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GAS

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Description

Why was GAS implemented on NEO?

GAS is a fundamental token of the NEO blockchain. While NEO is used for transactions and represents voting rights, GAS is needed to perform certain functions on the platform.

GAS is used to pay for fees on the NEO network. NEO is often referred to as the “Chinese Ethereum” because of its uses for dApps and smart contracts, which are called NeoContracts. Depending on their complexity, NeoContracts require differing amounts of “effort” to be executed. Effort is the amount of computing power required to complete a task. The more intensive a NeoContract’s request, the more GAS it requires to execute.

What is GAS used for?

GAS is a financial incentive for users to hold NEO. Users gain a certain amount of GAS per year for holding NEO - the exact number of GAS earned is constantly changing. GAS can be earned only by holding NEO in a personal wallet or trading it on certain exchanges, like Binance. Neither NEO nor GAS can be mined.

At a technical level, GAS is the currency used to pay for fees associated with running NeoContracts on the NEO blockchain. It is the fuel behind the NEO network. For users who deploy and run NeoContracts, GAS is a mandatory asset for executing projects. Simply transferring NEO does not required GAS.

How can GAS value appreciate?

The economics behind GAS may make it an attractive token for investors because its total supply is limited to 100 million. Estimates indicate that this limit will be reached in the year 2039.  GAS is arguably scarce compared to many other cryptocurrencies, which can have billions of tokens available.

Additionally, there are currently very few dApps being developed for the NEO network compared to Ethereum. With the number of NEO dApps expected to rise substantially in the coming years while the production of GAS decreases, it would make sense for the market price of GAS to increase as well.

What are the differences between GAS and its competitors?

NEO’s main competitor is Ethereum, which makes GAS’ main competitor ETH, since it is used to pay for fees on the Ethereum blockchain.

Developers of smart contracts may find Ethereum’s system more attractive due to its simplicity; unlike NEO, which uses both NEO and GAS, one coin rules all on Ethereum. However, NEO is more compliant to regulations than Ethereum (especially in China), which may cause some to prefer holding GAS to ETH.

  • Mainnet Launch: February 2014
  • Open Source: Yes
  • Consensus Type: Delegated Byzantine Fault Tolerance (dBFT)
  • Technology: Smart contracts
  • Total Coin Supply: 100 million
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Description

Why was GAS implemented on NEO?

GAS is a fundamental token of the NEO blockchain. While NEO is used for transactions and represents voting rights, GAS is needed to perform certain functions on the platform.

GAS is used to pay for fees on the NEO network. NEO is often referred to as the “Chinese Ethereum” because of its uses for dApps and smart contracts, which are called NeoContracts. Depending on their complexity, NeoContracts require differing amounts of “effort” to be executed. Effort is the amount of computing power required to complete a task. The more intensive a NeoContract’s request, the more GAS it requires to execute.

What is GAS used for?

GAS is a financial incentive for users to hold NEO. Users gain a certain amount of GAS per year for holding NEO - the exact number of GAS earned is constantly changing. GAS can be earned only by holding NEO in a personal wallet or trading it on certain exchanges, like Binance. Neither NEO nor GAS can be mined.

At a technical level, GAS is the currency used to pay for fees associated with running NeoContracts on the NEO blockchain. It is the fuel behind the NEO network. For users who deploy and run NeoContracts, GAS is a mandatory asset for executing projects. Simply transferring NEO does not required GAS.

How can GAS value appreciate?

The economics behind GAS may make it an attractive token for investors because its total supply is limited to 100 million. Estimates indicate that this limit will be reached in the year 2039.  GAS is arguably scarce compared to many other cryptocurrencies, which can have billions of tokens available.

Additionally, there are currently very few dApps being developed for the NEO network compared to Ethereum. With the number of NEO dApps expected to rise substantially in the coming years while the production of GAS decreases, it would make sense for the market price of GAS to increase as well.

What are the differences between GAS and its competitors?

NEO’s main competitor is Ethereum, which makes GAS’ main competitor ETH, since it is used to pay for fees on the Ethereum blockchain.

Developers of smart contracts may find Ethereum’s system more attractive due to its simplicity; unlike NEO, which uses both NEO and GAS, one coin rules all on Ethereum. However, NEO is more compliant to regulations than Ethereum (especially in China), which may cause some to prefer holding GAS to ETH.

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