Name: NeoGas
Brand: NeoGas
SKU: GAS
Price: 160.933325 USD
Availability: InStock
Rating: 4.5 (34 reviews)

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NeoGas

Mudrex

Market Statistics

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.

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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.

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.