What is Gas Token (GAS)?

Gas serves as a distinct token designed specifically for the NEO blockchain, enabling payment of transaction fees within NEO networks. Essentially, it functions as a cryptocurrency utilized to complete transactions on the NEO blockchain. Consequently, whenever individuals generate a NEO block within the blockchain, Gas tokens are allocated to all holders.

Gas Tokens are a specific type of cryptocurrency designed to cover transaction fees on the Neo blockchain. When transactions occur on the blockchain, a nominal fee is charged, and Gas Tokens serve the purpose of paying these fees. Neo, a platform concentrated on the Chinese market, aims to establish itself as the foundation of the emerging digital economy. Utilizing smart contracts, Neo provides various applications such as digital assets and secure digital identities.

Gas coins are utilized to facilitate network operations, including the execution of smart contracts. They also contribute to the empowerment of the NEO chain, often referred to as "Chinese Ethereum." NEO holders automatically accrue GAS by holding tokens in a Neo wallet, offering management privileges like account reconciliation and network parameter adjustments.

Who is the founder of Gas Token?

Gas Tokens were founded by Da Hongfei and Erik Zhang in 2014 under the name 'Antshares,' later rebranded as Neo in 2017. Upon launch, a total of 100 million gas tokens were created, with 50 million sold to investors during an ICO in 2016, raising around $4.65 million. The remaining 50 million were locked in a smart contract.

How Does Gas Token Operate?

The platform's primary goal is to make physical and digital assets accessible via permissionless programs. It allows developers to automate asset management through smart contracts and provides various infrastructure options for users, including:

• Decentralized Storage: A peer-to-peer network for data sharing and storage enhancement.

• One Block Finality: Ensures fast, self-fault-tolerant transactions within a single block.

• Oracle: Fetches data from off-chain sources for non-transactional data storage.

• NEOFS: A distributed storage solution ensuring privacy and scalable data.

• Poly Network: Facilitates interoperability between different blockchains.

• Neo Name Service & Neo ID: Decentralized domain name service and identity solution.

What are the Use Cases of Gas Token?

• High Security: Employs a unique consensus mechanism called Delegated BFT, which has specific requirements for consensus.

• Efficient Transaction Process: Facilitates superconducting transactions, increases centralized exchange efficiency, and enhances decentralized security.

• NEO GUI Wallet: Offers a user-friendly wallet for NEO and GAS tokens, emphasizing a premium design and ease of use without the need for account creation.

• Staking Rewards: NEO holders earn GAS by staking NEO in compatible wallets, with an annual GAS interest rate of 1.66% on 100 NEO.

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