Last updated 11/10/2022
Gas is a token used to power the Neo network in a two token model designed to encourage users to participate in the ecosystem without reducing their stake in the network.
Neo is unique in that it was the first public blockchain platform to utilise a dual token system. It separates the rights of governance from the rights of using the network. It also provides a means of acquiring the tokens needing to pay transaction fees. Adversely to other successful smart contract compatible blockchains like Ethereum, which employs its utility token for both governance and gas fees.
The NEO governance token is used to provide holders with governance voting rights for the Neo Committee, which members and consensus nodes that govern the entire Neo blockchain. The Neo Committee is tasked with maintaining the overall health of the network and adjusting the blockchain parameters in accordance with the network's needs.
The duality of the Neo/Gas system is to prevent the abuse of node resources by charging GAS for operations on the network including operation of smart contracts and NEO transactions. An incentive structure is embedded by awarding network fees to consensus nodes (Stakers).
Most Neo wallets will include a claim function, allowing you to receive your share of GAS and there is no NEO staking requirements in order to claim GAS tokens. It is also worth noting if you used a centralised wallet such as holding NEO on an exchange that some exchanges distribute GAS to users that hold NEO on their platform, and others do not. NEO distribute an increased amount of GAS to holders that’s take part in network activities such as voting on network governance.
Da Hongfei and Erik Zhang are the co-founders of Neo, and its forerunner, Antshares. They both operate as the chairmen of the Neo Foundation. This organisation intends to promote the blockchain’s adoption. Da Hongfei has stated that, the internet is a great invention, but it is still flawed. This means that ordinary consumers may not always have jurisdiction over their own data. He believes blockchain applications will eventually go mainstream.
Erik Zhang authored the Delegated Byzantine Fault Tolerance algorithm. This algorithm intends to prevent dishonest participants from being involved in the blockchain’s operation. This technology was subsequently used in the Neo blockchain. He continues to lead the Neo 3.0, which is the projects next iteration, as a core developer.
Neo's N3 update has been introduced to Neo and Gas which offers enhancements over its previous network by offering an improved development experience. The N3 migration provides a more powerful and comprehensive network along with a highly modular architecture, this new framework will grant the ability for even hobbies developers to create dApps.
Leading hardware wallet providers such as Ledger are integrated with Neo and Gas (GAS) wallets will come as standard on their devices.
You can store your Gas (GAS) in Exodus along with various other cryptocurrencies. Exodus is free and easy to use and can be downloaded to either a desktop or mobile device. Exodus will then be tied to whichever device it has been downloaded to which will also be the device you will use to access and manage your crypto assets.
You can Buy & Sell Gas (GAS) by heading over to the Buy Coins page of our website. Gas (GAS) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying Gas (GAS) has never been easier, simply place your order and provide your wallet address.
Once your payment arrives Neo will be sent directly to your wallet. If you choose to Sell Gas (GAS) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the ‘Sell Coins’ page.
Block Explorer: https://neoscan.io/
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.