$GAS ranking 190

Release date 31052014

GAS is also known as NEO GAS and is designed to control the Neo network. Neo has two different coins. NEO is the main cryptocurrency NEO and the other currency is NeoGas or GAS. Additionally, both of these cryptocurrencies have a cap of 100 million coins. The GAS cryptocurrency is used to control governance over NEO. These rights include: accounting reconciliation and changing network parameters. This coin is also being supplemented with mining functionality but is currently not activated.

Whenever a smart contract is executed, it needs to be recorded in the ledger, and this process is verified by Blockchain technology. Companies on the Neo blockchain must use GAS to run their applications on the NEO system (for example: smart contract registration fees), and this GAS is recycled back to NEO holders ALONG WITH newly created GAS tokens. Therefore, as the Neo network grows and is used more, the GAS generated by holding NEO will also increase.