What is Gas (GAS)?
Future of GAS Cryptocurrency and know how to buy GAS

#1 - What is GAS?

GAS: The Basics

A cryptocurrency for NEO platform, GAS is the token used to pay the cost of execution on the NEO blockchain. Neo, formerly called as AntShares, is China’s first open source blockchain platform. It was founded by Da Hongfei and Erik Zhang in 2014 with the aim of revolutionizing trade

  1. Neo offers 2 cryptocurrencies – the first one is the NEO coin itself. The other one is the GAS coin, also called Neogas.
  2. The GAS cryptocurrency serves the purpose of managing rights to the NEO coin. These rights include account reconciliation and changes to the network parameter.
  3. Whenever a smart contract gets executed, a bookkeeping system is used which is then verified by Blockchain. Companies must have spent GAS as registration fees to run their apps on NEO system.
  4. Later, GAS get recycled back to NEO holders along with generated coins, one thus producing more GAS as the NEO network grows.

 

#2 - Gas Benefits

GAS Technology

  1. GAS works on a unique consensus mechanism called Delegated Byzantine Fault Tolerance (dBFT). The stakeholders designate certain nodes as bookkeepers which create blocks on its blockchain.
  2. These nodes must meet certain requirements and maintain a minimum balance of NEO in order to function.
  3. The blocks written to Blockchain are validated then by the network. A consensus is achieved when two-thirds of the nodes of network agree. If it fails, an alternate bookkeeper is called and the process is repeated.
  4. The network consumes fewer resources than other types of consensus as a whole, and it’s also more capable.
  5. With digital identity technology used with dBFT, Bookkeepers can be real people and institutions, known by name to the network.

Tokens

The platform uses 2 separate tokens:

  1. Neo is the management token that is representative of shares in the NEO market.
  2. GAS is the operational token. Users pay in GAS the transaction costs to fuel smart contracts on the blockchain. Both Neo and GAS are capped at 100 million tokens.

Transactional Process:

  1. What happens in a traditional currency exchange? Orders are placed and matched in a centralized marketplace. Although the process is efficient, it requires that the consumers release control of their funds to the exchange.
  2. On the NEO platform, exchange transactions are settled on the Blockchain but order matching is handled off-chain by a central exchange. These transactions are called ‘Superconducting Transactions’. Not only do they increase the efficiency of centralized exchanges, but also provide the security of a decentralized exchange.

 

#3 - How to Buy and Store GAS?

How to buy GAS coin?

  1. You cannot directly GAS on an exchange. Instead, you can choose to buy Bitcoins (or other major cryptocurrencies) and then trade them for GAS. Some of the top exchanges that support Neo and GAS are Binance, Gate.io, Binance and Cryptopia.
  2. Or, you can use Coinswitch. CoinSwitch will actively help you make the right decision by providing the prices for a GAS token on the crypto exchanges it’s sold in, all at one place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your GAS token, and CoinSwitch will facilitate the comparison in various exchanges.
  3. What’s more - with CoinSwitch, the largest cryptocurrency conversion platform, you need not create or rely on the wallets specific to the exchanges. Instead, all transactions can happen to and from your very own private wallets.

How to store GAS

The safest option to store your coin is to download an official GAS wallet, or store it on hardware wallet. Since NEO is a relatively new platform, it doesn’t have many wallet options. But there are some you could consider - such as the hardware Ledger Nano S, Neon wallet , or Neo Tracker.

Setting up a wallet is easy. We are using Neo Tracker as an example for setting up your GAS wallet.

Step 1: Go to NeoTracker and press new wallet.

Step 2 : Enter a password and click create.

Step 3: Click download store. A file will be downloaded, read the warnings and press continue.

Step 4: The private key is generated. Press continue.

Now you are in your wallet. Go ahead and purchase any cryptocurrency and then exchange it for the GAS token.

 

#4 - What is the future of GAS?

  1. The technical analysis of GAS coin indicates prices of over $18 to $49 over the next one to five years. It is priced at $13 as of June 2018.
  2. With higher adoption of its blockchain, an increasing number of users will use the GAS coin as transaction fees. Since there is a limited total supply of the GAS coin, economics dictates that prices should rise if adoption rises.
  3. In fact, it already rose from over $1 to $80 in just about half a year between 2017 and 2018.

Complete Analysis of GAS | Live GAS (GAS) Price Charts & Predictions

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

20.64

20.97

20.03

20.45

4,854,040

209,040,000

Apr 01, 2018

15.72

16.08

14.25

15.17

3,708,890

157,139,000

Feb 01, 2018

57.94

59.03

45.89

50.99

22,232,500

557,481,000

Dec 01, 2017

18.85

19.88

17.48

19.36

1,182,360

162,040,000

Nov 01, 2017

17.50

17.69

15.52

15.77

968,366

150,460,000

Sep 01, 2017

16.91

17.81

14.89

15.07

534,726

140,014,000

Aug 01, 2017

2.32

2.47

2.26

2.40

230,750

-

Jul 06, 2017

1.78

1.81

1.71

1.72

121,304

-

 

#5 - How is GAS different from other cryptocurrencies?

  1. GAS coin has dividends like no other coins which excites its stakeholders - the coins increases when blocks get discovered.
  2. The downside is that it cannot be directly bought on exchanges.
  3. It is also different in the sense that its value is not divisible in fractions. The smallest unit that you can hold will always be 1.

 

#6 - Should you Invest in GAS?

Obviously, predicting the future of any cryptocurrency is difficult. There are many factors that determine the price of coins. The NEO platform, though it looks like many other Blockchain platforms, has positioned itself as a strong contender, especially due to its presence in large markets like China.

GAS is less like an investment opportunity and more like an operational token. The interesting thing about GAS is that you automatically earn GAS whenever a block gets completed. So far, GAS has had no real application and there are other coins with more potential, although there is a rise in its price. As the trend shows, it is sure to give returns in future.

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