What is Gas?

Gas (GAS) is a unique token that operates on the NEO blockchain platform. Its primary function is to serve as the fuel for processing transactions on the NEO network. Unlike many other cryptocurrencies, Gas is part of a dual token model, working in tandem with the NEO token. While NEO token holders are the owners of the network and participate in its governance, Gas is utilized to pay for network fees, smart contract deployments, and in decentralized application purchases. This dual token model aims to separate governance from utility, providing a distinct role for each token within the NEO ecosystem.

How does Gas work?

Gas operates as the utility token within the NEO blockchain, facilitating transactions and smart contract operations. When a user conducts a transaction or deploys a smart contract on the NEO network, Gas is used to pay the associated fees. This system aims to incentivize network participation and maintain the smooth operation of the blockchain. Gas is not staked but is passively distributed to NEO token holders, with the distribution potentially increasing for those who participate in voting. This distribution model seeks to encourage active participation in the network's governance.

What are the potential use cases for Gas?

As the utility token of the NEO network, Gas has a variety of potential use cases. Primarily, it is used to pay for transaction fees within the network, ensuring the smooth processing of transfers and operations. Additionally, Gas is used for deploying smart contracts, a key feature of the NEO blockchain that allows for the automation of digital asset management. Gas can also be used in decentralized application purchases, providing a means of exchange within the NEO ecosystem's applications. Furthermore, the NEO network's unique dual token model allows Gas to be passively distributed to NEO token holders, potentially increasing their engagement with the network.

What is the history of Gas?

Gas was created as part of the NEO blockchain platform, which was established by Da Hongfei and Erik Zhang and was initially known as Antshares. The NEO network, including Gas, underwent its most significant evolution in 2021 with the upgrade to version 3.0, known as N3. This upgrade aimed to provide an enhanced version of the NEO blockchain, introducing new native features such as distributed storage, oracles, and name services. Gas, as part of this network, has contributed to NEO's growth and development, serving as the utility token that fuels transactions and operations within the network.