Gas

What is Gas?

Gas serves as a token established on the NEO blockchain platform, primarily designed to cover transaction processing fees within the NEO network. Neo functions as a software network aiming to serve as a platform where users can engage in transactions and develop decentralized products and services. Often dubbed the "Ethereum of China," Neo shares numerous features with its more widely recognized counterpart. This includes the ability to create decentralized applications (dapps) for various purposes like decentralized exchanges, prediction markets, and social networks.

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Recent Video Interview

Main points of the interview:

• NEO's decentralized approach and permissionless innovation.
• Talks about NGD (NEO Global Development), explaining its role and nonprofit status.
• Legal and organizational challenges in China and Singapore.
• Scalability challenges and future plans for NEO 3.0.
• Ongoing research into Layer 2 solutions for improved performance.

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How Does Neo Work?

The Neo network provides users with several features, including a decentralized file storage system, an identity system, and an oracle system for incorporating external information, such as price data. Neo employs a distinctive governance system known as Delegated Byzantine Fault Tolerant (dBFT) as its consensus mechanism for the computers that execute its software.

At the core of Neo's blockchain operations are two native cryptocurrencies: NEO, which is used for voting on protocol changes, and GAS, employed to cover computation costs on the network.

More About the GAS Token

The Neo network imposes GAS charges for token and smart contract operation and storage, preventing the misuse of node resources. System fees are eliminated, while network fees are distributed to consensus nodes, establishing an economic incentive for their services. Every block generates 5 GAS tokens, distributed in three segments:

The smallest unit of GAS is 0.000001. Claiming GAS tokens does not require NEO staking. Most Neo wallets feature a claim function, allowing users to collect their GAS with a simple click. It's important to note that some exchanges distribute GAS to NEO holders on their platform, while others do not.

The majority of GAS is allocated to voters as a reward for actively participating in network governance. NEO holders should choose a wallet that supports voting if they wish to take part in this process.

Neo Team Background and Partners

Neo, initially launched as Antshares, was founded by Da Hongfei and Erick Zhang in 2014. It underwent a rebranding to Neo in 2017.

The Antshares team initiated the distribution of its cryptocurrency, ANS, through a token sale in 2014, accumulating over 6,100 bitcoin. In 2016, the ANS tokens underwent conversion to NEO. Subsequently, the team conducted a second token sale, raising over $8 million and releasing the entire supply of NEO coins.

Some of Neo's most recognizable partners are InterWork Alliance, Poly Network, BSN, NET Foundation, and IEEE

Neo Project Development

Teaming up with local partners such as OKX, Certik, KIMPGA, and more, Neo organized the fourth GAS Station Stop during the Neo APAC Hackathon from September 1-2 in Seoul, South Korea. The event, held at the Dreamwork venue in Gangnam, featured panel discussions covering topics like token models, dApps, and DeFi, enhancing the overall experience.

Following the hacking session, participating teams presented their projects to a panel of judges and attendees. Two standout projects, EBCW and magipop, were honored with the prestigious Neo Excellence Award:

EBCW received recognition for its innovative SocialFi mechanism, based on real-action-based yields, effectively introducing the concept of "Proof of Routine."

magipop distinguished itself with a creative community co-creation platform that seamlessly merges the realms of AI and blockchain technology.

Additionally, two other projects, EZSwap and MoonLight, secured the coveted AWS Choice Award.

Gas Price Analysis

As of November 24 2024 Gas has a marketcap of $342M. This is {{percentagefromath}} from its all time high of $91.94. In terms of its tokenomics, there's a total supply of 65M with 100% currently outstanding. Keep in mind Gas has a fully diluted value of $342M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.