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.
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 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.Read More