Gas (GAS) Price

What is GAS?

GAS is a token used within the Neo blockchain platform, which functions as a fuel token for the deployment of smart contracts and the execution of transactions. Neo, often referred to as the "Chinese Ethereum," supports a decentralized network for developing dApps and digital assets. GAS is generated with each new block on the Neo blockchain and is used to incentivize nodes, pay for transaction fees, and engage with the ecosystem's various resources.

Key Functionalities

GAS plays a vital role in the Neo ecosystem. It is used to control resource allocation within the Neo network, where higher fees can be paid for priority transaction processing. It also acts as a governance token, allowing holders to vote on network upgrades and other proposals. As Neo aims to create a smart economy, GAS is crucial in aligning the interests of all stakeholders within the platform, from developers to end-users.

Staking and Rewards System

In the Neo ecosystem, holders can earn GAS by holding Neo tokens in their wallets, effectively staking them. This process incentivizes the holding of Neo, as users are rewarded with GAS tokens, which can then be used within the platform or traded. This mechanism ensures the circulation of GAS and its availability for the operational needs of the network.

History and Team

Neo was founded by Da Hongfei and Erik Zhang. They also established Onchain, a company that provides blockchain solutions for businesses. The Neo team is known for its strong technical foundation and has been active in the blockchain space, working towards building a smart economy with blockchain technology at its core.

Tokenomics: Utility and Distribution of GAS

GAS is distributed to Neo token holders with every new block created. The total supply of GAS is capped, and it's released over approximately 22 years. This long-term distribution is designed to support the network's growth and sustainability.