GAS (GAS) – An In-Depth Guide To Understand Gas Coin
What is GAS?
GAS is the underlying utility token of the NEO blockchain platform. It is used to pay for the execution of smart contracts. The NEO-ecosystem features a two-tier token system; NEO is the management token, and it is the operational token of the network.
This project was started under the name “Antshares” in the year 2014 and later rebranded to NEO. The ICO of Antshares was held from 9. June 2016 to 9. July 2016 and the ICO-price was 0.032 $. Antshares was founded by Da Hongfei and Erik Zhang through Da Hongfeis development company Onchain.
Can it be mined?
No, the consensus mechanism of NEO is Proof-of-Stake. Therefore you cannot mine GAS, but you can stake your NEO tokens to help secure the network and get GAS as compensation. Every block (15-25 seconds) the supply of GAS grows by 8; these newly minted GAS are split between all NEO holders.
What differs it from other Cryptocurrencies?
It in the NEO ecosystem has the same function as Gas in the Ethereum network. It is used to pay for computation, for example, deploy and run smart contracts.
On the Ethereum blockchain costs for Gas are paid in ETH, where NEO decides to create a second token for that use-case. NEO tokens represent a share of the NEO-blockchain and it can be earned by staking NEO tokens.
How much is it worth today?
What is the total and the circulating supply?
The maximum supply is 100,000,000, the total supply is 17,190,378 and the circulating supply at the time of writing is 10,128,375 GAS.
Where can you buy it?
You can buy it on several cryptocurrency exchanges, most notably Binance and OKEx.
Can it be sold for cash?
You can sell it for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Coinnest (not recommended).
It’s future is tied to the future of the NEO-blockchain. Development of NEO is very active. The NEP5-token standard is already working well.
Another thing on their roadmap is to further decentralize their ecosystem by expanding the number of nodes. With the launch of Trinity, NEO has now its own Lightning Network, similar to the Raiden Network on Ethereum.
Verdict and Rating
5/10 GAS success is tied to the success of NEO, which is the better choice if you plan to make an investment in the NEO-smart economy. It is better to own a share of the casino than to gamble for yourself.
Nonetheless, could it be a good investment. It is needed to fuel computations and smart contracts, so if the NEO-ecosystem grows the usage of GAS grows, which makes it rarer. I like that the supply is capped at 100 million units. One to watch.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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