Gas PriceGAS

Gas (GAS) is also known as Ethereum in China. It is a cryptocurrency token. It is one of the two tokens that is used in NEO Blockchain. This blockchain is a smart contract platform and blockchain project. Its main aim is to create a "smart economy". It fulfills this aim through the digitization of assets and through the automation and management of various digital identities. It is also a dual-system operating blockchain.

What is Gas?

Da Hongfei and Erik Zhang are the top brains behind this cryptocurrency token. It was launched as a token used for the NEO blockchain. Its main purpose is to do the following activities: 

1. Pay transaction fees
2. Accomplish smart contracts
3. Provide network resources on the NEO blockchain. 

It was introduced as a utility token at the time of its launch. Its main work at that time was as follows: 

1. Act as a means for making payments for transactions
2. Help in the systematic application of smart contracts 
3. Bring network resources for the blockchain. 

These tokens are not minted when NEO tokens are staked in a compatible wallet and are naturally converted into these tokens. It is a form to incentivize the NEO token holders. It has a maximum supply of 100 million tokens, which is constantly released when blocks are created on the NEO blockchain. 

Neo blockchain works on the dual token system. One of its tokens is GAS, which is created when NEO tokens are staked in wallets, thus enabling its holders to earn this token on a larger scale. This token is then used for the payment of transaction fees. It also uses decentralized applications on the NEO blockchain as well as the applications built on the NEO platform. 

How is Gas Secured?

Being a token used on the NEO blockchain, its security and safety are ensured by the platform, which provides safe transactions and network-related activities. Below are some of the security measures used:

Consensus Mechanism

This platform uses a complex consensus mechanism known as delegated Byzantine Fault Tolerance (dBFT). It enables a quick, flexible, and safe transaction system. It also reduces fraudulent activities.

Public Key Infrastructure (PKI)  & SHA-256 Hashing

(PKI) Public Key Infrastructure is a cryptography technique used to secure transactions. Here users sign their transactions using their private keys, and then it is verified with the public keys. This keeps the authenticity of the transaction. Apart from this, it also uses another cryptography technology known as SHA-256 Hashing, which uses hashing algorithms to safeguard the data and keep it tamperproof. 

High Transaction Throughput (TPS) 

This mechanism is used to enable the network to handle a huge number of transactions and thus stop network congestion. This makes it difficult for fraudulent activities to take place, thus making the network safe and secure.

How Will Gas Be Used?

This token is used on the NEO blockchain for various purposes. Below are some of its uses:

• Transaction Fees

The main purpose of this token is to use it as a mode of payment for transaction fees within the NEO blockchain. It worked as fuel for the platform.

• Smart Contracts

This token is used for executing smart contracts that secure the network with its encrypted language and thus secure the network and the transactions.

• Governance

This token is produced when NEO tokens are staked in the wallets, thus encouraging staking and enabling the holders to take part in the network governance.

What Key Events Have There Been for Gas?

Some of the key events of this token and its network are listed below:

1. In the year 2014, a blockchain network named AntShares was launched.
2. In 2017, it was renamed as NEO using Smart contracts which is created as a dual-token network.
3. In 2017, the first token of this network GAS was launched to fuel the network by using it for various purposes.
4. Between 2020 to 2024 this token was enabled to make partnerships and create integrations with other blockchains. 

Conclusion

Over time, this GAS has contributed to making the NEO Platform a successful project. It governs the whole platform. Members can use this token to make secure and safe payments for their transactions. It helps in encouraging token holders to take part in staking.