Question 1

What is Gas (GAS)?

Accepted Answer

Gas (GAS) is one of the two native tokens of the Neo blockchain platform, the other being NEO. GAS functions as the utility token within the Neo ecosystem, facilitating the execution of smart contracts, transactions, and the operation of decentralised applications (dApps). It serves as the fuel for the network, ensuring that resources are allocated efficiently and preventing the abuse of node resources. The smallest unit of GAS is 0.00000001.

Question 2

What is Gas (GAS) used for?

Accepted Answer

GAS has several key functions within the Neo ecosystem:

- **Transaction Fees**: GAS is used to pay for transaction fees on the Neo network. When users perform actions such as transferring tokens or utilising smart contracts, they are required to pay a certain amount of GAS as a fee. This mechanism helps prevent spam and ensures that the network operates smoothly.

- **Smart Contract Deployment and Execution**: Developers use GAS to deploy and execute smart contracts on the Neo blockchain. The cost of deploying a smart contract has been significantly reduced in the N3 version of Neo, making it more accessible for developers.

- **Decentralised Application (dApp) Interaction**: Users interacting with dApps on the Neo platform use GAS to cover the computational resources required for their operations.

- **Governance Participation**: NEO holders can participate in network governance by voting for the Neo Committee, which is responsible for managing the Neo blockchain. Voters are rewarded with GAS for their participation, incentivising active involvement in the network's decision-making processes.

- **Resource Allocation**: GAS is used to cover operational and storage costs for tokens and smart contracts, aiming to deter node resource abuse. System fees undergo burning, while network fees are designed to serve as incentives for consensus nodes.

Question 3

Who created Gas (GAS)?

Accepted Answer

The Neo blockchain, along with its dual-token system comprising NEO and GAS, was created by Da Hongfei and Erik Zhang. Founded in 2014 as AntShares, the project rebranded to Neo in June 2017 to better reflect its vision of a "smart economy" that leverages blockchain technology for digital asset management and smart contracts.