About Gas

GAS Coins Review: Mining Guide, Price & Analysis of GAS Cryptocurrency

Gas is the utility cryptocurrency coin that powers the Neo blockchain. Neo is an open-source, community-driven platform. It leverages the intrinsic advantages of blockchain technology. NEO initially started as AntShares. However, after some rebranding, it is now NEO.

NEO is a blockchain platform just like Ethereum. It is a multi-service platform that can power new projects. People call it the Chinese Ethereum. This is because it operates like Ethereum in many ways and was the first digital coin to come out of China. Further, it utilizes smart contracts just like Ethereum.

But, NEO does have some differences to Ethereum. The NEO blockchain utilizes two tokens to power its operations. This is different from Ethereum. Ethereum uses only one coin to power operations of the network.

It is important to note that NEO is competing with one of the best blockchains in existence. Ethereum is proving to be reliable time and time again. NEO has to come up with unique features to dethrone this massive blockchain. Let’s see how NEO works.

How NEO Works

NEO blockchain combines digital assets, digital identities and smart contracts. The technology underlying the NEO blockchain supports multiple types of digital assets. Users can register, transfer and trade freely on NEO.

Assets can are easily digitizable on NEO. There are many reasons to use NEO to build your decentralized apps. NEO is open, decentralized, trustworthy and transparent. Additionally, NEO supports the protection of assets. The assets on this platform have validated digital identity. Also, the law protects them. NEO is really a versatile blockchain with a lot of features.

The smart contracts are an added advantage. They allow execution of transactions without the need of a central institution. Instead, users can fully trust the code of smart contracts. The smart contracts on NEO support different programming languages. These include C#, Java, Python and Kotlin. This enables a community of developers to contribute to the platform easily.

Can Investors Mine Gas Coins

No, investors cannot mine Gas coins. NEO uses the delegated Byzantine Fault Tolerance consensus algorithm. In this algorithm, consensus nodes maintain the security of the blockchain. They do this by validating transactions on the network.

To become a consensus node, users must place an application. Through election by NEO holders, candidates can become consensus nodes on NEO MainNet. NEO holders are the network owners and managers.

If an application is successful, the applicant will start by test-running a consensus node on the Test-net. The test-running period runs for six months. After this period, a consensus node becomes a candidate to be a consensus node on the main-net.

Then the voting heads to the off-chain governance. If a candidate becomes approved, they join the main-net as a consensus node. The updating process is simple and fast. NEO consensus nodes receive rewards for maintaining the security of the network. This reward reduces by 0.02 each year. When production of GAS circulation reaches 100 million, the developers will stop producing more GAS tokens.

Dual Tokens

NEO uses two different coins to manage operations of the blockchain. This allows developers and users to have full functionality without stopping services for the other party.

The NEO token is the management token. It stands as voting rights in NEO governance and management. This means that having one NEO coin gives you a vote about the bookkeepers of the next block.

GAS is the operational token that fuels smart contracts. Additionally, it powers tokens built on the blockchain. The supply of GAS grows by 8 with every block. NEO holders need to stake their NEO in their wallets in order to claim GAS.

The Team behind GAS

NEO has a great team of individuals behind it. The founder of NEO and chairman of the foundation is Hongfei Da. Hongfei is a pioneer in the international blockchain technology space. He is well experienced in blockchain technology and innovation.

By his side is Erik Zhang. He is a co-founder and core developer of the NEO blockchain. Zhang is an expert on blockchain technology. Additionally, he is the author of the dBFT consensus mechanism.

Additionally, the team consists of John deVadoss. He is the Enterprise Strategy and adoption of NEO with a focus on the developer experience and tools. Previously, he built and successfully exited two machine learning start-ups. He also has experience in working at Microsoft.

These individuals have tons of experience. Therefore, it is safe to say that NEO is in safe hands. Moreover, they have excellent partnerships with some great blockchain projects.

Privacy and Security

The developers of NEO take the security of the network very seriously. The project has excellent security features. First, it is a blockchain network. This means it has decentralized nodes. These nodes work together to maintain a network consensus and security. Additionally, the nodes help each other recover from an attack.

Further, it employs the delegated Byzantine Fault Tolerance consensus algorithm. This algorithm makes it impossible for attackers to perform a 51% attack. This is one of the problems with some blockchain networks.

Even better, NEO uses smart contracts. Smart contracts add a layer of security to protect the users of a blockchain. This is on top of the encryption and cryptographic algorithms that keep details on the blockchain secure.

Privacy standards remain the same as with a blockchain like Bitcoin. Transactions are entirely transparent on the public ledger. However, they are immutable.

Our Take on GAS

NEO is one of the most versatile blockchain projects that exist. It has the potential to disrupt a lot of sectors. However, NEO is not doing as well in the markets. This is evident from the market cap ranking of GAS.

This poor performance is probably because of the heavy competition it faces. There are other blockchains offering the same services that are performing better in the market. Moreover, it is going against the giant Ethereum. Ethereum is already entrenched into the cryptocurrency community. Dethroning it seems impossible.

Advantages

• NEO is fast and secure.
• NEO smart contracts support multiple programming languages.
• NEO allows for developers to build decentralized applications.]

Disadvantages

• NEO faces stiff competition from bigger companies such as Ethereum.

How to Buy NEO coins

If you feel that this coin is good for you, then proceed to buy it. The best places to purchase cryptocurrency from are exchanges. The best exchanges to purchase GAS coins include Binance, Huobi Global, Bitfinex, OKEx and HitBTC.

The current price of one GAS coin stands at $1.57. It currently ranks 426th in market cap share. It has a market cap share of $15,874,300. This is not very impressive. However, it is impossible to tell the direction that the coin will take in the future.

You can choose to hold your coins and sell them at a later date. You will need a wallet to do this. The best wallets to store GAS tokens include NEO wallet, O3 Wallet and CLI wallet.

Final Verdict

The value proposition of NEO is easy to get behind. It offers the opportunity to build decentralized applications. This has a lot of economic incentives for companies.

However, as an investment, it may not be as impressive. The market never lies. As it stands, GAS coins are not getting much traction in the markets. Additionally, they cannot compete with the coins of similar projects as NEO.