Bitrue will list GAS(NeoGas), and open trading for GAS/BTC at 2018/12/18. Users can now start depositing GAS(NeoGas) in preparation for trading. Thanks for your support!
GAS is also known as NEO GAS and was designed to control the NEO network. NEO has two different coins. The first coin is the main cryptocurrency NEO and the other is NeoGas, also known as GAS. In addition, both cryptocurrencies have a limit of 100 million coins. The GAS cryptocurrency is used to control the management’s rights to the NEO coin. These rights include, for example, accounting reconciliation and changes to network parameters. It is also planned that the coins can be mined, but the function is currently not activated.
Every time a smart contract is fulfilled, the bookkeeping must be used, which is verified by the Blockchain technology. Companies on NEO blockchain must spend GAS to run their apps on the NEO system (e.g. smart contract registration fees) and this GAS is recycled back to the NEO holders as well as the newly generated GAS. Therefore, as the NEO network grows and becomes more used then the GAS produced by holding NEO will increase and increase.
Official website: https://neo.org/
White paper: http://docs.neo.org/en-us/whitepaper.html