Very recently, Chinese President Xi Jinping announced the acceleration of blockchain adoption across the country. Even China is looking for utilization of blockchain for cross-border financing. Gas and Neo are like fuel and the refinery, without each other, they are useless, and hence a NEO holder is also a GAS holder. Gas, also known as NeoGas is treated as the secondary cryptocurrency supported by the Neo platform. It is issued by Neo to support decentralized application payments on the Neo platform, similar to Ether on the Ethereum platform.
GAS is produced at the rate of 0.00000008 GAS reward per NEO per processed block. and the Gas rewards keeps decreasing with passing time. Gas is like the currency used for operating on the Neo platform where Gas needs to be spent once smart contracts are fulfilled in the form of smart contract registration fees and so on. The transaction fees are paid in GAS in the NEO ecosystem. Holding NEO tokens give the right to the shares and the dividends on the platform in the form of GAS.
Gas was created along with Neo cryptocurrency on the Neo platform in order to facilitate payments for decentralized applications on the Neo platform, and hence it is used by the Neo time to exercise management rights on the Neo coin. Gas provides a use case where payments where Neo currency which cannot be divided can get remunerated in Gas currency payments.
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. All the NEO tokens are pre-mined. 50 million of those tokens are sold in the Initial Coin Offering (ICO). And the remaining 50 million tokens are vested for one year.
Currently, Gas (GAS) is trading at $1.1296 with GAS price 7.69% down today. The market cap of Gas is USD 11,441,761 with 10,128,375 gas circulating currently. The 24-hour price movement chart indicates that $3,729,395 worth of GAS were trading. (GAS price forecast today)
Since Gas is a vital part of the NEO blockchain, there are many positive speculations regarding GAS and its potential to rise. Let us check some of the predictions given by the prediction sites:
Trading Beasts is a crypto prediction website that believes that by the end of 2020, GAS might even cross $2.70 mark and may reach $1.8 from a conservative point of view.
Digital Coin Price has given GAS predictions till the year 2026. They have predicted keeping in mind the volatile factor. They predicted that by 2025, GAS might rise high up to reach $11.85.
The Coin Fan community is very optimistic about GAS’ performance in the coming years and believe that by 2020, GAS might even go way past the $200 mark.
Wallet Investor has given way more optimistic prediction for GAS, where they believe that GAS might surge upwards and reach $4.117 by the end of 2020.
Some months back in the NEO DevCon 2019 summit that happened in Seattle, the experts spoke about NEO 3.0, and soon after that GAS started performing way better than the other cryptocurrencies and increased by over 10% in a week or so. NEO 3.0 is essentially getting developed to resolve problems concerning scalability, privacy, efficiency, transactions per second (TPS) and so on. NEO co-founder Erik Zhang revealed that NEO 3.0’s goal is to support commercial applications on the blockchain, and although a date on its launch is yet to be determined, one thing is clear that it’ll address the platform’s stability and scalability. This in itself is a big development and might give GAS a major boost. By the end of 2020, GAS might reach $27. (GAS price prediction 2020)
GAS might work more and more on the development prospect which might make it more developer friendly. Through the conferences happening in most parts of the world, GAS (NeoGAS) is making its presence and uniqueness felt amongst the crypto enthusiasts. By 2020, the adoption rate would increase manifold and GAS might reach $27. This would be a big stepping stone for GAS to come out in the center.
In 5 years, GAS can even overtake NEO and can be counted as one of the top 20 cryptocurrencies in the world. The user community might get built and the new dapps might be one of the determining factors to know whether GAS price would go up or not.
In 5 years, GAS might soar high to as much as $68.487 on a conservative note, and might touch any other mark above that, based on its developments.
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2020-01-08 17:14:06.802903 | 2 min