What Is Gas?
Since Gas is connected to NEO, it’s important to mention a little bit about NEO before going into
the nature of Gas.
So, what is NEO?
NEO states that it is a a new standard for digital assets, a new blockchain – based digital based
identity system and a new ecosystem for smart contracts.
It was the first open source blockchain based currency that was launched in the country of China.
Neo was formerly known as antshares and rebranded at the Microsoft Office in Beijing to become
NEO. They wanted to convey the definitions of newness, novelty and youth through the rebranding
How does Neo Work?
Primary use case of the NEO cryptocurrency seems to be the fact that they are going to be utilized
as a new sort of digital identity system, this system can work for organizations as well as individuals.
The next aspect that NEO is bringing to the table is the creation or the conversion to digital assets.
They will be able to conduct these conversions through the concept of the smart contract. These
conversions are to be protected from a legal standpoint and is supposed to be trust oriented.
They’ve set up their smart contracts component to be able to bring in more developers as the
support a variety of languages for the creation of smart contracts.
The next aspect of the NEO platform is that of decentralized applications, the platform will be
supporting DAPPs. Allowing for the support of decentralized applications, smart contracts and
more, makes NEO a more encompassing platform.
NEO tokens acts as the investment token of the NEO platform, all NEO tokens were pre mined.
The other aspect is that one will not be able to cut it into various pieces, NEO will always have their
smallest unit of currency as one NEO.
Finally, we come to GAS
Which brings us to Gas, Gas was formerly known as antcoin.
Gas will serve as the material that will run the NEO platform and those who hold NEO will be
allocated GAS over time. It is important to note that Gas will be burned as the system progresses
and will have a hard cap of one hundred million and that GAS was never pre mined. GAS will be
utilized for resource allocations, network charges, maintenance and more.
Recent cryptocurrency news
Australian blockchain startup ShareRing has been announced as one of the founding companies of MOBI, a new consortium aiming to integrate blockchain technology into the automotive industry. MOBI, which stands for Mobility Open Blockchain Initiative, [...]
A stable coin is something used by cryptocurrency traders to temporarily cash out of a position. They're usually pegged to the price of 1 USD, so one will always be worth 1 USD. When anticipating [...]
After what can only be describes as another disappointing month for bitcoin and cryptocurrency markets alike. Investors are wondering when prices will turn back around. Bitcoin began the month strongly after pushing up to around [...]
Roughly one month ago a renowned Islamic scholar declared that bitcoin was permissible under Sharia law. Opening up the world of cryptocurrencies to 1.6 billion muslims worldwide. Fast forward one month and a London Mosque [...]