Gas has been designed to make the blockchain technology more accessible to a wider number of people. It enables the use of smart contracts in order to manage the assets digitally over the distributed network. Gas coin is closely related to NEO. NEO is responsible for the establishment and honoring of digital contracts.
Today we would shed some light on the questions revolving around Gas coin like What is Gas Coin (NEO Gas)? Plus Which Exchanges & Wallets to Use?.
What is Gas Coin (NEO Gas)?
Gas coin is the cryptocurrency which is created to control the NEO network. NEO has 2 different tokens. One is the main cryptocurrency which goes by the name and symbol of NEO another is NeoGas which goes by the symbol of GAS. The cryptocurrency NEO has been designed to have a maximum of 100 million tokens. Gas coin that is NeoGas is also limited to 100 million.
This coin controls the management rights of the Neo tokens. Some of these rights include the vote for book-keeping, the control of the changes in network parameters among other things. You can mine the coins like other cryptocurrencies but the process of mining hasn’t begun yet. One of the better ways is to buy it from the exchanges which trade in Gas or you can hold shares in Neo which would earn you Gas. Whenever a smart contract is operated on and completed, book-keeping is required. This book-keeping provides some incentives to the people who are facilitating and verifying the transaction as per the blockchain technology. Instead of facilitating them in the original NEO cryptocurrency, they are facilitated in terms of the Gas coin.
This ensures that there is no abuse of resources neither a runaway rally in Gas coin. This is because the coin which is earned as an incentive for facilitating the smart contract and the main NEO tokens are different. The minimum value of the Gas coin which can be held or transacted is 0.00000001.
Currently, the mining of these coins hasn’t started yet. Over a period of 22 years, a total of 100 million Gas would be created which are equivalent of 100 million NEO. If NEO tokens are transferred to a wallet it would also result in the transfer of the corresponding quantity of Gas coins.
Over a period of time, the developers of NEO tokens have decided to vote on the fact whether the certain amount of transactions of NEO tokens should be exempted from Gas coin to provide a superior experience to the users. They intend to eventually make transactions with Gas coin privileged transactions for faster processing and prioritize the transactions of NEO tokens which are accompanied with a similar transaction in Gas coin. This would be decided by voting.
Market Cap:
The current market cap of the Gas coin is around 82.18 million with a value of each coin being at $28.07. In the last 3 months, the value of the coin is appreciated from approximately $ 1.70 to $ 28.
Team Behind Gas Coin:
The team behind Gas coin is the same, as that of NEO tokens. The team includes:
Founder: Da HonGfei
Founder & Core Developer: Zhang Zhengwen
Secretary-General: Tao Rongoi
In addition to these, there is also a large team of developers working behind the scenes to ensure that the NEO tokens, as well as Gas coins, are fulfilling the aim of executing smart contracts online.
Which Exchanges and Wallets to Use for Gas coin?
Any crypto currency only appreciates when it is available on online platforms for buying and selling. That is why it is obvious that you would like to know the exchanges on which you can buy the Gas coin and the wallets in which you can store them. We would below detail the exchanges as well as the wallets where you can do so.
Gas Coin exchanges:
The exchange which currently allows the buying and selling of Gas coin is binance.
About binance:
Binance allows you to exchange and trade in 8 different cryptocurrencies including Gas coin. The interface is pretty easy to understand. You can easily trade in real-time and buy the coins. Binance also offers you live chat support in case you are stuck anywhere.
When it comes to Gas coins on binance, there is plenty of liquidity which helps you in getting your transactions done quickly. The number of buyers and sellers is increasing day by day. Owing to this very reason, you would not have any problems in buying this cryptocurrency or any other cryptocurrency on Binance.
Binance offers multi-tier system architecture which ensures that your cryptocurrency is completely secure and the money which you are depositing in this exchange is completely secure. They also provide mainstream language support. Owing to this very reason, you can easily view the website in English and you can speak with the support in the English language. This makes it easier for you to buy the Gas coin. Since currently, it is the only exchange supporting the coin, you can be sure that the liquidity would be on the higher side. This would mean that instead of getting stuck on the transactions, you would be able to get it done in a shorter frame of time.
As the coin becomes more and more popular, an increasing number of exchanges would start supporting it as well. Till then, binance provides you with one of the most reliable ways to trade Gas coin.
Gas Coin Wallet:
Currently, the wallet which you can use for storing Gas coin is the NEO Wallet.
NEO wallet is developed by the NEO development team. It is a lightweight wallet whose code is from the AntShares App. The wallet functions using the API. Owing to this very reason, the transactions are done pretty quickly. All the data which is transmitted to and from the API is encrypted. This provides the much-needed security.
Also, the wallet file as well as the private key of the Gas coins which you hold, are not uploaded anywhere. They are not even uploaded on the official servers. While this does provide you with an added layer of security but you have to also be careful that you should store the wallet file somewhere safe otherwise it cannot be recovered from any other source. That is why it is necessary to have a backup of the wallet file so that you have the private key to utilize the coins which you own.
So, if you are looking to invest in a cryptocurrency which has a large scope for appreciation owing to the upper limit on the number of coins and which is backed by a strong team, this coin is the perfect option for you. Not only it is associated with the NEO tokens but the different incentive structure between NEO tokens and the Gas coin makes it a unique cryptocurrency.
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