How to Earn GAS by Holding NEO – Cryptocurrency Overview

It’s Invest Diva’s Kiana Danial https://www.investdiva.com/ with News BTC and here is your cryptocurrency update. While the markets take a rest at their key support levels, I wanted to take a look at NEO and its counterpart, GAS. You can consider GAS as something like a dividend payment for holding NEO’s token. Let’s take a further look into the whole thing. NEO, also known as China’s Ethereum, is a blockchain platform that facilitates the development of digital assets and smart contracts. It has two native tokens; NEO and GAS. The two tokens serve different purposes. NEO tokens represent the ownership of the NEO blockchain. But GAS tokens give you the right to use the NEO blockchain. Much like Ether to the Ethereum network, GAS is the fuel that powers transactions in the NEO system. While holding NEO, you start generating GAS automatically as more blocks are generated by the construction of the blockchain. With every new block generated, 8 GAS are distributed for all 100 million NEO in existence. This is similar to Ethereum, but in contrast to Bitcoin, where the value of a bitcoin mined is the same as the value of a bitcoin purchased. GAS is used to pay for transaction fees on the NEO network. If you are a NEO holder there a few popular ways to claim GAS. The most popular one is to go through your cryptocurrency exchange. But if you are worried about security, you can also look into connecting with NEON wallet. This way, you can technically earn free GAS simply by holding NEO and create an income. Looking at the NEO/USD chart, its price has been consolidating right above the $32.14 support level with the future Ichimoku cloud turning bearish. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.

How to Earn GAS by Holding NEO – Cryptocurrency Overview

Related Post:

About The Author

Kane Dane