The GAS token is an integral part of the NEO blockchain, serving as the operational token that enables smart contract execution and other functionalities within the NEO network. Here's a detailed breakdown of the GAS token and its relationship with NEO:
Operational Token:
● GAS is the operational token on the NEO blockchain, which powers the smart contracts and tokens built on this platform1.
● It's used for various network operations like running smart contracts and storage, and is analogous to Ethereum's gas which facilitates smart contract execution on the Ethereum blockchain.
Generation and Distribution:
● GAS is generated with each new block on the NEO blockchain. Initially, in the genesis block, GAS is zero but it gets generated as new blocks are added to the blockchain2.
● The distribution schedule of GAS is based on NEO block height, with a set number of GAS being distributed per block, and this rate decreases over time.
Ownership and Claiming:
● Holding NEO tokens allows users to generate GAS. As long as you possess at least 1 NEO, GAS will be generated automatically in the system following certain algorithms2.
● NEO holders can initiate a claim transaction at any time to claim the available GAS to their NEO address.
Usage:
● GAS is used for tokenizing microtransactions on the NEO network, and anytime a smart contract is processed, GAS is paid.
● It's also used for new asset issuance on the NEO network2.
Divisibility and Transferability:
● Unlike NEO, GAS is divisible, making it suitable for microtransactions4.
● GAS can be transferred to personal accounts and claimed by users, even if there is just one address in their wallet.
Two-Token Model:
● NEO adopts a unique dual token mechanism comprising NEO and GAS tokens. NEO represents the right to manage the NEO blockchain while GAS represents the right to use the NEO blockchain.
This two-token model allows users to participate in the ecosystem without reducing their stake in the network, making NEO a distinctive blockchain platform. The structure ensures a balanced system where the management and operational functionalities are separated, enhancing the network's efficiency and usability.
Max supply: 100,000,000
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