About Gas (GAS)
GAS cryptocurrency operates as one of the two tokens within the NEO blockchain ecosystem. Its primary function is to facilitate smooth transaction execution on the NEO network, essentially serving as the currency for network fees.
NEO employs a dual-token model to enable user participation without diminishing their stake in the network. While NEO tokens grant governance rights and voting privileges, GAS is the fuel that powers the blockchain's operations.
The mechanism is straightforward: the network charges fees for transactions and the storage of tokens and smart contracts. Those wishing to utilize the NEO blockchain must pay these registration fees using GAS tokens. These collected funds serve as economic incentives for network bookkeepers. Consequently, each validated transaction and newly created block generates additional GAS tokens, ensuring an efficient network and preventing resource abuse.
GAS token holders have the option to convert their tokens back to NEO, resulting in dividend gains. Exchanging GAS for NEO yields more GAS tokens over time as the network evolves. Moreover, as the ecosystem expands, the cryptocurrency in your portfolio generates increased funds.
A significant portion of GAS tokens is distributed to voters as a reward for their active participation in network governance.
The total limit for GAS tokens is capped at 100 million, with a current circulating supply of 10,128,375. Unlike NEO, GAS is divisible, with the smallest unit being 0.00000001.Ā
Importantly, claiming GAS tokens does not require NEO staking. Most NEO wallets include a straightforward claim function, making it easy for users to collect their earned GAS tokens with a simple click.
The current price of GAS is available and updated in real-time on Binance.