What is Gas (GAS)?
is a cryptocurrency belonging to the Neo platform. Neo is a community-driven, open-source blockchain platform developed with the aim of facilitating the building of decentralized applications (DApps). Gas serves as the fuel token for the Neo platform and is used for various transactional purposes. In this article, we will explore what Gas is, how it works, its potential future uses, and more.
Founders of Gas
Gas was founded as part of the Neo platform, which was initially launched in 2014 under the name AntShares. The founders of Neo, Da Hongfei and Erik Zhang, envisioned a platform that would allow for the automation and digitization of asset management using smart contracts.
How does Gas work?
Gas operates on the Neo network, which utilizes a unique consensus mechanism called delegated Byzantine Fault Tolerance (dBFT). This mechanism ensures efficient and secure transaction processing. Gas is generated by holding Neo tokens, and the amount of Gas generated is proportional to the amount of Neo held. Users are rewarded in Gas for their participation in the network and consensus process.
What sets Gas apart?
Gas distinguishes itself by providing a range of powerful infrastructures within the Neo platform. These include decentralized storage, one-block finality for faster transaction processing, oracles for secure off-chain data access, NeoFS for distributed storage, Poly Network for cross-chain interoperability, Neo Name Service for decentralized domain name resolution, and Neo ID for decentralized identity solutions. These infrastructures contribute to the platform's vision of an open network smart economy.
Future potential of Gas
Gas has the potential to be used in various ways in the future. It can be used for purchasing products and services on the Neo platform, paying network fees, compensating for asset transfers, publishing and registering assets, and running DApps. As the Neo platform continues to evolve and attract developers and users, the demand for Gas may increase, allowing for its further integration into the platform's ecosystem.
Other information about Gas
Gas can be traded on various cryptocurrency exchanges and is also used as a reward for developers who build applications on the Neo platform. The supply of Gas is fixed, ensuring scarcity and potentially affecting its value over time. Additionally, Gas provides incentives for users to hold and utilize Neo tokens, as they are rewarded with Gas for doing so.
Can I earn money with Gas?
As an investor or user of Gas, there is a potential to earn money through various means. Holding Neo tokens and participating in the consensus process can result in the generation of Gas tokens
. Additionally, if the value of Gas increases over time, selling it at a higher price than the initial investment can lead to profits. However, it's important to note that cryptocurrency investments come with inherent risks, and it's advisable to do thorough research and seek professional advice before making any investment decisions.
Buying Gas on Coinmerce: Coinmerce offers the opportunity to buy Gas with various payment methods, including iDeal. After logging in, navigate to the "Coins" section and search for Gas. Select the desired amount and complete the purchase process, and the Gas tokens will be transferred to your wallet.
In conclusion, Gas serves as the fuel token for the Neo platform, providing various utilities and incentives for users and developers. Its unique features, strong infrastructure, and potential for future use make Gas an interesting cryptocurrency to consider within the ever-evolving blockchain ecosystem.