Full description of Gas
GAS is a utility
Token (?) which is used primarily on the NEO
Blockchain (?) with the key purpose to cover transaction fees. It has similar functions to gas utilized on Ethereum, but its core difference lies in its generation process. GAS tokens are created automatically if you hold NEO on your
Wallet (?) for a period of time.
To understand the key features of GAS, one should get at least a brief knowledge of what NEO represents. Launched in 2014, this project is often referred to as “Ethereum’s killer“ or “Chinese Ethereum” since it aims to provide developers with a similar platform for dApps’ creation. Its key advantage is that it has managed to solve the scalability issue inherent to all Ethereum-based platforms. NEO has the built-in system of smart contracts, but unlike Solidity-based contracts on Ethreum, these ones are much more developer-friendly as they are based on well-known programming languages such as Go, Python, Javascript, and C#.
The key
Cryptocurrency (?) NEO fueling the platform acts as a proof of stake and gives NEO holders the right to participate in the platform’s development. In order to do that, they can stake their coins to support some specific proposals. In order to make a transaction, it’s required to pay network fees, and that’s where GAS can help as it covers these fees. Its other functions include resource allocation, network charges and incentivizing the participants.
GAS can be obtained on some popular
Exchange (or Cryptocurrency exchange) (?) platforms such as Binance, Coinone, OKEx or Digifinex, but it can also be earned for holding NEO. The proof-of-stake
Consensus (?) algorithm implies distributing 8 GAS coins across all NEO holders for every newly generated block. The size of the reward is proportional to the amount of staked coins.
While NEO token is indivisible, GAS can be divided by a factor of 1/10^8. This
Coin (?) is not pre-mined and has a finite supply of 100 million tokens which will be generated via a decay algorithm by the year 2040.
Ass the project operates from China, the information about its founders is pretty scarce as they prefer working within their home region. The co-founders of NEO are Da Hongfei and Erik Zhang, but their background remains veiled.
- Exchange symbol (?): GAS
- Cryptocurrency type (?): Token (?)
Gas for developers
Gas social sites
Source: NOMICS
