What is GAS ?
The gas acts as a token specially created for the NEO blockchain to pay fees for carrying transactions on NEO networks. In other words, it is a cryptocurrency used to fulfill a transaction on the NEO blockchain. So, if in case people generate a NEO block on the blockchain, Gas coins will be distributed to all the holders.
Primary features of GAS
NEO is China’s first open-source blockchain platform that facilitates two coins, one NEO and the other GAS coin. The latter one contains the following feature:
- It serves the purpose of managing rights, which includes account reconciliation and network parameter changes.
- Gas cryptocurrency can be used as registration fees to run apps on the NEO system.
- As the NEO network grows and produces more GAS, the cryptocurrency gets recycled back to NEO holders.
Is GAS a promising cryptocurrency?
Gas currency has shown a positive movement in the past five years. This means the coin price has increased from USD 18 to USD 49 and is still rising. Because of such a positive trend, more users are using gas cryptocurrency as a transaction, leading to growing adoption. So, one can say it is a good investment and sure to give high returns in the future.
How to use GAS coins?
Gas currency is an excellent way of paying for NEO blockchain transactions without causing any trouble. It ensures simplicity and greater efficiency. You can use the Gas coin for the following purpose:
- Perform transaction: It is used by people to perform transactions in the NEO blockchain. It acts as a payment for the fees charged to carry out any operation on the NEO platform.
- Investment: It acts as a perfect reward for NEO holders as its price is constantly increasing. The current market cap ranks at about #352, with a live amount of USD 82,601,470.
Pros & Cons of GAS coin
Technology: Gas exchange
technology works in a unique consensus mechanism (dBFT) which requires specific requirements to meet. However, it helps consume fewer sources, is more capable, and allows real persons and institutions to be bookkeepers.
: It lets the consumer enjoy two types of tokens where gas is an operational token. In addition, it helps fuel smart contracts.
The process is very efficient compared to traditional currency exchange. Moreover, the NEO platform also enables superconducting transactions, increasing centralized exchange efficiency and providing decentralized exchange security.
Requirement of minimum balance
: It requires the maintenance of a certain minimum balance to function.
: It requires the consumer to give control of their fund completely to the exchange.
Trade GAS coin on CoinSwitch kuber
- With just Rs 100, you can now start your trading in gas currency
- The platform will facilitate instant deposit and withdrawal of currency amount to your bank account
- The interface is straightforward and friendly
- Trade-in gas coin at zero charge
GAS ICO summary
A total of 100 million gas tokens were created for the NEO blockchain, and over 50 million were sold to investors as an initial coin offering in 2016. As a result, it raised around US 4.65 million. As for the remaining 50 million, they were locked into a smart contract.
FAQ's on GAS
- What is gas in Crypto?
In Crypto, it refers to a fee or pricing value used as a source to complete the transaction on the NEO blockchain platform.
- Where can I buy a gas coin?
Many platforms are dealing in millions of Gas coin supplies. However, if you want to buy, CoinSwitch can be a great trading platform for you.
- How to get a gas coin?
It is a simple step-by-step guide to buy GAS coin:
- Register an account with the exchange
- Next, deposit the amount you want in your account as funds
- Buy Gas currency
- Is a gas coin a good investment?
Predicting the future of cryptocurrency is challenging; however, the future of gas coins is quite bright. The interesting thing to notice is you can automatically earn Gas coins whenever a block gets completed. Plus, as per the trends, it shows excellent returns in the future.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.