🔹 What is $GAS (NeoGas)?🔹
GAS, also known as NeoGas, plays a crucial role in the Neo blockchain ecosystem. While Neo (NEO) is the primary cryptocurrency of the network, GAS acts as the fuel that powers the Neo platform and governs its operations. Here’s everything you need to know about this unique crypto asset:
💡 Key Facts About GAS:
1️⃣ Dual-Currency System: Neo has two coins: NEO, the primary cryptocurrency, and GAS, which is used to manage the network’s operations.
2️⃣ Governance and Control: $GAS is essential for controlling management rights over the Neo network. It is used for activities like accounting reconciliation and changes to network parameters.
3️⃣ Limited Supply: Both NEO and GAS have a fixed total supply of 100 million coins each.
4️⃣ Usage: GAS is required for smart contract execution and for companies using the Neo blockchain to run decentralized applications (dApps). This includes fees for smart contract registration and network activities.
⚙️ How $GAS Works:
Every time a smart contract is fulfilled on the Neo network, GAS is spent for bookkeeping and verification through blockchain technology. Companies building on the Neo blockchain must pay GAS to run their apps, and this GAS is recycled back to NEO holders along with newly generated GAS.
📈 Potential for Growth:
As the Neo network continues to grow in usage and adoption, the amount of GAS generated by holding NEO will increase. This creates the potential for greater rewards for NEO holders, further fueling the network’s expansion.
🔮 GAS and NEO’s Future:
Currently, mining for GAS is not activated, but once it is, the rewards could become even more significant, driving further interest in the Neo ecosystem.
💥 Why GAS Matters:
For anyone involved in the Neo network or interested in decentralized applications, understanding GAS is key to unlocking the full potential of the Neo blockchain.