What is GAS Coin?

neo gas coin

GAS Coin Price

What Is NEO GAS? A Quick Overview

NEO GAS is the fuel that allows Dapps to be created on the NEO blockchain, transactions to complete, and miners to be rewarded.

By holding NEO in the NEON wallet, holders will create and produce GAS which can be sold on exchanges or used for transactions.

The History of GAS Coin

In 2014 a company called Antshares (ANS) was formed and launched on Github as a real-time open source platform in 2015.

After using that name for two years during development, an ICO launch and even some adoptions, they rebranded.

Their next name was NEO, a play on the matrix being “the one,” and releasing the ability for the NEON wallet to produce GAS, their tokenized system for the smart economy.

Antshares started as a Chinese based platform for building a smart economy. Although, it has gathered great use and popularity in many parts of the world.

Now, users around the world are creating GAS in their NEON wallets.

The NEO GAS Founder:

Da Hongfei - Linkedin

A vocal founder who travels adamantly for NEO and has recently Founded Onchain where he currently resides as CEO.

The Purpose of NeoGAS

GAS was created to utilize the smart economy with NEO.

On Ethereum, Ether (ETH) is the actual “gas” being used for transactions, to run Dapps and so much more.

While Ethereum is the platform that is being used.

Now, for NEO it works very similarly.

NEO is the platform itself, with shares that you can hold that don’t do much besides allow you to create GAS. When you have enough,  developers can begin building their application (a weeding process of the sort for incentive to build good applications).

Instead of using NEO like Ethereum used ETH for transactions, NEO utilizes GAS as its mean for transactions.

This keeps things easy to record and allows for a currency system inside of the NEO ecosystem.

OUR RECOMMENDED RESOURCES

Setting Up The NEON Wallet To Produce GAS Coins

This is pretty straightforward.

First of all, head over to https://neotogas.com/ that will tell you how much GAS you will produce from the NEO you hold.

We say this so that you don’t overestimate and end up sad.

Then head to the City of Zion Github to download the most updated version of the NEON Wallet.

You can find that here: https://github.com/CityOfZion/neon-wallet/releases

neon wallet github
After downloading open the client on your computer.

If you are using a ledger nano s (which we recommend) then make sure you have the NEO application up and running so it shows “wake up, NEO.”

When you get the client, you should see this

neon wallet open
Pick whichever fits your preference.

Remember to always write down your passphrase and private key in safe spots, as losing these will result in the loss of your funds.

Then once inside this screen should show up.

neon test wallet

Here you should now have your public address and be able to send NEO to the wallet.

Once you’ve done this, you’ll be all set for producing GAS.

You don’t need to do anything and can claim it at any time.

There is one caveat. The NEON wallet only takes whole numbers, meaning if you send along decimal string you will lose that amount of NEO.

Make sure that you send only a whole number to the wallet and it should show up relatively quickly.

This is also where you can store coins like RPX and other NEP-5 tokens.

What We Think of GAS Coin

While we aren’t specifically buying GAS coins, we are believers in the NEO project.

Thus, we do hold NEO.

And we keep that in our NEON wallet to produce GAS.

So we are not currently buyers on trading markets, but producers of GAS and eminent for its success in the future.

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February 23rd 2018, 15:38