Gas GAS Price

What is Gas (GAS)?

Gas (GAS) is a cryptocurrency associated with the NEO blockchain platform, which aims to enable the development and execution of smart contracts and decentralized applications (dApps). Gas is utilized as a utility token to facilitate transactions and to power the network, functioning as a fuel for the blockchain's operations. Unlike other cryptocurrencies, Gas is generated through holding NEO tokens in a wallet, rewarding holders with Gas over time. As of 2024, the market capitalization of GAS is approximately $200 million, and it plays a pivotal role in the NEO ecosystem by ensuring that transactions and smart contracts are processed efficiently.

Who are the Founders of Gas?

Gas is intrinsically linked to the NEO platform, which was co-founded by Da Hongfei and Erik Zhang in 2014. Da Hongfei serves as the CEO of OnChain, a company that focuses on blockchain technology and development, while Erik Zhang is a key developer at NEO. The duo aimed to create a blockchain that integrates digital assets, digital identity, and smart contracts to facilitate the development of a smart economy.

How does Gas Work?

Gas operates on the NEO blockchain as a means to pay for transaction fees and computational services. Each time a smart contract is executed or a transaction takes place on the NEO network, a small amount of Gas is required to process that operation. The generation of Gas is based on the amount of NEO held in a wallet; for every 1 NEO token, approximately 0.0001 Gas is produced daily. This mechanism incentivizes users to hold NEO, as doing so allows them to earn Gas over time. The total supply of Gas is capped at 100 million tokens, and the issuance rate decreases over time to promote scarcity and value retention.

Top Use Cases of Gas

The primary use cases of Gas within the NEO ecosystem include:

• Transaction Fees: Users pay Gas to execute transactions on the NEO blockchain, ensuring that miners are compensated for their work.
• Smart Contract Execution: Gas is required to deploy and run smart contracts, incentivizing developers to create efficient and optimized applications.
• Voting and Governance: Holders of NEO can utilize Gas to participate in network governance and decision-making processes, enhancing community involvement.
• Incentivizing Development: Developers are encouraged to create dApps by using Gas as a reward mechanism for successful project deployment on the NEO platform.
• Decentralized Exchange Operations: Gas is used to facilitate transactions on decentralized exchanges operating on the NEO network, providing liquidity and functionality.

How to Keep your Gas Safe?

To ensure the safety of your Gas tokens, consider the following best practices:

• Use Hardware Wallets: Store your Gas in a hardware wallet such as Ledger or Trezor, which provides offline security against hacking attempts.
• Enable Two-Factor Authentication: When using exchanges or online wallets, enable 2FA to add an extra layer of security.
• Keep Software Updated: Regularly update your wallet software and operating systems to protect against vulnerabilities.
• Be Wary of Phishing Attacks: Always verify URLs and avoid clicking on suspicious links that may lead to phishing websites.
• Backup Your Wallet: Keep a secure backup of your wallet’s recovery phrase and private keys in a safe location to recover your assets if needed.