Buy Gas

Gas (GAS) is a cryptocurrency specifically designed to pay transaction fees on the NEO network. NEO, also known as the Chinese Ethereum, is a platform focused on the implementation and execution of smart contracts and decentralized applications (dApps) to create a decentralized, smart economy. Within this ecosystem, Gas plays a crucial role as a fuel for executing transactions and smart contracts.

Every time a transaction occurs or a smart contract is executed, a certain amount of Gas is consumed. This ensures that the network remains functional and is protected from spam transactions.

A unique aspect of Gas is that it is earned by owning NEO tokens. Owners of NEO periodically receive Gas as a reward for their participation in the network, a process known as Neo staking. Additionally, Gas can also be purchased directly on various cryptocurrency exchanges and brokers, such as Bitvavo.

The total amount of Gas that can be created is limited to 100 million, and it is expected to take approximately 22 years to reach this amount. Gas generation starts from scratch, with one Gas token created with each new block generation. This process ensures a predictable and stable supply of Gas, despite historical price volatility.

Gas is also essential for managing the NEO blockchain, including reconciling accounts and changing network parameters. This makes Gas not only a means of payment for transaction fees, but also a tool for network management and development. The success and adoption of Gas are closely linked to the success of NEO. As the NEO ecosystem continues to develop and grow, the demand for Gas will increase accordingly.

Who are the founders of Gas?

Gas and the NEO platform were founded in 2014 by Erik Zhang and Da Hongfei. Erik Zhang has a background in computer science and is known for his work in blockchain technology and cryptography. Da Hongfei is an entrepreneur with extensive experience in blockchain and fintech and is the co-founder of Onchain, a company focused on blockchain solutions for enterprises. Currently, NEO and Gas are managed by the NEO Foundation, a non-profit organization dedicated to the development and growth of the NEO ecosystem.

NEO is an open-source blockchain platform that focuses on developing a smart economy through decentralized applications (dApps) and smart contracts. The platform is often compared to Ethereum due to its similar features, but it also has several unique features that set it apart.

One of the key features of NEO is its support for digital identities. This means that users can link their real-world identity to their digital activities, making NEO particularly suitable for commercial and government applications. In addition, NEO uses a unique consensus mechanism called Delegated Byzantine Fault Tolerance (dBFT). This mechanism ensures efficient and secure validation of transactions, with so-called Bookkeepers responsible for verifying transactions and creating new blocks.

The NEO platform supports several digital assets, including NEO and Gas. NEO acts as the governance token, allowing holders to vote on network updates and changes. Gas is used to pay transaction fees and execute smart contracts.

Gas is designed with a specific function, but can be used in different situations:

*Paying transaction fees: Gas is used to pay the fees of transactions on the NEO network, making transactions more efficient.

• Executing smart contracts: Developers use Gas to deploy and execute smart contracts on the NEO platform. This includes paying for the computing power required to execute smart contracts.
• Token minting: Gas is used in the creation of new tokens on the NEO network, allowing for the generation of new digital assets.
• Make dApps work: Gas supports the operation of decentralized applications (dApps) by paying for the required network resources.

Gas is generated by holding NEO tokens, a process known as Neo staking. Every time a new block is generated on the NEO blockchain, a small amount of Gas is created. This process starts from scratch, and with each new block generation, one Gas token is generated. The total supply of Gas is limited to 100 million tokens, which is expected to take approximately 22 years to reach.

Decentralized storage via NeoFS

Another important aspect of Gas’ operation is the decentralized storage of data via NeoFS. This protocol ensures that data is not centralized in a single location, which increases the security and resilience of the network. By distributing data across multiple nodes, the network becomes less vulnerable to attacks and data loss.

N3 virtual machine for smart contracts

The NEO platform uses the N3 system for smart contract development and deployment. N3 provides a powerful virtual machine that makes it easier to program smart contracts without requiring developers to learn a new programming language. This system supports multiple programming languages such as C#, Java, and Python, making it more accessible to a wider range of developers.

dBFT consensus mechanism

NEO uses the Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism. In this system, there are certain nodes, known as Bookkeepers, that are responsible for verifying transactions and creating new blocks. Consensus is reached when two-thirds of the nodes agree with the version of the blockchain proposed by a Bookkeeper.

Although Gas was developed specifically for paying transaction fees, it has several unique features:

• Generation by NEO holdings: Gas is generated by simply holding NEO tokens, which incentivizes users to keep their NEO and actively participate in the network.
• Limited Total Supply: With a fixed maximum of 100 million tokens and a predetermined generation cycle, the value of Gas remains fairly predictable and manageable.
• Specific use for transaction fees: Gas is designed to pay transaction fees on the NEO network, promoting the efficiency and speed of transactions.
• Smart Contract Support: Developers use Gas to pay for the computing power needed to deploy and execute smart contracts on the NEO blockchain.
• Decentralized storage via NeoFS: Gas contributes to decentralized data storage, which increases the security of the network.

At Bitvavo you can buy GAS. Our platform is available for both beginners and experienced traders. Follow these steps to buy GAS tokens via our website or app:

1. Log in to your Bitvavo account or create a new account.
2. Add funds to your account by clicking on "Deposit".
3. Go to the Gas (GAS) buy page.
4. Enter the amount in euros you want to spend or the number of GAS tokens you want to buy and click "Buy".

After your purchase, the GAS tokens will be added directly and automatically to your Bitvavo account, where you can easily manage and trade them. Selling GAS tokens is just as easy, allowing you to quickly respond to market changes.

You can safely store your GAS tokens in your Bitvavo account. Bitvavo keeps the majority of assets in cold storage, which means they are stored offline for extra security. For extra protection of your account, we recommend enabling two-factor authentication (2FA).

Many software and hardware wallets support GAS. After purchase, you can easily transfer your GAS tokens to an external wallet by linking the wallet address to your Bitvavo account. This gives you full control over your cryptocurrencies and increases the security of your digital assets.