GAS Coin: The Fuel of the NEO Blockchain

GAS Coin: The Fuel of the NEO Blockchain

GAS Coin (GAS) is a cryptocurrency that is used as the fuel for the NEO blockchain, a platform that aims to create a smart economy by integrating digital and real-world assets. GAS is used to pay for the execution and deployment of smart contracts, as well as to incentivize the network participants. GAS is also generated as a reward for holding NEO tokens, which represent the ownership and governance rights of the NEO blockchain.

 

 

 

 

 

 

 

Coin Introduction and Features

GAS was launched in 2016 as part of the NEO ecosystem, which consists of two tokens: NEO and GAS. NEO is the native token of the blockchain, which is used for transactions and governance. NEO has a fixed supply of 100 million tokens, which are indivisible and non-inflationary. GAS is the utility token of the blockchain, which is used for network fees and rewards. GAS has a maximum supply of 100 million tokens, which are divisible and inflationary.

GAS has several features that make it attractive for users and developers of the NEO platform and beyond. Some of these features are:

• GAS is generated as a reward for holding NEO tokens, which creates a passive income stream for NEO holders. The generation rate of GAS is determined by the inflation rate of the blockchain, which decreases every year until it reaches zero in 2039. The current annual inflation rate of GAS is around 3.5%1.
• GAS is used to pay for the execution and deployment of smart contracts, which are self-executing agreements that run on the NEO blockchain. The cost of smart contracts is based on the complexity and resources required by the contract, and is paid in GAS by the contract invoker. The minimum fee for a smart contract is 0.001 GAS2.
• GAS is also used to incentivize the network participants, such as the validators and the nodes, who maintain the security and functionality of the blockchain. The validators are elected by the NEO holders, and they receive GAS as a reward for producing and validating blocks. The nodes are the servers that relay and store the blockchain data, and they receive GAS as a reward for providing network services[3][3].
• GAS is compatible with the latest developments and innovations from the NEO network, such as the Neo3 upgrade, the NeoFS storage system, the NeoID identity protocol, and the Poly Network interoperability framework. These features aim to improve the performance, scalability, and functionality of the NEO platform, as well as to enable cross-chain communication and collaboration with other blockchains4.

 

 

 

 

 

 

 

Market Analysis and Trends

GAS has experienced significant price fluctuations in the past, mainly due to the supply and demand dynamics of the NEO platform and the cryptocurrency market. GAS has a current supply of 65.1 million tokens, which is 65.1% of the maximum supply. The demand for GAS is influenced by the activity and popularity of the NEO platform, as well as the external factors such as the price of NEO and other cryptocurrencies, the regulatory environment, and the market sentiment.

According to CoinMarketCap, GAS is currently ranked 169th among all cryptocurrencies, with a market capitalization of $476.2 million and a 24-hour trading volume of $40.7 million. The current price of GAS is $7.32, which is up 9.7% in the last 24 hours and up 17.5% in the last 7 days. The all-time high price of GAS was $91.94 on Jan 15, 2018, and the all-time low price was $0.6213 on Mar 13, 2020.

The price trend of GAS is largely correlated with the price trend of NEO, which is the main driver of the NEO platform and the GAS generation. NEO has also experienced significant volatility in the past, reaching an all-time high of $196.85 on Jan 15, 2018, and an all-time low of $0.0782 on Oct 21, 2016. The recent price movements of NEO and GAS have been influenced by several factors, such as:

• The recovery of the cryptocurrency market in 2020 and 2021, which was driven by the increased adoption and innovation of Bitcoin, Ethereum, and other altcoins. The cryptocurrency market reached a new all-time high of over $2 trillion in April 2021, which boosted the demand and price of many cryptocurrencies, including NEO and GAS. The market also witnessed increased volatility and corrections, which affected the price of NEO and GAS as well.
• The development and updates of the NEO network and the GAS project, which aimed to improve the user experience, the security, and the scalability of the network. Some of the recent updates include:
  • The launch of Neo3 TestNet in September 2020, which is the preview version of the Neo3 upgrade, which is expected to be released in 2021. Neo3 is a major overhaul of the NEO platform, which introduces new features and improvements, such as a new governance model, a new consensus mechanism, a new oracle service, a new native contract system, and a new file storage system4.
  • The integration of GAS with various platforms and services, such as:
    • Travala, a leading blockchain-based travel booking platform, which added GAS as a payment option in October 2020, allowing users to book over 2.2 million hotels and accommodations worldwide using GAS5.
    • Bitvavo, a European cryptocurrency exchange, which listed GAS in September 2020, enabling users to buy and sell GAS with fiat currencies such as EUR, GBP, and CHF6.
    • Blocktrades, a popular cryptocurrency exchange and service provider for the NEO network, which upgraded its GAS conversion service in August 2020, offering faster and cheaper conversions between GAS and other cryptocurrencies.

 

 

 

 

 

 

 

 

 

Project Updates

The NEO network and the GAS project are constantly evolving and improving, thanks to the efforts of the developers, the validators, and the community. Some of the latest updates and announcements for the NEO network and the GAS project are:

• The launch of GAS Sentinel in April 2021, which is a simple and secure watch-only wallet that allows users to monitor their GAS balances and transactions without exposing their private keys or seed phrases.
• The announcement of the GAS TestNet Faucet in March 2021, which is a service that provides free testnet GAS to developers and testers who want to experiment with the NEO network and its features, without risking real money.
• The integration of GAS with Ledger Live in February 2021, which is the official app for managing Ledger hardware wallets. Ledger Live allows users to securely store, send, and receive GAS with their Ledger devices, as well as access other features such as portfolio management, staking, and swapping.

 

 

 

 

 

 

 

Analysis and Recommendations for Investments

GAS is a unique and valuable cryptocurrency that offers a fast and secure option for network fees and rewards on the NEO platform, as well as a passive income stream for NEO holders. GAS has several advantages and disadvantages as an investment, which are:

• Advantages:
  • GAS is generated as a reward for holding NEO tokens, which creates a passive income stream for NEO holders. The generation rate of GAS is determined by the inflation rate of the blockchain, which decreases every year until it reaches zero in 2039. The current annual inflation rate of GAS is around 3.5%1.
  • GAS is used to pay for the execution and deployment of smart contracts, which are self-executing agreements that run on the NEO blockchain. The cost of smart contracts is based on the complexity and resources required by the contract, and is paid in GAS by the contract invoker. The minimum fee for a smart contract is 0.001 GAS2.
  • GAS is also used to incentivize the network participants, such as the validators and the nodes, who maintain the security and functionality of the blockchain. The validators are elected by the NEO holders, and they receive GAS as a reward for producing and validating blocks. The nodes are the servers that relay and store the blockchain data, and they receive GAS as a reward for providing network services[3][3].
  • GAS is compatible with the latest developments and innovations from the NEO network, such as the Neo3 upgrade, the NeoFS storage system, the NeoID identity protocol, and the Poly Network interoperability framework. These features aim to improve the performance, scalability, and functionality of the NEO platform, as well as to enable cross-chain communication and collaboration with other blockchains4.
• Disadvantages:
  • GAS is dependent on the performance and popularity of the NEO platform, which may face competition and challenges from other platforms and projects, such as Ethereum, Binance Smart Chain, Cardano, and others.
  • GAS is subject to the supply and demand dynamics of the NEO platform and the cryptocurrency market, which may cause deviations from the expected price and volatility in the price.
  • GAS is affected by the governance and consensus issues of the NEO network, which may result in conflicts and disputes among the stakeholders, such as the developers, the validators, and the users.

Based on these factors, we recommend GAS to investors who are interested in the NEO platform and its vision of creating a smart economy by integrating digital and real-world assets. GAS is suitable for investors who are looking for a low-risk and high-reward option, as well as for investors who are looking for a diversified and balanced portfolio, as GAS can hedge against the volatility and risk of other cryptocurrencies.