In crypto industry what mean GAS ?

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Avatar for znibercoins
2 years ago

 GAS is the fuel token for many token like ETH, NEO, charges for the operation and storage of tokens and smart contracts, thereby creating economic incentives for bookkeepers and preventing the abuse of resources.

The minimum unit of GAS is 0.00000001.

Malcolm Lerider further clarifies that GAS is the token to pay for all the service fees on the blockchain.

“Any company that desires to register or change assets on the blockchain will have to acquire GAS to pay for the service fees,” says the editor.

Example of GAS practice ,

the service fee for registering or changing assets will be distributed proportionally to all NEO holders, so GAS is never destroyed,” 

To register your own asset on NEO will cost you 500 GAS, which you don’t get for a song. Check out the current NEOGas price yourself.

The NEO team believes this approach makes sense. After breaking their bank and paying 500 GAS developers will have an incentive to put the crowd saled money to good use but not vice versa.

Gas is created on the blockchain platform with primary purpose of being fees for processing transactions on the network.

Thank you for your time, support,and see you next time .

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