What is Gas?
Gas is the native token of the NEO blockchain, a distributed ledger technology and smart contract platform. It was created to facilitate the operation of decentralized applications (dApps) on the network. Gas is used to pay for transaction fees associated with deploying and running dApps on the NEO blockchain. The amount of Gas required for a transaction depends on its complexity and size. As more transactions are made on the network, demand for Gas increases, driving up its price.
Gas was developed by OnChain, a Chinese company that also created the NEO blockchain. It was designed to be an incentive system that rewards users who contribute to the network’s security and stability. For example, users who hold NEO tokens will receive GAS tokens as a reward for helping secure the network.
The total supply of GAS is limited to 100 million tokens, with new coins being released at a steady rate over time. Currently, GAS can be traded on several major cryptocurrency exchanges such as Binance and Huobi Global.
In addition to being used as an incentive system, GAS can also be used as a form of payment for goods and services within certain dApps built on top of the NEO blockchain. This makes it an attractive option for developers looking to monetize their projects.
