The cryptographic asset GAS was developed for the operational management of smart-contracts and digital money on the NEO site. The block chain in the NEO network has a similar infrastructure with a more popular platform called Ethereum. The main function performed by GAS can be described as a payment for executing a smart-contract. Thus, the NEO negotiable token is used by application developers to improve the functionality and security of custom smart-contracts.
The idea of the NEO network (originally called AntShares) appeared against the backdrop of some problems with the electronic signature that was being implemented by the Chinese government. The creators of NEO decided to make the blockchain technology the basis for the future economy, where it is possible to conduct operations with digital assets and identify an electronic signature.
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As a result, the chain of NEO units found its application in the implementation of smart-contracts and began to be used by the government bodies of China. In addition to NEO, in the portfolio of Chinese investors is a platform called Onchain, which creates a chain of blocks for business projects. As practice has shown, many organizations are interested in using digital assets in their activities. To execute smart-contracts, the GAS token is used, and the network itself is subordinated to the consensus mechanism for negotiating transactions.
The transaction is confirmed through the delegated rejection of DBFT orders. Using a simplified system of voting on transactions, the NEO network provides an opportunity to perform about one thousand operations per second. For comparison, the volume of transactions in the Ethereum shell is only 15 units per second.
Since the NEO shell is oriented to government organizations, the applied DBFT algorithm includes digital identification. Thus, state control bodies have access to financial assets placed on the network. Unlike NEO, which is not a cryptocurrency and acts as a decision-making marker, the GAS is distributed with each new block. Possessing the powers of the ecosystem, this cryptoactivity is efficient in use.
After the development of the platform, users will be able to access a network with digital assets. In addition to currency, it will be possible to identify various information, such as fingerprinting, voice confirmation and identity verification. Also, GAS helps to expand the network functionality, where there were applications NeoX, NeoFS and NeoQS.
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The relationship between the NEO platform and its GAS token, called GAS, allows the latter to demonstrate good performance in terms of capitalization. With each next user, the value of digital coins grows, which in the future will lead to a more stable course and stability of GAS in the cryptocurrency market.
Editor: Yuliya Soroka