Blockchains are counted among the relatively new inventions that the world has seen in the sphere of technology as the digital age matures. So, when mention is made of cryptocurrency, many people think only of Bitcoin and Ethereum. However, to the keen observer, the present ecosystem of many cryptocurrencies can be considered to be on par. Spin-offs of the Bitcoin blockchain operate just like the parent platform. Same goes for projects hosted on the Ethereum blockchain. There are others that are not exactly like the two platforms mentioned so far, and the NEO blockchain seems to be in a class of its own.
7 Days Change
How does GAS work?It would be out of place to talk about GAS without an understanding of the NEO blockchain. NEO first existed as AntShares when it was announced to the world in 2014. NEO is reputed as China’s leading blockchain, and on this platform, transactions are powered by GAS. In terms of algorithm, NEO operates on the Byzantine Fault Tolerance algorithm (dBFT), and this is an improvement on the Ethereum proof of stake model. So, while NEO is an open source blockchain like Ethereum, it operates two native coins-NEO Coin and NEOGAS. GAS is used as a currency of reconciliation for all rights to NEO coin as well as the parameters that govern the ecosystem. With the NEO platform operating its native smart contract, whenever there is a transaction carried out, a ledger is created and verified by the blockchain with fees accounted for in GAS. Also, for any individual or company to run an app on NEO platform, any registration fee must be paid using GAS. In essence, while NEO COIN is the shareholding currency, GAS is the transactional currency. For very block mined, 8 GAS gets generated. As the NEO network grows, more GAS will be created until the fixed amount of 100 million is reached.
Who created GAS?
GAS owes its existence to the partnership of Da Hongfei and Erik Zhang. NEO got its name in 2017 when it was launched after the rebranding of AntShares. Zhang and Hingfei also co-founded the financial services company known as Onchain, and their quest is to provide blockchain platforms, insights, and solutions that can be used by government, corporate bodies, and stakeholders around the world. The founders operate out of Shanghai, and they have surged above the fray amid turbulent regulatory oversight by the Chinese government. By adopting a consultative approach to their dealings, they appeared to have gained the confidence of the Chinese government.