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19 January 2019 02: 30 & nbspUTC
| updated:
19 January 2019 at 02: 30 & nbspUTC
GAS is a storage byproduct of NEO generated at the GAS reward of 0.00000008 GAS per NEO per processed block.
NEO is behind GAS, where NEO has been fully responsible not only for the introduction, but also for the maintenance of digital contracts.
At the time of printing, NEO transactions are free, but this will certainly not be the case, since transaction fees will be collected in the form of GAS.
What does it mean that the gas demand will ultimately cost. When this happens, you will probably not claim GAS every day as this would result in higher costs.
You can also read: Dogecoin Vs NEO Coin – Which one should you invest?
So, what is the GAS?
GAS is also known as NEO GAS and was primarily designed to control the NEO network.
In this way, NEO has two different coins. The first is the main digital currency called NEO, while the other is NeoGAS, also known as GAS.
Both cryptocurrencies have a limit of 100 million coins. The GAS currency is used to control the management rights of the NEO currency.
These are some rights that include accounting reconciliation and changes to network parameters.
Furthermore, coins can be extracted, but the function is not currently activated. Whenever an intelligent contract is met, the accounting that is verified by the blockchain technology must be used.
In circulation, GAS will have less and less coins than those of NEO. We could end up having to buy GAS to send NEO transactions, smart contracts, use the products on the network.
At the time of printing, in reality there is no real use for GAS. But there is no reason to have anything else to speculate.
You can also read: What is the future of NEO coins?
What's behind the GAS coin?
Formerly known as Antshares, NEO is the first open source blockchain in China. It was founded in 2014 with the aim of revolutionizing commerce.
The NEO depends on the so-called intelligent economy, which derives from digital resources, identity and smart blockchain contracts.
This transformation can lead to the traditional economy that is merging with the digital economy, making it easier for all the goods to be traded.
In the coming times, all guidelines, laws and social institutions will be completely transparent and will act fairly.
Capitalization of the GAS coins market
Currently there are almost 82 million GAS coins. Each GAS coin has the value of approximately $ 2.16 per currency.
This is something that results in the market capitalization of $ 21,867,013. In addition, the volume of trade in the GAS was around $ 815,472 in the last 24 hours.
GAS Exchange and Wallet for GAS
Currently, GAS can only be purchased and sold through Binance, a cryptocurrency exchange that uses an easy-to-understand interface and serves as a trading platform for 7 other digital currencies.
After purchase, the GAS coins move to the NEO Portfolio, which is used to store the GAS coins. This portfolio is provided by the NEO currency in the AntShares app, which will continue to receive updates over time.
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Kapil Gauhar
Kapil Gauhar is the founder of Blogger's Gyan. He is a passionate blogger, a great thinker and a creative writer. His passion for making friends with words and making people aware of the wonders of the digital world is what drives him to write as a career.
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