GAS is a byproduct of storing NEO that is generated at the GAS reward of 0.00000008 GAS per NEO per processed block.
NEO is behind GAS, where NEO has been fully responsible not just for introducing but also for maintaining digital contracts.
At press time, NEO transactions are free, but that won’t dependably be the case, since transaction fees will be collected in the form of GAS.
What does that mean is that claiming gas will have a cost ultimately. When this takes place, then you will perhaps not be claiming GAS every day as this would incur in higher fees.
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So, What is GAS?
GAS is also known as NEO GAS and was mainly designed to control the NEO network.
In this way, NEO has two different coins. The first is the main digital currency called NEO, whereas the other is NeoGAS, also known as GAS.
Both cryptocurrencies have a limit of 100 million coins. The GAS coin is used to control the management’s rights to the NEO coin.
These are a few rights which include accounting reconciliation as well as changes to network parameters.
Also, it is planned that the coins can be mined, but the function isn’t currently activated. Every time a smart contract is fulfilled, the bookkeeping has to be used that is verified by the blockchain technology.
In circulation, GAS will always have less coins than that of NEO. We might end up needing to buy GAS to send NEO transactions, smart contracts, use the products on the network.
At press time, there isn’t actually a real use for GAS. But, there is no reason to have it other than to speculate.
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What’s Behind GAS Coin?
Previously known as Antshares, NEO is the first open source blockchain in China. It was founded in 2014 with the aim of revolutionizing trade.
NEO depends on the so-called smart economy, that results from digital assets, identity as well as blockchain smart contracts.
This transformation may result in the traditional economy that is merging with the digital economy, making it easier for all the goods which are to be exchanged.
In the coming time, all guidelines, laws and social institutions will be completely transparent and act fairly.
GAS Coin Market Capitalization
Currently, there are nearly 82 million GAS coins in existence. Each of the GAS coin has the value of about $2.16 per coin.
This is something that results in the market capitalization of $21,867,013. In addition, the trading volume of the GAS has been around $815,472 in the last 24 hours.
GAS Exchange and Wallet for GAS
At present, GAS can only be bought and sold via Binance, a cryptocurrency exchanges that uses an easy-to-understand interface and serves as a trading platform for 7 other digital currencies.
After the purchase, the GAS coins move into the NEO Wallet, used to store GAS coins. This wallet is provided by NEO coin in the AntShares app, that will continue to receive the updates with the passage of time.
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