapped at the time of press.
In the AMA, Vang1ong7ang discussed the new token, how it maximizes GAS rewards, the security of the smart contract, vision for a NeoBurger DAO, and how to contribute to the project.
A transcript of the AMA can be found below:
Panda skiing (Neo Telegram admin): Vang1ong7ang is a researcher that primarily focuses on blockchain, AI, and cyber security. He began to study the Neo platform in 2018 and has built developer-oriented toolkits on both Neo Legacy and N3.
In addition to Neo, Vang1ong7ang also has experience with the Ethereum blockchain and its DeFi applications.
Vang1ong7ang (Contributor to NeoBurger): Hi, Neo friends!
Q1: What is NeoBurger?
Vang1ong7ang: NeoBurger project seeks to compensate for the usability issues of indivisible NEO in applications such as DeFi, while also providing an avenue for maximized GAS rewards for holders.
Similar to nNEO, the wrapped NEO token used on Neo Legacy, NeoBurger also mints its own wrapped NEO token. bNEO, or BurgerNeo, is divisible to eight decimal places, making it easier to integrate with exchanges, contracts, and allowing it to be used to make more granular payments.
Unlike nNEO, however, the bNEO contract doesn’t take sole ownership of GAS. It maintains a record of bNEO user balances and the proportion of GAS to distribute to each. Constant management of votes between the agents allows the NeoBurger platform to maximize the GAS received from the vote reward distribution.
Q2: Can you share the roadmap and short-term goals?
Vang1ong7ang: First of all, NeoBurger is a DAO-based project and we’d like to provide the BurgerDAO this month.
The BurgerDAO will be a lightweight DAO. DAO members and NeoBurger users will vote on project-related proposals.
In my opinion, it is an important way to ensure the safety and efficiency of NeoBurger. Then, the future upgrades of NeoBurger will be decided by the DAO.
As an early contributor of NeoBurger, I’d like to make NeoBurger stable and secure.
I don’t see NeoBurger being upgraded very often. But, I will still propose and implement proposals for NeoBurger after the DAO launches. For example, a flash loan service.
And, I think an important work for NeoBurger contributors is to introduce NeoBurger and bNEO to more users and products and projects, and help them to better integrate with NeoBurger contracts.
Q3: What advantage does NeoBurger have over holding and voting with NEO?
Vang1ong7ang: In my opinion, the user probably has a chance of earning more in the long-term, as they’ll earn more because NeoBurger is constantly adjusting its voting strategy. NeoBurger changes its vote regularly, so if you don’t want to think about voting all the time, NeoBurger can be a better option.
For most users who cannot really influence the voting results, the meaningful purpose of voting is to earn maximal GAS. NeoBurger, as a set of smart contracts on Neo N3, offers an automatic system to pool a large number of NEO and optimize the GAS gain from voting.
As more NEO is pooled in NeoBurger, the platform can employ further strategies. For example, to use its increased vote weight to help elect new nodes to the Neo Council.
Q4: How has the Neo blockchain benefited the development of NeoBurger?
Vang1ong7ang: Actually, NeoBurger is a project growing on Neo and focusing on Neo. The NeoBurger project exists because NeoBurger can be a good complement of N3 on-chain governance.
The lower transaction fees, good performance, and single-block finality features of the Neo blockchain is pretty attractive and convenient for users and developers.
I think the best benefits that I have received from the Neo ecosystem is the support and help of Neo’s powerful communities. COZ, NNT, NeoResearch, NeoSPCC, AxLabs, Red4sec, and others have provided helpful suggestions and ideas during our development.
Q5: How do you see NeoBurger fitting into the Neo ecosystem?
Vang1ong7ang: We hope NeoBurger can be a compliment, a bridge between native Neo infrastructure and of various applications.
A divisible NEO is needed by dApps, especially by DeFi applications. Additionally, GAS farming is also a demand for NEO holders.
We will try to make bNEO act as NEO’s wrapping standard that is widely accepted and used in dApps and by exchanges.
Q6: Where is the NeoBurger team based and how can people contribute?
Vang1ong7ang: NeoBurger is always an open and transparent product managed by global cooperation and volunteer contributors, and we welcome contributions and discussion. Feel free to contact NeoBurger anytime, anywhere.
Q7: What are some factors that will make NeoBurger a success?
Vang1ong7ang: First, our contributors are all experienced Neo developers. Second, we have an advanced voting strategy, and we can keep the optimal voting distribution. Third, our project is open and transparent; all discussions and implements are public on GitHub.
Q8: Have the NeoBurger smart contracts been audited and how does the team factor in security?
Vang1ong7ang: The NeoBurger smart contract is clean and elegant and requires minimal permissions and witness scopes. The smart contract was well designed and well discussed among many experienced developers in Neo communities. And, it is reviewed and audited by security researchers in the Neo community.
Yeah, it is a pretty safe project.
Q9: Is there a plan for “compounding” by swapping GAS generated by NeoBurger to NEO to generate more GAS?
Vang1ong7ang: Yeah, we are waiting for a DEX or swapping platform on N3. Then, we can provide such features for our users.
Q10: How do you ensure that GAS reward management is distributed equally and scrutinized across contracts? What role does RPS play?
Vang1ong7ang: RPS means GAS rewards per NEO since the NeoBurger system started. Our project is entirely open-sourced and open discussion, where you can find the implement details in our GitHub repo.
It is pretty easy and clean code.
Note: Some edits have been made for formatting and readability.
The full AMA can be found at the link below: