What Are NEO and GAS?

2019-02-11 10:44:19 · 803 views · 2 min read

What Is NEO?

 

NEO is a non-profit community-driven blockchain project. It utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets using smart contracts. Using a distributed network, it aims to create a "Smart Economy". The NEO platform facilitates the development of digital assets and smart contracts and bridges the gap between digital and traditional assets.

 

The NEO and GAS

 

The base asset of the NEO blockchain is the non-divisible NEO token, which generates GAS tokens that can be used to pay for the transaction fees to utilize the NEO network.

 

Both NEO and GAS tokens serve different purposes on the NEO platform:

  • NEO token represents the ownership of the NEO blockchain. It is used to create blocks and manage the network. You will get GAS token as a reward if you hold NEO in your wallet.

  • GAS is the fuel that powers transactions in the NEO system. With every new block generated, 8 GAS are distributed for all 100 million NEO in existence.

Comments Write Comment
Currently there are no comments for this article. Would you like to be the first to write one?