Gas coin is responsible for managing rights on the first open-source platform in China, NEO. Gas is used for network parameter changes as well.
One can use Gas coin for registration fees in order to run apps on the platform. With the growth of the NEO platform, it creates more GAS that can be recycled back to the holders on the platform.
NEO aims to make physical assets and digital assets accessible to its users by going permissionless. This is why developers can automate asset management as well as digitise it through smart contracts. GAS serves as the fuel of the NEO blockchain since it can be exchanged within the NEO ecosystem.
However, GAS distribution differs drastically from that of NEO’s as it is not pre-minted. GAS basically generates with the creation of each NEO block, similar to other mainstream cryptos like Bitcoin.
Upon minting one new block, five GAS tokens are created. Out of that, 80% is split between the voters, 10% goes to the members of the Neo council, and the rest of the 10% goes to all the NEO holders.
At the time of the token launch through the ICO in 2016, 100 million NEO were introduced. Out of the 100 million, 50 million were sold, raising more than $28 million.
In 2018, the coin price reached an all-time high of $196. The all-time low is still $0.07229 in 2016.
With that being said, you might now wonder: "How much is one GAS today?" GAS is currently trading at $2.64 with a circulating supply of 10,128,375.11 GAS coins.
You can buy GAS easily from popular crypto exchanges. The most traded pair is GAS/USDT. Here’s how you can get GAS from crypto exchanges:
Gas is related to NEO, and the price of the coin is equally dependent on NEO. There are certain factors that determine the NEO’s price fluctuation.
The first factor that comes to mind is the price of Bitcoin. The BTC price often serves as the benchmark for the crypto industry and impacts the price of NEO.
When NEO’s price is concerned, there is another factor that comes into the picture that interestingly goes in contrast to the price of BTC. In early 2018, the Chinese government started regulating the crypto industry and even banning the coins in specific ways.
However, when NEO was created, these regulations were kept in mind. These two factors influence the price of NEO primarily, apart from internal developments. And with that, the price of GAS also gets impacted.