What is Gas (GAS)?
Overview and Purpose
In context of broader blockchain and crypto space ‘GAS’ often refers to a mechanism on Ethereum and other blockchains that calculates and allocates fees for conducting transactions and executing smart contracts.
This is pretty much what GAS does on NEO platform but with its own unique implementation and identity.
Specifically designed to handle transaction fees and facilitate various services on NEO platform GAS is one of two native tokens on NEO network the other being NEO.
While NEO represents ownership and management rights within network GAS serves as utility token that powers blockchain’s operations.
This dual-token system ensures that network functions smoothly by separating governance from transaction processing.
What’s worth noting is that according to GAS distribution rules GAS is generated and distributed over time to incentivize network participation and support.
Initially no GAS existed in circulation but it is gradually produced as new blocks are created on NEO blockchain.
Specifically 5 GAS tokens are generated per block which are then distributed to various participants in ecosystem, including NEO holders committee members and voters.
This distribution mechanism ensures that those who contribute to network’s maintenance and governance are rewarded promoting healthy and active blockchain community.
According to CoinmarketCap data GAS currently has verified circulating and total supply of 64,992,331 Tokens with no Max supply cap.
This means that overtime as demand increases more GAS tokens can be released to circulation to maintain steady inflation.
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Key Features
GAS is multiple purpose token of project and below are details into some of primary features of it in NEO Ecosystem.
Transaction Fees
One of key functions of GAS is to cover transaction fees on NEO blockchain.
Every operation whether it’s transferring tokens executing smart contracts or storing data requires fee paid in GAS.
This fee structure is crucial for maintaining network’s efficiency and preventing abuse.
For instance deploying smart contract can cost several GAS depending on its complexity which ensures that only serious and valuable contracts are created.
This system helps to keep network free from spam and unnecessary congestion.
According to recent data average transaction fee on NEO network is relatively low compared to other major blockchains making it an attractive option for developers and users.
Resource Allocation
By requiring fee for each transaction network can effectively manage its resources and prevent spam attacks.
During periods of high network activity cost of GAS may increase to ensure that only essential transactions are prioritized.
This dynamic pricing model helps maintain network’s performance and security by incentivizing users to consider cost of their transactions.
Itβs similar to gas fee mechanism on Ethereum where higher demand leads to higher fees.
This system ensures that network remains scalable and efficient even under heavy usage.
Incentives for Participation
The GAS distribution model incentivizes active participation in ecosystem.
NEO holders receive portion of generated GAS based on their holdings which encourages long term investment in network.
Committee members and consensus nodes who play important roles in maintaining and governing blockchain also receive GAS rewards.
This approach aligns interests of network participants with health and growth of NEO blockchain.
How Does Gas (GAS) Work?
Generation and Distribution
Unlike many other blockchain networks where transaction fees are paid in same cryptocurrency used for transactions NEO separates these functions by using two different tokens: NEO and GAS.
NEO token holders receive GAS as form of dividend for holding NEO.
This process incentivizes long-term holding of NEO as amount of GAS earned is proportional to amount of NEO held.
Each time new block is created on blockchain a certain amount of GAS is generated and distributed among NEO holders.
The total supply of GAS is capped at 100 million tokens according to Whitepaper and it is distributed to NEO holders over time as new blocks are created.
Initially distribution rate is higher with each new block generating a larger amount of GAS but this rate decreases over time according to predefined decay schedule.
This gradual reduction in generation rate of GAS ensures fair distribution over long period and helps prevent inflation within NEO ecosystem.
The generated GAS is distributed automatically based on NEO holding ratio meaning more NEO tokens a user holds more GAS they receive.
Governance and Voting
Platform integrated a delegated dBFT consensus mechanism which is designed to provide high performance and robust security.
In this system NEO holders vote for consensus nodes also known as bookkeepers who are responsible for validating transactions and creating new blocks.
This voting process ensures that network remain decentralized while also being efficient.
The dBFT mechanism is capable of handling thousand of transaction per second making it suitable for largescale commercial applications.
By holding NEO users gain ability to participate in network governance.
This includes voting on important issues such as protocol upgrades and election of consensus nodes.
The voting process is integral to network’s security and functionality.
GAS Tokenomics
Supply and Distribution
The total supply of GAS is limited to 100 million tokens.
This cap ensures that there is finite amount of GAS available which helps in maintaining value over time.
The scarcity of token combined with essential utility in ecosystem contributes to long term economic stability of platform.
GAS is released gradually as new blocks are created on NEO blockchain.
This process starts with higher rate of GAS generation which then decreases over time according to deflationary model.
Initially each new block generates significant amount of GAS but this amount diminishes following predetermined schedule.
This method of releasing GAS not only provides immediate rewards for network participants but also ensure that total supply grows at controlled pace.
The deflationary aspect helps in mitigating inflationary pressures ensuring that value of GAS remains relatively stable and possibly appreciates over time.
Utility and Incentives
In executing transactions and smart contracts on NEO blockchain GAS as required fee.
This mechanism ensures that all operations on network whether they involve transferring tokens deploying smart contracts or utilizing dApps incur cost paid in GAS.
This cost structure is essential for maintaining network’s efficiency and preventing misuse.
By requiring fee for each transaction blockchain effectively filters out spam and nonessential operations ensuring that network resources are allocated to valuable and legitimate activities.
Furthermore GAS incentivizes users to participate in network’s governance and consensus processes.
NEO holders earn GAS as reward for involvement which encourages them to engage actively with network.
This engagement is crucial for decentralized decision making that underpins NEO blockchain.
How to Acquire and Store GAS
Purchasing GAS
There are two ways to acquire GAS tokens.
Interested individuals or VCs can earn GAS by holding NEO tokens or directly purchase it through centralized crypto exchanges such as Binance, Gate.io, OKX, HTX(Huobi), KuCoin and many others.
On these platforms users can trade fiat currencies or other cryptocurrencies like Bitcoin or USDT to acquire GAS.
The process typically involves creating an account on exchange completing any necessary identity verification steps depositing funds into your account and then executing trade to purchase GAS.
Once GAS tokens are purchased they can be transferred from exchange to secure wallet for safekeeping.
Storage Solutions
Once you acquire GAS it’s essential to store it securely.
GAS can be stored in any wallet that supports NEO and GAS tokens.
Here are some popular options.
Official NEO Wallet
The official wallet provided by NEO project is designed specifically for managing NEO and GAS.
It offer features like secure storage and easy access to both cryptocurrency.
This wallet is regularly updated by project developers team to ensure it remain secure and compatible with latest network update making it reliable choice for storing GAS tokens.
Neon Wallet
This userfriendly wallet is developed by City of Zion community and supports both NEO and GAS.
Neon provide an intuitive interface for managing your tokens claiming GAS rewards and interacting with NEO blockchain.
The wallet also includes feature such as transaction history and ability to participate in network governance.
Hardware Wallets
For maximum security consider using hardware wallet like Ledger Nano S and Trezor.
These devices store private keys offline protecting them from online threats such as hacking and phishing attack.
Hardware wallet are regarded as one of safest option for storing cryptocurrencies including GAS as they provide physical layer of security that is not vulnerable to malware and other digital threats.
Be cautious of phishing attempts and only use officialwallet software and websites.
Double-check URLs and avoid clicking on suspicious links.
Conclusion
Future Prospects
As NEO ecosystem continues to expand demand for GAS is expected to increase.
GAS is integral to powering transactions and smart contracts on NEO network and as more dApps and services are developed need for GAS will grow.
Expanding use cases for GAS and integrating it with more platforms and application can enhance utility and value.
As businesses and developers recognize benefits of NEO and GAS broader adoption is likely leading to increased demand and potentially higher value for GAS tokens.
Challenges and Considerations
Navigating regulatory landscape and ensuring compliance will be critical for continued success of GAS.
Continuous improvement in blockchain technology and maintaining network security are essential for sustaining utility and value of token.
Development team must focus on enhancing scalability efficiency and security to stay competitive.
We Coin-Labs.com provides only objective information about Gas (GAS).
Therefore, we are not responsible for the investment decision in Gas (GAS) and the resulting loss.
Gas (GAS) Basics
Here are some factors that investors should consider before investing in Gas (GAS).
| Cryptocurrency Features | Gas (GAS) (GAS) |
|---|---|
| Publisher or Developers | Neo Team |
| Headquarters (Registration Number) | |
| Symbol | GAS |
| Platform | |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | No limit |
Reliability Score of Gas (GAS) in 2024
These are indexes mesuring the investment reliability of Gas (GAS) conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 5 Exchanges |
| Number of Available Pairs Worldwide | 138 Pairs |
| Market Cap of the Cryptocurrency | 371,695,315 USD (Rank #132) |
The table above shows the result of investment suitability evaluation for Gas (GAS).
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Gas (GAS) Price
Here are the price and recent trading volume of Gas (GAS). (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of Gas (GAS) |
|---|---|
| Gas (GAS) Price | 3.788 USD |
| Price Change 24h | -2.05% |
| Price Change 7d | -7.34% |
| Trading Volume 24h | 8,811,541 USD |
| Trading Volume Change 24h | -15.43% |
Cryptocurrency Metadata
You can check the development status and social media information of Gas (GAS) through the links in the table below.
| Metadata Source | URL |
|---|---|
| π Official Website | https://neo.org/ |
| π White Paper | http://docs.neo.org/en-us/ |
| π°οΈ Source Code (GitHub) | |
| π¦ Twitter | |
| π€ Reddit | |
| πΊ Message Board |
Where to Buy Gas (GAS)
Here are the top ten world crypto exchanges where traders can buy Gas (GAS) in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/GAS_USDT |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Listed | https://www.kucoin.com/trade/GAS-USDT |
| Bitfinex | Not listed | |
| OKX | Listed | https://www.okx.com/trade-spot/gas-usdt |
| Huobi | Listed | https://www.htx.com/trade/gas_usdt |
| Bitstamp | Not listed | |
| Bybit | Not listed | |
| Gate.io | Listed | https://www.gate.io/trade/GAS_USDT |
Frequently Asked Questions
What is the current price of Gas (GAS)?
Gas (GAS) price today is 3.788 USD. Furthermore, the price of Gas (GAS) has fluctuated by -2.05% from 24 hours ago, and by -7.34% from a week ago.
Where is Gas (GAS) listed?
Currently, it is listed on a total of 5 among the world top 10 exchanges.
What is the market cap of Gas (GAS) now?
Currently, Gas (GAS) has a market cap of 371,695,315 USD, which is ranking 132 among cryptocurrencies worldwide.
How much is the trade volume of Gas (GAS)?
Currently, 64,992,331 GAS coins are circulating through 138 market pairs. As a result, in the last 24 hours, 8,811,541 USD of GAS coins were traded in the market.
