GAS

Overview of GAS

GAS, short for Gas Token, is a digital cryptocurrency that was introduced in 2017. It is principally developed and administered by Da Hongfei and Erik Zhang. GAS is paired and traded on various notable exchanges including Binance, Huobi, OKEx, HitBTC, KuCoin among others. The prefered storage wallets for this token include NEO Wallet, Ledger and Trezor. The primary function of the GAS token is as the operational token within the NEO network - a blockchain-based platform that supports the development of digital assets and smart contracts.

Pros and Cons

What makes GAS unique？

GAS is a cryptocurrency that brings distinctive aspects to the table in comparison with many traditional cryptocurrencies. Unlike the majority of cryptocurrencies that generally serve as a medium of exchange or store of value, GAS is an operational token that powers the NEO network, a blockchain-based platform known for its focus on developing digital assets and smart contracts.

This introduces an innovative token economy into the cryptocurrency arena, where GAS and NEO co-exist in the same network, each with their unique roles. GAS is generated as a reward for NEO holders and used to fuel transactions and smart contracts on the NEO platform. This relationship between GAS and NEO introduces a different kind of interdependent economics which makes a dual-purpose utility function for a cryptocurrency, something relatively unique in the digital currency world.

While many cryptocurrencies serve a similar purpose of transferring value, GAS differentiates itself by being intrinsically linked to the functions and performance of the NEO network. However, this outlook comes with associated risks, such as the dependence on the performance and acceptance of the NEO platform.

How Does GAS Work？

GAS operates in quite a unique manner when compared to conventional cryptocurrencies like Bitcoin. The operation of GAS ties directly to the NEO blockchain network, where it functions as the power source needed to perform transactions and execute smart contracts within the network.

In the context of mining, GAS is quite distinct from Bitcoin. NEO employs a form of delegated Byzantine Fault Tolerance (dBFT) consensus algorithm, which is a significant departure from the Proof of Work (PoW) mechanism used by Bitcoin. As a result, the mining process in the conventional sense of solving complex mathematical problems to add transactions to the blockchain, which requires energy-intensive equipment, is non-existent in the NEO network. Essentially, GAS isn't mined, it is generated as a reward for holding the NEO token in a process often termed as “staking”.

The rate or speed at which GAS is generated is predetermined by the NEO blockchain algorithm. For every new block added to the blockchain, 8 GAS tokens are distributed proportionally to all NEO holders. This makes the creation of GAS a predictable and deterministic process, unlike Bitcoin's mining rewards that are subject to halving periods.

In terms of processing time, GAS and NEO boast significantly faster transaction times compared to Bitcoin, owing to the dBFT consensus mechanism which aims to keep a high transaction rate and lower time for confirmation.

In terms of mining software and equipment, since GAS isn't mined traditionally, there's no need for specific mining software or high-powered mining rigs. Any NEO wallet capable of holding NEO tokens and claiming generated GAS is all that's required, making it more energy-efficient and accessible.

Exchanges to Buy GAS

GAS can be bought and sold on a variety of notable cryptocurrency exchanges. Binance, one of the leading and most popular cryptocurrency exchange platforms globally, supports GAS tokens. Other notable exchanges that also support GAS tokens include Huobi, OKEx, HitBTC, and KuCoin. It's worth noting the availability of GAS might vary based on geographic location, and it is always advised to use reputable exchanges and authorized platforms for trading cryptocurrencies. Every exchange usually provides a different set of services and features, such as wallet options, security measures, trading fees and customer support, which should also be considered when choosing where to buy GAS or any other cryptocurrency.

How to Store GAS？

Storing GAS involves securing them in a digital wallet, which functions like a virtual bank account that allows users to send or receive tokens, store them, and conduct token transactions on a blockchain. For GAS tokens, there are several wallet options available, varying across different types such as hardware wallets, software wallets, and online wallets.

1. Hardware Wallets: These are physical devices that securely store users' private keys offline. These are generally considered to be the safest type of wallet. Notable hardware wallets that support GAS include Ledger and Trezor.

2. Software Wallets: Software wallets are applications that can be installed on a user's device. One of the main software wallets that store GAS is the NEO Wallet, which is specifically designed for tokens within the NEO ecosystem including GAS.

3. Online wallets: Online wallets, or web wallets, are wallets that run in a web browser and can be accessed from any internet-enabled device. While they offer convenient access, it's important to be cautious with web wallets due to potential vulnerabilities and always use secure connections.

Should You Buy GAS？

The decision to buy GAS, or any cryptocurrency, is highly personal and should align with an individual's financial goals, risk tolerance, and understanding of blockchain technology and cryptocurrency markets. Here is some general analysis and advice:

1. Blockchain Enthusiasts: Individuals with a keen interest in the products and innovation within the blockchain technology space, specifically smart contracts and digital assets development, may see value in GAS as it serves as operational fuel for the NEO network, a platform known for digital assets and smart contract development.

2. Long-term Investors: For those seeking to diversify their portfolio with long-term assets, GAS could be an interesting choice due to its underlying usage in a well-known blockchain network. However, it's important to note that cryptocurrencies can be highly volatile and investors should be aware that the market value may go up as well as down.

3. Active Traders: Active traders who are interested in short-term gains may also consider trading GAS, given its listing on several major exchanges. The liquidity of GAS, combined with market volatility, can provide trading opportunities.

4. NEO Supporters: If an individual holds NEO tokens and believes in the future of the NEO platform, obtaining GAS tokens can provide additional benefits as GAS is generated as a reward for holding NEO tokens.

FAQs

Q: What role does GAS play in the NEO network？

A: GAS functions as the execution token within the NEO network, used to fuel transactions and initiate smart contracts on the platform.

Q: Who were at the helm during the creation of GAS？

A: Gas was designed and introduced by Da Hongfei and Erik Zhang.

Q: How does GAS compare to Bitcoin in terms of mining？

A: Unlike Bitcoin, which uses a Proof of Work mining system, GAS gets generated as a reward for holding NEO tokens, a process similar to staking, thus no traditional mining is involved.

Q: Which prominent platforms support buying and selling of the GAS token？

A: GAS tokens are supported by multiple well-known cryptocurrency exchanges including Binance, Huobi, OKEx, HitBTC, and KuCoin.

Q: What wallets can securely store GAS？

A: GAS can be stored in various wallets such as the NEO Wallet, Ledger, and Trezor, catering to different types of wallets including software and hardware wallets.