NeoGas

Gas (GAS) is a cryptocurrency that functions within the Neo blockchain as the fuel for the realization of network resource control. It is used to pay for transaction fees and smart contract executions on the Neo network, thereby preventing the abuse of resources. On the Neo blockchain, GAS tokens are produced with each new block and distributed to NEO token holders, who have network management rights. The maximum supply of GAS is set at 100 million, with divisibility up to eight decimal places.

• Maximum total supply of 100 million GAS tokens.

• Initially, GAS is generated at a rate of 8 GAS per block, with a reduction of 1 GAS per block each year until it reaches 1 GAS per block.

• The generation of GAS will continue for approximately 22 years until the total supply reaches 100 million.

• GAS is distributed proportionally to NEO holders, who can claim it at any time.

• The minimum unit of GAS is 0.00000001.

As of today 17 November 2024, the price of NeoGas is ₹436.79 INR, with a 24-hour trading volume of 90272113.81 USD. The market capitalization for NeoGas is 326872036.07USD. The circulating supply is 64992331 NeoGas, with the total supply also being 64992331 NeoGas.

Pros:

• Utility within the Neo Ecosystem

• : GAS is essential for executing transactions and smart contracts on the Neo blockchain, ensuring its demand within the ecosystem.

• Passive Income

• : Holding NEO tokens generates GAS, providing NEO holders with a passive income stream.

• Deflationary Mechanism

• : The total supply of GAS is capped, which could lead to deflationary pressure as the network grows.

• Governance Participation

• : GAS allows users to participate in the governance of the Neo network, giving them a say in its future development.

• Resource Control

• : By charging for operations and storage, GAS helps in preventing spam transactions and resource abuse on the network.

Cons:

• Market Volatility

• : As with all cryptocurrencies, GAS is subject to market volatility, which can lead to unpredictable price fluctuations.

• Network Dependence

• : The value of GAS is closely tied to the adoption and success of the Neo blockchain.

• Regulatory Risks

• : Changes in cryptocurrency regulations could impact the utility and value of GAS.

• Technical Risks

• : Any technical issues with the Neo blockchain could adversely affect GAS.

• Competition

• : GAS faces competition from other blockchain platforms and their respective tokens, which could affect its adoption.

• Ecosystem Growth

• : As the Neo ecosystem grows, the demand for GAS to fuel transactions and smart contracts is likely to increase.

• Limited Supply

• : With a capped supply, GAS could become more valuable as the available tokens become scarcer.

• Passive Earnings

• : By holding NEO, investors can earn GAS, adding a potential income stream.

• Governance Rights

• : GAS holders can influence the development and strategic decisions of the Neo network.

• Innovative Features

• : Neo's focus on digitizing assets and creating a smart economy could lead to increased utility for GAS.

• Dual-Token Model

• : GAS is part of Neo's unique dual-token model, separating governance from operational transactions.

• Smart Economy Enabler

• : GAS is integral to Neo's vision of a smart economy, where digital assets are easily managed and exchanged.

• Resource Allocation Efficiency

• : The use of GAS as a separate token for network fees optimizes resource allocation and network performance.

GAS addresses the issue of resource allocation on blockchain networks by providing a mechanism to charge for the execution of transactions and smart contracts. This helps to prevent the wasteful use of network resources and encourages the efficient operation of the Neo blockchain.

The Neo project, and by extension GAS, was founded by Da Hongfei and Erik Zhang. They are also the founders of Onchain, a blockchain technology company. The team behind Neo comprises developers and contributors from around the world, with a strong presence in China.

The ICO price and initial allocated units for GAS are not directly available as GAS is not sold through an ICO but is instead generated and distributed to NEO holders over time. The listing date for GAS on exchanges varies, as it is dependent on when exchanges choose to list the token.

• Dependence on Neo's Success

• : The value of GAS heavily depends on the Neo platform's adoption and success.

• Regulatory Uncertainty

• : The evolving regulatory landscape for cryptocurrencies could impact GAS's utility and value.

• Technical Challenges

• : Any flaws or issues in the Neo blockchain's design or implementation could negatively affect GAS.

• Market Competition

• : The presence of other blockchain platforms with similar or superior features could limit GAS's growth.

• Liquidity Risk

• : Depending on market conditions, there may be times when it is difficult to buy or sell GAS without affecting its price.

The Neo whitepaper outlines the vision and technical details of the Neo blockchain, which includes the GAS token. Neo aims to create a "smart economy" by digitizing assets using blockchain technology and smart contracts. The network operates on a dual-token model, with NEO and GAS serving different purposes. NEO represents the right to manage the network, including voting for consensus nodes and other governance decisions. GAS, on the other hand, is used to pay for network operations, such as executing smart contracts and processing transactions.

The whitepaper details the economic model of the network, explaining that GAS is generated with each new block and distributed to NEO holders. This model incentivizes holding NEO and participating in the network's governance. The generation of GAS is designed to decrease over time, with a total cap of 100 million GAS to be reached in approximately 22 years. This creates a deflationary aspect to GAS, potentially increasing its value as the supply becomes more limited.

The governance mechanism of Neo includes both on-chain and off-chain elements, with GAS playing a central role in the on-chain governance as the token required for executing network functions. The whitepaper also discusses the distribution mechanism for NEO and GAS, with a portion of NEO tokens being reserved for long-term development and ecosystem incentives.

Neo's technical infrastructure is designed to support a wide range of applications, including decentralized exchanges, prediction markets, and social networking platforms. The network uses a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, which is designed to support high transaction throughput while preventing the double-spending problem.

The whitepaper emphasizes the importance of regulatory compliance and the ability for digital identities to be integrated into the network, allowing for a compliant and secure environment for asset digitization and exchange. It also highlights the development tools and languages supported by Neo, making it accessible to a broad developer community.

In summary, the Neo whitepaper presents a comprehensive vision for a blockchain-based smart economy, with GAS as a critical component of the network's economic and operational model. The dual-token system, governance structure, and technical capabilities are designed to facilitate the widespread adoption of blockchain technology and the creation of a diverse ecosystem of decentralized applications.