$GAS The cryptocurrency GAS ($GAS) is a fundamental element in the NEO blockchain ecosystem, functioning as its utility token. Unlike many other networks that use a single token for everything, NEO operates with a dual-token model: NEO, which grants governance and voting rights to its holders, and GAS, which acts as the "fuel" for network operations.
Its main function is to pay transaction fees and costs associated with data storage, the deployment of smart contracts, and the execution of other operations within the NEO network. Every time a user performs an action on the NEO blockchain, a specific amount of GAS is required to cover the "computational effort" needed. These GAS tokens are used to reward the "counters" or validators of the network for their work in processing and verifying transactions, which in turn ensures the integrity and operability of the blockchain.
A distinctive feature of GAS is that it is generated passively for NEO token holders. This means that by simply holding NEO in a compatible wallet, users can accumulate GAS over time. This mechanic not only incentivizes the holding of NEO but also promotes continuous participation in the ecosystem. Additionally, GAS holders have the flexibility to exchange it for other assets or even convert it back into NEO, which can generate more GAS as the network evolves. In summary, GAS is crucial for the functionality and sustainability of the NEO blockchain, ensuring efficient and secure transactions.
