Gas (GAS) is a token created on the NEO blockchain platform. It is primarily used for paying transaction fees and for executing smart contracts on the NEO network. This token is integral to the operations within the platform, facilitating the smooth functioning of decentralised applications (dApps) and smart contracts.
Gas operates as the operational token within NEO's dual-token system, where NEO represents governance and ownership, and GAS is used for transactional purposes. The NEO blockchain employs the Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, which allows GAS to be used efficiently for transaction fees and smart contract deployment. This setup aims to maintain high transaction speeds and security, ensuring that the network operates smoothly.
Gas has several potential use cases, primarily in powering applications and operations on the NEO blockchain. This includes:
Gas's history is intertwined with the NEO blockchain, originally founded as AntShares in 2014 by Da Hongfei and Erik Zhang. In 2017, it rebranded to NEO, and AntCoins were renamed as GAS. The dual-token system with NEO for governance and GAS for operational purposes was established to facilitate a smart economy. Key milestones include the 2016 ICO that significantly boosted the project, and the launch of NEO 3.0 in 2021 to improve scalability and functionality. This history underscores GAS's role in supporting the NEO ecosystem and its smart contract capabilities.