GAS is a cryptocurrency that power transactions made on the NEO blockchain network. When you facilitate a transaction or smart contract on any blockchain, you must pay a fee, generally called “gas fees.” For example, on the Ethereum blockchain network, a gas fee for facilitating smart contract transactions is calculated based on the subunit of Ether (ETH). However, the case is different in terms of Neo blockchain. Neo blockchain network was initiated in 2014 by Da Hongfei and Erik Zhang to become the backbone of the Chinese economy. It is developed with a vision to digitize assets and identities with the primary goal of automating digital asset management with the help of smart contracts. Neo blockchain is often referred to as “Chinese Ether”; however, both are significantly unique and different from each other.
The crucial differentiating factor is that NEO has two cryptocurrencies: NEO coin and Gas coin. NEO coin is primarily used as the basis of ownership or to define management roles. On the contrary, the Gas coin is used to pay for transactions or smart contracts executed on the Neo blockchain. Besides being used as a payment method, Gas cryptocurrency can also be used by investors to earn passive income while holding NEO coins. But is the token a suitable investment for you? Let’s find out in the blog.
NEO Blockchain (GAS) Token: At A Glance
|Project Name||NEO Blockchain|
|Gas Market cap||$25,491,509|
|Circulating supply||10,128,375.11 GAS|
|All-time high price||$97.49|
NEO Blockchain (GAS) Token: Overview
The Neo blockchain network charges GAS as tokens for the operation, storage of tokens, and smart contracts to prevent the abuse of nodes or node resources. Moreover, system fees are burned in the NEO network. On the other hand, network fees are redistributed to all the consensus nodes, creating an economic incentive for their services. There is a minimum unit of the GAS token, which is 0.00 000001. Therefore, to claim the Gas token, you need not stake your NEO cryptocurrency. The issuing of NEO Gas tokens from the blocks starts at one, and it will continue to issue more tokens until a ceiling of 100 million Gas coins is clocked. The ceiling of 100 million is expected to take approximately two decades. Most Neo network wallets will include a function for claiming the Gas token, permitting users or investors to collect GAS with just the tap of a button. Moreover, there are crypto exchanges that allocate Gas tokens to the users holding NEO cryptocurrency. However, some of the prominent platforms do not follow a similar practice.
One of the enticing features of the NEO blockchain is that most of the GAS tokens are distributed to the users as a reward for becoming voters and playing an active role in the governance of the network. Therefore, the holders of NEO crypto must select a wallet that supports voting on the blockchain network if they are willing to participate. Neo blockchain networks are different in various ways, and one of the most important distinctions is the consensus mechanism.
Neo utilizes a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, which is very different from the proof-of-work structure. Delegated BFT (dBZT) entitles various nodes in the consensus mechanism round using a method of "staking," which is very similar to the proof-of-stake consensus mechanism used to achieve a two-thirds majority agreement. Moreover, this consensus addresses the major issue of trustless validators (the Byzantine General Problem). Additionally, the staking of NEO Gas is randomly selected for several consensus rounds to validate and identify transactions and unlock new blocks in the chain. NEO blockchain network holds a unique digital identity solution feature amalgamated with its support for virtual assets and smart contract networks.
This primary source fuels the platform's mission to build a comprehensive smart economy using smart contracts. Furthermore, the Chinese blockchain project aims to develop its economic infrastructure via the establishment of a full-proof decentralized digital identity for every different asset and node operating on the network. Users can leverage NEO's digital identity system, wherein the network participants can log in and exchange numerous assets on the platform. For instance, take an example of a user who logged a physical asset such as silver on the digital platform, leading to the generation of a unique digital depiction of that asset. The digital asset is registered to the user's digital identity and is secured and safeguarded by Chinese law. In the NEO ecosystem, the Gas coin is an inflationary mechanism, and the NEO coin serves as a counter-inflationary mechanism. In other words, both of these cryptocurrencies balance each other.
GAS Token Fundamental Value
Neo blockchain's Gas currency is an excellent method for hassle-free paying off the fees incurred due to transactions and smart contracts. Moreover, the value of the Gas token mainly depicts an upward trajectory, thus ensuring simplicity and more efficiency. Therefore, the gas token can be used for the below-mentioned purposes:
Carry out transactions:
People use the Gas currency to perform transactions or smart contracts on the NEO blockchain network. It acts as a payment method, and users can pay the fee in terms of a Gas token to carry out any task or operation on the NEO blockchain.
Gas cryptocurrency provides a chance to earn passive income by staking NEO tokens held by the users. As mentioned above, the price of Gas is frequently rising. When writing the article, the 24hr increase in the Gas coin is 3.25%.
Though, owning NEO coins gives users governance rights, including voting. However, the NEO network team devised an idea to incentivize the NEO holders by giving them additional perks, like a way of earning passive income from gas tokens.
Ease of staking:
All the NEO holders having a NEO wallet automatically receive Gas via NEO staking. When writing this article, NEO pays an annual Gas interest rate of 1.66% for holding and staking 100 NEO. Also, the wallet setup is straightforward without any ID or bank account requirement, and users are not required to submit an account minimum or any monthly fees. All of these perks make the process more enticing. Some of the primary features of the Gas coin are it serves the purpose of a managing authority by operating rights, including several network parameter changes and account reconciliation. Moreover, this cryptocurrency can effectively manage and run decentralized applications (Dapps) on the NEO blockchain network. In addition, as more gas tokens are minted due to the growth of the NEO network, the initial gas coins get recycled. In simple terms, the tokens are received by the NEO holders.
Gas tokens are released and minted based on a schedule set on the NEO blockchain network, which distributes Gas coins according to the validation of the blocks. Moreover, a particular number of GAS coins are emitted or minted for every block. For instance, minting of 8 GAS tokens per block for the initial two million blocks. Moreover, a GAS token minus one is emitted every two million blocks. However, owning NEO tokens allows users to earn interest rates for the gas coin as passive income, which is an exciting option for risk-averse investors and users.
GAS Token Price History & Overview
We are living in an epoch wherein cryptocurrencies are the new motto, and decentralized finance (Defi) is shaping the future of digital assets and currencies. The gas token is no exception to this facet, wherein investors and users are looking for a means to earn passive income and fuel their transactions and smart contracts in terms of the Gas coin. The maximum supply of the gas token of the NEO blockchain network is set at 100,000,000. Moreover, the gas coin currently ranks 547th according to the data published by Coinmarketcap, along with a 24hr high of $2.42. Additionally, the market capitalization of gas cryptocurrency is $23,851,860.51 as of September 27th, 2022. In the last seven days, gas coins experienced a price change of 3.65%.
According to the Gas Price Chart, the price of the native cryptocurrency of NEO blockchain depicts an upward trajectory indicating more and more investors willing to purchase the gas coin. Moreover, the token depicts massive liquidity on the Binance cryptocurrency exchange, approximately $1.01 million compared to other crypto exchanges with an average liquidity level of $37k to $42k. Gas crypto represents high buying momentum due to the partnerships and adoption of different blockchain networks. Also, the cryptocurrency is expected to reach $3.40 by 2022. Additionally, the token of the NEO blockchain is experiencing a bullish pattern.
GAS Token Price Forecast
Research the latest developments in the NEO blockchain network and if any new features are added to the blockchain that might impact the price of native coins, including the NEO coin and the Gas coin. As per CoinSwitch, the Neo token will rule the crypto market for five years as it has acquired one of the largest crypto assets.
One important measure to anticipate the price of cryptocurrencies is closely monitoring the developments. Any major or minor change in the NEO blockchain's plans can drastically impact the price of gas tokens. However, according to the technical analysis of Gas, analysts suggest that it is one of the leading cryptocurrencies with immense potential to grow. Moreover, seasoned traders expect a long-term increase in the revenue and market capitalization of the token.
Most seasoned traders opt for fundamental analysis before buying or selling a token. Fundamental analysis looks at the future roadmap, partnerships, latest reviews, etc., to determine the price trajectory of the coin. However, NEO has partnered with various networks in Asia, but it remains a high-risk asset. Cryptocurrencies like Gas powering the NEO platform must constitute a small portion of your overall portfolio to avoid huge downturns. Note: Although these are only predictions, be aware that it is impossible to forecast results with 100% accuracy for any cryptocurrency. Furthermore, neither the fundamental nor technical forecasts provide insight into what will occur over the next few months. These technical and fundamental analyses are intended to aid you in deciding whether to proceed with your investments, even though they are not correct. Remember that you will get the last call at all times.
GAS Token Price Prediction 2022-30
According to research, noting down the most appropriate price predictions for the years 2022, 2023, 2024, 2025, and 2030. Therefore, before judging the investments and market sentiment of the cryptocurrency, you must go through the following price predictions.
NEO Blockchain Token Price Prediction 2022 | Potential ROI: 12%
Since May 2022, the Gas coin has been moving steadily with a limited range of $2.60 to USD 3.01. However, the long-term project community and investors believe that the price can increase by more than 50% in the coming months. This year has witnessed more adoption and partnerships between the NEO and other important blockchain networks. As a result, the Gas cryptocurrency price would skyrocket, with the maximum trading price reaching approximately $3.40 in 2022. Moreover, the price range in 2022 is going to be a roller-coaster ride for investors with frequent hikes if we keep it that way. However, we can convincingly state that if everything goes well, we can expect an average gas price of USD 3.03, with a maximum price touching USD 3.40 in the year 2022.
NEO Blockchain Token Price Prediction 2023 | Potential ROI: 16%
GAS will be assumed as a better investment option in 2023, and with the backing of a huge community, the Gas price will clock new and unimaginable highs. However, the price fluctuations are often hard and challenging to predict, especially if the market sentiments are bullish or bearish than the previous year. In the coming year, 2023, the price of the Gas currency will be approximately USD 4.30. The maximum price that can be reached in 2023 is USD 5.12. Gas token average price forecast at the end of 2023 can be around USD 4.45. Moreover, be ready to expect and experience a huge price turnover within the price range defined and stated by the crypto market.
NEO Blockchain Token Price Prediction 2024 | Potential ROI: -9%
Volatility is the major determinant that derives the cryptocurrency market across the globe. Today, it is not a cakewalk to forecast future price changes in the ever-changing dynamic world of digital assets and also keep up with the current price swings. Many crypto analysts come into play to predict the future price by utilizing technical and fundamental tools. As a result, the pricing forecasts are correct for the mentioned years. However, the shocking yet well-known fact is that crypto consumers or investors are still worried about crypto bans and new restrictions levied by the Governments of different countries on digital assets.
Gas token price may exceed $7.51 if the market witnesses a good and profitable bullish run in 2024. Hence, the average price of the Gas token in the year 2024 will be around USD 6.53, and it is expected that long-term investors will be much more interested in the gas coin.
NEO Blockchain Token Price Prediction 2025 | Potential ROI: 44%
To conduct long-term Gas token price predictions, basic analysis had to be done and is essential. Moreover, in terms of industry-wide benefits and perks, there are not many perks offered by native tokens. However, as decentralized applications or Dapps and stable coins developed, the network started to provide competitive programmable logistics, payments, and storage options.
There is a good amount of chance that a GAS token's average price will increase and clock USD 9.21 by 2025 if more investors are enticed and attracted to the idea. Accordingly, the year 2025 could end with a maximum price level of USD 10.98 with a minimum price of USD 8.89.
NEO Blockchain Token Price Prediction 2030 | Potential ROI: 29%
The GAS token's present price range might interest many traders and investors because the GAS token can clock a high of USD 69.37 by the year 2030 with substantial cooperation with financial and regulatory institutions if the crucial requirements are satisfied and fulfilled.
With an average price range of USD 59.08 for 2030, the Gas token can easily beat the latest price swings and trends to reach new highs. Moreover, the tagline of the price can vary and change as the crypto market can expect another bullish market sentiment on its way in the year 2030. However, given the different price predictions, chances are that you’ll end up in confusion about the movements. So to help you better, we’ve curated a list to help you better. Let’s give you an idea with the table below.
|Type Of Run||Bearish||Bullish||Bearish||Bullish||Bearish|
|Singal||Buy||Hold||Strong Buy||Strong Sell||Buy|
The NEO blockchain network is community-driven, and coin holders (NEO coin and Gas coin) are the prominent owners and directors of the blockchain platform as they cast votes on the network developments. In addition, the network of NEO leverages complex and sophisticated algorithms so that new blocks can be added to the chain through pre-selected nodes called bookkeepers. Moreover, the dual purpose of the Gas token makes it enticing for the users. As aforementioned, gas coins can be used to pay for transactions and smart contracts on the blockchain, and further, users can earn an interest rate of 1.66% in gas coins by holding or staking NEO coins in the wallet. Moreover, the price swings and market sentiments favor the Gas token per the technical analysis.
Being an inflationary mechanism on the NEO blockchain network, the Gas token and NEO coin balance each other as the latter is a counter-inflationary mechanism. This makes the NEO network and Gas coin perfect for investors and risk-averse users.
Q1. What is a Gas token?
Gas is a cryptocurrency used to power transactions made on the NEO blockchain network. When you facilitate a transaction or smart contract on any blockchain, you need to pay a fee, generally called “gas fees.”
Q2. What are the two main purposes of the GAS tokens?
Carry out transactions: People use the gas currency to perform transactions or smart contracts on the NEO blockchain network. It acts as a payment method, and users can pay the fee in terms of Gas tokens to carry out any task or operation on the NEO blockchain. Investment-related purpose: Gas cryptocurrency provides a chance to earn passive income by staking NEO tokens held by the users. As mentioned above, the price of Gas is frequently rising, at the time of writing the article, the 24hr increase in the Gas coin is 3.25%.
Q3. Where are the gas tokens distributed?
There is a generation of 5 Gas tokens on every block, and then tokens are distributed into three major parts;
- 10% is distributed between all the NEO holders.
- 80% of the tokens are distributed between successful voters.
- 10% of the tokens are distributed between the specific 21 members who are part of the NEO council.