Gas is used in the NEO network to pay transaction fees. The system works with a Proof-of-Stake network, where owners of NEO can strike their coins. For striking, a reward is enriched in the form of Gas. For instance, Gas is given as a dividend, for helping to secure the network. Gas is also paid over each transaction as a transaction fee which is paid to NEO stakers.
When transaction costs are paid on NEO, this is done with Gas. In addition, Gas is paid both as transaction cost and also as dividend for discontinuing NEO.
Gas and NEO both do not fall under Cryptocurrencies but under crypto-equity. This allows them to enter into cooperation with Chinese government institutions which is very important for Gas and NEO.
A total of 100,000,000 Gas will be paid out as dividends. By 2039, all Gas coins will have been issued.
Gas statistics from the last 24 hours
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The price of Gas skyrocketed in less than a month after its launch in 2017. Soon, the coin dropped and rose again due to increases in popularity and reached its al-time high in 2018 where it collapsed to its starting price.
Gas revived in February 2021 when Ethereum hit a new high of €3,500. More transactions took place with DeFi, causing Gas to rise in its price. When Ethereum suffered a correction, Gas went along with it. During the bullrun shortly after, Gas partially rose with it and then dropped to its starting price.