A Beginner’s Guide To What Is NEO GAS
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A Beginner’s Guide To What Is NEO GAS

April 6, 2020      Shailesh Panwar

No one on this earth would have ever imagined that cryptocurrencies will start playing a significant role in the global market. Today, there are more than 1500 cryptocurrencies operating in the market, and each one of them is bringing a new feature with itself. All these virtual currencies make use of blockchain technology which is responsible for their decentralized nature. One such cryptocurrency is NEO GAS which makes use of NEO blockchain. This NEO blockchain is also called the Chinese Ethereum. In this article, I will explain what is NEO GAS token or cryptocurrency.

What Is NEO GAS In Cryptocurrency

 

What Is Neo Gas in cryptocurrency

 

GAS is a digital token responsible for powering up the NEO blockchain. The token has the ability to allow seamless execution of transactions across the decentralized network. This means that we utilize the GAS cryptocurrency as a charge for approving us in the NEO blockchain network. We generally pay for using decentralized apps and smart contracts which are provided by NEO blockchain network.

How Does NEO GAS Works?

 

How does neo gas work

 

The working of NEO Gas is straightforward. The GAS token fuels the NEO blockchain, while the blockchain provides its users with the power to select the bookkeepers and maintain the network. This network demands charges for transactions together with smart contracts and token storage. Individuals and firms who want to make use of the blockchain network use a GAS token in the form of their registration fees. The funds collected then act as an incentive for the bookkeepers.

How Much GAS Does NEO Generate?

 

How much gas does NEO generate

 

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One important topic to discuss is ‘how much GAS do you get from NEO?’ The amount of GAS that you will get is dependant on the number of NEO tokens you are hodling. According to rough estimates, if you have about thousands of NEO, you would be going to generate about 0.5 GAS per day. There are many websites that provide you with NEO to GAS calculators. One most popular platforms for NEO to GAS calculation is Neotogas.com.

How To Earn NEO GAS?

 

How To Earn NEO GAS?

 

Now you might be wonderinghow to get GAS from NEO. Well, several cryptocurrency exchange platforms allow you to earn GAS tokens. Two most popular ones are Kucoin and Binance. You can hodl NEO tokens on these exchanges and earn your GAS rewards. Earning GAS is a good way to make online income.

Another way to earn or get GAS is by hodling your NEO tokens in the NEON wallet. You can go to the website of Github and download the wallet according to your operating system. After successfully installing the wallet, you can receive NEO tokens in it and start earning free GAS.

Where To Buy NEO GAS?

 

Where To Buy NEO GAS

 

Without a doubt, the best place to purchase NEO GAS is a cryptocurrency exchange platform. Many such platforms are available across the globe which allows users to get NEO GAS.
Some of them are

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  1. Binance
  2. Coinbase
  3. Changelly
  4. Coinmama
  5. CEX.io
  6. LocalBitcoins

Some exchanges allow you to buy NEO GAS with regular fiat currency while others accept debit cards and credit cards only while making a purchase.

 

Should We Invest In Gas Cryptocurrency?

 

Should we invest in gas cryptocurrency

 

At present, the GAS coin market cap is more than 13 million dollars. However, predicting the future of this cryptocurrency is a bit difficult. Several factors decide the price of NEO GAS coin. Although NEO blockchain is much like the other blockchains that exist, it is a great contender because it originates from huge Chinese markets. An amazing thing that differentiates NEO blockchain with other blockchains is that you earn GAS as soon as a single block gets added. A GAS token is considered an operational token rather than any tool of investment.  Until now, there are no real-world applications of NEO blockchain when compared to the other cryptocurrencies. However, its price could rise based on the number of blocks that would be added in the future.

How To Store Gas Tokens?

 

How To Store Gas Tokens

 

The best place to store your GAS token is within the official GAS wallet or another hardware wallet. NEO GAS lacks options when it comes to wallets because it is a new platform. However, some ledger wallets that you can use are Ledger Nano S and Neo Tracker. Now, I will give some steps to install your wallet. I will take Neo Tracker as an example of the wallet.

 

  1. Go to the website of Neo Tracker and press new wallet.
  2. Fill the password and click create button.
  3. After that, click download store. A file will start downloading.
  4. Finally, a private key will be generated. Press continue after that.
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You have finally set up your wallet. Now, you can easily trade cryptocurrencies with GAS tokens.

NEO Vs GAS

 

NEO vs GAS

 

NEO is a digital currency which has two-tier architecture, allowing management of the network in a much easier way. Moreover, NEO token goes through instamine process, in which, coins are divided unevenly. NEO tokens are mainly used for network management, block creation and consensus demands. In addition to this, NEO tokens can only be divided by one.

GAS tokens are created with the help of Proof of Stake consensus mechanism. You will get GAS tokens until you are hodling your NEO cryptocurrencies. The process of earning is much similar to receiving interest from bank accounts. GAS tokens can be split up to 0.00000001.

 

Final Thoughts

 

In this article, I have provided some details on what is NEO GAS token. The NEO blockchain is a top-class system which has been originated from China. At present, NEO GAS tokens are being traded by several significant exchange platforms across the globe. This token has the potential to reap profits to its investors. NEO GAS token has emerged as a good competitor in the global market and in the future, it could certainly expand on a much larger scale.

 

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Shailesh Panwar
Shailesh Panwar

Shailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.