Gas (GAS) Price

GAS coin is used in the NEO network. It was created with the intention to use it to control the NEO network. The blockchain technology employed by the NEO network is designed such that each time a smart contract is fulfilled, bookkeeping must be performed
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GAS coin is used in the NEO network. It is also known as NEO GAS. It was created with the intention to use it to control the NEO network including the management’s rights to modify the network. The blockchain technology employed by the NEO network is designed such that each time a smart contract is fulfilled, bookkeeping must be performed. This action is then verified by the blockchain technology.

What is GAS?

At the moment, transactions on NEO are free. But this is set to change. GAS is the coin which will be the currency with which transactions on the NEO network will be paid for. Eventually, claiming GAS coins will involve a cost in the future. Claiming GAS coins daily will incur a higher fee and therefore becomes cost prohibitive. This has been done in order to limit the number of GAS coins in circulation.

How does it GAS work?

If a company wishes to make use of the NEO blockchain, then the company must spend GAS coins to allow their apps access to the blockchain. This can be considered as a form of smart contract registration fees. The GAS coin paid by the companies is recycled back to the people who already hold NEO and to those who hold the newly generated GAS. With the growth of the NEO network, the people who hold NEO will be able to hold more GAS coins.

The GAS coin was created such that the number of GAS coins in circulation will always be lesser than NEO. The plan is to keep it substantially less for the first 22 years or so, at which point the GAS and NEO coins will be available in a 1:1 ratio. Eventually, people may need to procure GAS coins to perform NEO transactions, causing them to buy more GAS coins which will drive up demand and hence the price.

The GAS price per transaction or  the price per smart contract is designed such that it takes advantage of the Turing Complete nature of Ethereum and its Ethereum Virtual Machine Code (EVM Code). This means that the program prevents infinite loops because payments have to be made for each loop. Using 0.00001 Ether or 1 GAS coin is the only way to either execute a line of code or some command. Thus, a person executing an infinite loop would require an equal supply of GAS coins which is not realistically possible. The transaction cannot be performed if there is not enough digital currency in the account or wallet. This was done in order to ensure that denial of service attacks from infinite loops were stopped and also to encourage efficient coding. This would also have the planned effect of making a hacker pay for the resources that they might use in an attack. In addition, even normal commands that involve complex calculations require more GAS coins to execute.

History

AntShares was the precursor to NEO and it was the first open source blockchain in China. AntShares was founded in 2014 with the aim to change the way online trading happened. It relied on a smart economy that emerged from the widespread adoption of digital assets, identities and smart contracts. It was created on the assumption that the Internet will shift from information to values and that this transformation will result in the merger of the traditional and the digital economy. This was in turn expected to make it easier for goods to be exchanged. The vision of AntShares was that the Internet would become more open and this would lead to the “Internet of Order”.

Where can you buy GAS coin?

GAS can be bought and sold using the website called Binance which acts a trading platform for various cryptocurrencies. The best way to buy GAS coin is to buy Ethereum and then exchange it for GAS using one of the many cryptocurrency exchange options available. Coinswitch is a website that supports GAS tokens for exchange. At present, there are about 10 million GAS coins in circulation with a suggested cap of 100 million coins. As of April 2018, GAS has a value of about $15 per coin.

GAS wallet

All GAS coins that are bought generally move into the NEO wallet. This wallet was created by Antshares and receives regular updates. There is an option to use a cold storage hardware to store GAS coins. This merely means that the coins are stored offline, especially if they are numerous. Using this will give the user much more control over their wallet. One can also use an offline paper wallet to store their coins but it is not as resilient as other options. For one, information on paper can fade. This is therefore not considered as the best alternative to storing coins on NEO wallets.

GAS coin mining

GAS can be mined, but this feature has not yet been implemented. GAS is a by-product of storing NEO (locally). It is generated at the rate of 0.00000008 GAS reward per NEO per processed block. The intention is to decrease the GAS reward per NEO by a rate of 0.02 yearly, in theory. Then the GAS reward is supposed to stay steady at 0.02 GAS per NEO for about 22 years at which point the total number of GAS and NEO will be the same yielding a ratio of 1:1. But in actual practice, the blocks are created slowly, leading to a possibility that GAS dividends may last for more than 22 years since it might take more time for the total number of GAS to equal the total number of NEO.

GAS coin price trends

Historical data suggests that the price of GAS coins were not over $20 until about August 2017. Then, around mid-August that year, the price spiked to over $20. This marked the beginning of a steady increase in the price of GAS. From October 2017 to December 2017, the price largely held steady. Then, there was another large spike in the prices in January and February 2018. The price was almost $80 during this period of spike in prices. However, this did not last long and the prices declined after February. The table below will provide historical price data from August 2017 up till March 2018:

DateOpenHighLowCloseVolumeMarket Cap
Nov 12, 2018 5.02 5.05 4.87 4.90 467,934 49,659,221
Nov 11, 2018 5.06 5.06 4.91 4.98 373,222 50,417,026
Nov 10, 2018 5.03 5.10 5.03 5.06 269,629 51,217,572
Nov 09, 2018 5.13 5.15 4.99 5.03 349,870 50,901,263
Nov 08, 2018 5.24 5.28 5.11 5.14 461,355 52,014,372
Nov 07, 2018 5.23 5.33 5.15 5.24 529,822 53,082,206
Nov 06, 2018 5.07 5.26 5.03 5.23 593,304 52,791,421
Nov 05, 2018 5.26 5.27 4.98 5.05 899,576 51,183,338
Nov 04, 2018 5.04 5.32 4.98 5.27 1,341,630 53,396,287
Nov 03, 2018 5.07 5.11 5.02 5.02 375,966 50,873,410
Nov 02, 2018 5.02 5.09 5.02 5.08 497,896 51,478,783
Nov 01, 2018 4.96 5.09 4.94 5.02 442,963 50,844,443
Oct 31, 2018 4.95 4.97 4.81 4.96 474,527 50,236,741
Oct 30, 2018 4.92 4.97 4.87 4.93 419,752 49,781,195
Oct 29, 2018 5.22 5.23 4.88 4.90 614,691 52,885,865
Oct 28, 2018 5.21 5.24 5.15 5.24 479,136 52,784,342
Oct 27, 2018 5.20 5.23 5.14 5.17 490,303 52,626,990
Oct 26, 2018 5.25 5.27 5.11 5.19 529,026 53,160,862
Oct 25, 2018 5.32 5.33 5.18 5.24 539,596 53,933,538
Oct 24, 2018 5.18 5.39 5.18 5.33 1,301,940 52,497,156
Oct 23, 2018 5.20 5.25 5.15 5.21 531,245 52,653,098
Oct 22, 2018 5.25 5.29 5.15 5.20 462,239 53,147,880
Oct 21, 2018 5.33 5.37 5.21 5.25 603,591 53,998,013
Oct 20, 2018 5.15 5.36 5.12 5.33 871,408 52,202,778
Oct 19, 2018 5.15 5.18 5.10 5.15 351,780 52,127,456
Oct 18, 2018 5.27 5.44 5.10 5.16 925,221 53,378,464
Oct 17, 2018 5.28 5.39 5.14 5.25 670,354 53,512,895
Oct 16, 2018 5.17 5.33 5.14 5.27 613,513 52,412,749
Oct 15, 2018 4.99 5.43 4.89 5.18 1,177,040 50,590,440
Oct 14, 2018 5.04 5.32 4.99 5.01 1,391,360 51,012,242
Oct 13, 2018 4.94 5.06 4.90 5.04 630,966 49,996,136
Oct 12, 2018 4.89 5.14 4.85 4.93 950,815 49,544,420
Oct 11, 2018 5.80 5.81 4.88 4.92 1,268,770 58,771,927
Oct 10, 2018 5.90 5.96 5.72 5.82 702,333 59,765,977
Oct 09, 2018 5.86 6.07 5.78 5.94 1,379,290 59,374,906
Oct 08, 2018 5.72 5.95 5.68 5.84 814,420 57,923,534
Oct 07, 2018 5.81 6.18 5.66 5.69 2,238,920 58,828,815
Oct 06, 2018 5.66 5.94 5.57 5.79 1,181,590 57,376,935
Oct 05, 2018 5.55 5.65 5.47 5.65 720,791 56,232,126
Oct 04, 2018 5.54 5.76 5.52 5.56 705,538 56,118,630
Oct 03, 2018 5.81 5.83 5.47 5.54 781,801 58,850,703
Oct 02, 2018 5.86 5.92 5.78 5.82 782,699 59,355,448
Oct 01, 2018 6.02 6.05 5.82 5.87 1,341,200 60,968,423
Sep 30, 2018 6.25 6.26 5.99 6.03 1,968,870 63,279,172
Sep 29, 2018 6.94 6.94 6.06 6.22 6,827,390 70,252,838
Sep 28, 2018 5.51 10.00 5.50 7.04 66,564,800 55,781,424
Sep 27, 2018 5.10 5.53 5.07 5.51 809,726 51,658,687
Sep 26, 2018 5.08 5.25 4.97 5.11 565,276 51,478,954
Sep 25, 2018 5.17 5.17 4.91 5.07 685,293 52,406,408
Sep 24, 2018 5.39 5.40 5.18 5.18 961,835 54,558,259
Sep 23, 2018 5.23 5.62 5.14 5.40 2,039,540 52,939,594
Sep 22, 2018 5.47 5.56 5.15 5.22 2,117,380 55,401,944
Sep 21, 2018 5.35 5.60 5.24 5.45 3,034,930 54,171,887
Sep 20, 2018 5.00 5.40 4.95 5.35 1,727,050 50,669,848
Sep 19, 2018 4.99 5.11 4.78 5.00 2,238,190 50,563,293
Sep 18, 2018 4.80 5.11 4.76 4.99 1,833,060 48,583,554
Sep 17, 2018 5.41 5.45 4.69 4.80 2,782,130 54,760,411
Sep 16, 2018 5.79 5.79 5.25 5.40 2,851,650 58,608,601
Sep 15, 2018 5.66 5.91 5.66 5.80 1,692,070 57,350,865
Sep 14, 2018 5.76 5.85 5.58 5.69 2,050,000 58,363,610
Sep 13, 2018 5.59 5.89 5.56 5.76 2,517,660 56,606,824
Sep 12, 2018 5.63 5.64 4.96 5.57 2,262,190 57,007,656
Sep 11, 2018 6.03 6.12 5.56 5.61 2,379,970 61,061,822
Sep 10, 2018 6.37 6.39 5.84 6.03 2,971,630 64,541,138
Sep 09, 2018 6.30 6.69 6.10 6.38 2,352,540 63,813,126
Sep 08, 2018 6.98 7.05 6.25 6.30 1,805,160 70,646,628
Sep 07, 2018 7.25 7.25 6.70 6.97 2,540,520 73,441,103
Sep 06, 2018 6.64 7.30 6.25 7.26 4,559,630 67,204,379
Sep 05, 2018 8.65 8.73 6.71 6.81 5,195,580 87,634,927
Sep 04, 2018 8.08 9.03 7.88 8.65 4,996,900 81,879,616
Sep 03, 2018 7.45 8.30 7.32 8.08 4,770,340 75,449,037
Sep 02, 2018 7.61 7.77 7.22 7.43 3,140,960 77,094,124
Sep 01, 2018 7.10 7.86 7.00 7.62 3,552,030 71,871,174
Aug 31, 2018 6.63 7.28 6.54 7.08 3,102,030 67,151,046
Aug 30, 2018 6.81 6.86 6.30 6.64 2,401,050 68,982,019
Aug 29, 2018 7.54 7.54 6.55 6.82 3,176,990 76,355,792
Aug 28, 2018 6.89 7.74 6.74 7.55 4,774,650 69,752,068
Aug 27, 2018 5.75 6.99 5.68 6.90 4,744,540 58,196,183
Aug 26, 2018 5.63 5.77 5.35 5.73 2,260,000 57,027,331
Aug 25, 2018 5.66 5.66 5.32 5.64 2,449,820 57,364,905
Aug 24, 2018 5.65 6.25 5.33 5.68 4,275,850 57,246,068
Aug 23, 2018 4.69 5.69 4.58 5.60 3,089,150 47,485,447
Aug 22, 2018 5.02 5.39 4.59 4.69 1,932,620 50,881,785
Aug 21, 2018 4.87 5.13 4.85 5.02 1,794,920 49,276,436
Aug 20, 2018 5.50 5.59 4.87 4.87 1,638,120 55,679,206
Aug 19, 2018 5.14 5.64 5.04 5.50 2,198,590 52,108,056
Aug 18, 2018 5.85 6.00 4.76 5.15 2,811,240 59,281,072
Aug 17, 2018 4.21 6.05 4.21 5.86 3,994,180 42,625,976
Aug 16, 2018 4.13 4.45 4.06 4.21 2,502,140 41,788,120
Aug 15, 2018 4.20 4.35 3.99 4.02 2,714,830 42,572,560
Aug 14, 2018 4.13 4.15 3.65 4.15 2,676,590 41,791,481
Aug 13, 2018 5.00 5.07 4.11 4.14 2,585,740 50,604,045
Aug 12, 2018 4.98 5.18 4.88 4.99 2,494,380 50,401,309
Aug 11, 2018 5.90 5.90 4.74 4.99 4,432,460 59,724,322
Aug 10, 2018 6.54 6.61 5.77 5.89 3,044,720 66,223,215
Aug 09, 2018 6.53 6.77 6.21 6.60 3,853,720 66,171,051
Aug 08, 2018 7.57 7.57 6.43 6.51 2,799,940 76,656,105
Aug 07, 2018 7.84 8.15 7.57 7.57 2,762,890 79,401,005
Aug 06, 2018 8.24 8.39 7.79 7.85 2,003,830 83,476,016
Aug 05, 2018 8.04 8.22 7.91 8.20 2,488,350 81,413,271
Aug 04, 2018 8.34 8.58 8.00 8.03 2,411,880 84,442,474
Aug 03, 2018 8.56 8.56 8.09 8.34 2,661,900 86,732,074
Aug 02, 2018 8.92 9.03 8.48 8.55 2,100,400 90,394,726
Aug 01, 2018 9.07 9.09 8.70 8.94 2,563,460 91,875,052
Jul 31, 2018 9.97 9.98 9.01 9.08 3,056,100 100,961,463
Jul 30, 2018 10.28 10.28 9.50 9.98 3,002,800 104,115,646
Jul 29, 2018 10.35 10.42 10.12 10.27 2,314,460 104,793,240
Jul 28, 2018 10.22 10.39 10.10 10.35 2,431,210 103,515,032
Jul 27, 2018 9.98 10.33 9.78 10.22 3,275,550 101,126,352
Jul 26, 2018 10.56 10.77 9.87 10.00 3,626,450 106,994,128
Jul 25, 2018 10.67 11.08 10.38 10.58 3,738,030 108,028,000
Jul 24, 2018 10.31 10.77 10.04 10.75 3,911,310 104,382,000
Jul 23, 2018 10.85 11.15 10.26 10.30 3,725,950 109,880,000
Jul 22, 2018 11.07 11.27 10.78 10.83 3,061,890 112,144,000
Jul 21, 2018 10.66 11.16 10.36 11.08 3,658,830 108,004,000
Jul 20, 2018 11.79 11.79 10.47 10.67 4,197,150 119,424,000
Jul 19, 2018 12.43 12.43 11.81 11.84 3,392,990 125,914,000
Jul 18, 2018 12.62 13.14 12.32 12.42 4,010,440 127,845,000
Jul 17, 2018 11.86 12.84 11.55 12.63 4,461,600 120,099,000
Jul 16, 2018 11.00 11.94 10.71 11.85 4,293,700 111,416,000
Jul 15, 2018 10.64 11.14 10.46 10.97 2,646,700 107,785,000
Jul 14, 2018 11.15 11.26 10.32 10.64 2,652,460 112,938,000
Jul 13, 2018 10.20 11.47 10.20 11.13 4,485,550 103,345,000
Jul 12, 2018 10.78 10.82 9.94 10.09 2,851,580 109,169,000
Jul 11, 2018 11.21 11.59 10.03 10.77 5,610,270 113,552,000
Jul 10, 2018 12.43 12.43 11.09 11.23 4,386,260 125,919,000
Jul 09, 2018 13.80 13.84 12.44 12.44 4,219,990 139,795,000
Jul 08, 2018 13.57 14.55 13.57 13.82 5,124,620 137,422,000
Jul 07, 2018 13.15 13.51 12.84 13.51 4,630,590 133,236,000
Jul 06, 2018 14.05 14.10 12.95 13.14 6,266,480 142,317,000
Jul 05, 2018 13.83 16.17 13.51 14.05 15,534,100 140,043,000
Jul 04, 2018 11.61 14.61 11.27 13.70 10,071,700 117,569,000
Jul 03, 2018 11.43 12.54 11.39 11.61 7,239,650 115,788,000
Jul 02, 2018 10.24 11.81 10.17 11.45 5,621,610 103,763,000
Jul 01, 2018 0.038439 0.038719 0.036936 0.037885 112,292,000 2,527,290,000
Jun 30, 2018 0.037279 0.040002 0.037172 0.038423 182,466,000 2,451,030,000
Jun 29, 2018 0.036566 0.037621 0.034706 0.037237 149,929,000 2,404,120,000
Jun 28, 2018 9.93 10.05 9.30 9.31 2,762,960 100,611,000
Jun 27, 2018 10.04 10.04 9.51 9.93 3,437,500 101,667,000
Jun 26, 2018 10.67 10.68 9.87 10.02 4,306,880 108,097,000
Jun 25, 2018 10.45 10.88 10.31 10.67 3,196,030 105,879,000
Jun 24, 2018 11.62 11.62 9.62 10.48 4,703,840 117,686,000
Jun 23, 2018 11.15 11.75 11.11 11.60 3,597,740 112,963,000
Jun 22, 2018 13.14 13.16 10.83 11.13 4,319,430 133,058,000
Jun 21, 2018 13.65 13.71 13.00 13.12 3,641,570 138,208,000
Jun 20, 2018 14.12 14.14 13.19 13.61 4,087,090 142,998,000
Jun 19, 2018 13.82 14.24 13.74 14.12 3,733,200 140,017,000
Jun 18, 2018 13.39 13.94 12.96 13.85 3,344,820 135,648,000
Jun 17, 2018 13.49 13.66 13.08 13.42 3,587,570 136,655,000
Jun 16, 2018 13.3 13.72 12.83 13.56 3,733,410 134,749,000
Jun 15, 2018 14.43 14.43 13.26 13.34 3,887,320 146,138,000
Jun 14, 2018 13.28 14.54 12.88 14.42 3,623,090 134,495,000
Jun 13, 2018 14.34 14.39 12.49 13.29 3,593,630 145,191,000
Jun 12, 2018 15.39 15.98 14.18 14.29 3,531,100 155,853,000
Jun 11, 2018 15.61 15.69 14.84 15.37 3,595,270 158,132,000
Jun 10, 2018 18.23 18.23 15.53 15.58 3,865,920 184,608,000
Jun 09, 2018 18.93 19.04 18.24 18.24 3,903,920 191,769,000
Jun 08, 2018 19.53 19.6 18.95 19 3,873,710 197,829,000
Jun 07, 2018 19.94 20.36 19.41 19.52 4,552,530 201,957,000
Jun 06, 2018 19.61 20.04 19.29 19.95 4,858,780 198,615,000
Jun 05, 2018 19.33 19.65 18.48 19.63 5,854,810 195,796,000
Jun 04, 2018 21.23 21.53 19.25 19.34 5,813,130 215,025,000
Jun 03, 2018 21.02 21.49 20.92 21.25 4,791,900 212,868,000
Jun 02, 2018 20.49 21.34 20.25 21.03 5,123,540 207,568,000
Jun 01, 2018 20.64 20.97 20.03 20.45 4,854,040 209,040,000
May 31, 2018 18.8 21.73 18.74 20.6 7,291,800 190,398,000
May 30, 2018 18.75 19.46 18.45 18.86 5,002,660 189,920,000
May 29, 2018 17.42 18.99 17.39 18.72 4,481,640 176,467,000
May 28, 2018 18.31 18.46 17.27 17.43 4,071,520 185,411,000
May 27, 2018 18.69 18.7 18.27 18.34 3,966,420 189,342,000
May 26, 2018 18.8 19.32 18.44 18.67 3,863,350 190,443,000
May 25, 2018 19.63 20.17 18.49 18.82 4,211,460 198,808,000
May 24, 2018 18.67 19.81 18.28 19.58 5,002,160 189,082,000
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Gas Cryptocurrency Recent News and Development

  • Considering the price of Gas token, as of early November 2018, it was seen being valued at levels close to $5. The same, in the months of April and May, was seen trading at levels varying from $28 - $35.
  • The fall in the price of the cryptocurrency has been driven by a combination of factors - the general decline in interest in the cryptocurrency space, crackdown by regulatory authorities across the world, and a phenomenal rise in the number of digital currencies.
  • Gas tokens incurred their best run in the month of January - right around the same time as the ‘boom’ in the cryptocurrency space. With popular currencies like Ethereum, Bitcoin, and Ripple gaining, Gas too, was one of the many altcoins that benefited from the surge. The token crossed the $75 mark in mid-January, thus reaching its all-time high.
  • Despite this phenomenal run, the cryptocurrency was not immune to extreme volatilities. Shortly after reaching this high, the token crashed and lost all of its gains in the subsequent weeks. By March, it was back to its previous levels at $20 and it continued to decline further.

Risks associated with GAS coins

The risks associated with GAS coins are common to all cryptocurrencies. The table containing the historical data for the price trends should give an idea of the level of volatility of the currency. The fluctuation in a day has sometimes been over 100% and sometimes 0%. There really is no way to predict which way the market will swing. Due to this, it is riskier than other conventional investments. In addition, governments are introducing stringent laws against cryptocurrencies or even completely banning them. This has caused a lot of confusion in this market.

Instead, when considering investments for the long-term, it is advisable to look at traditional avenues like mutual funds. It is strongly recommended that one look at proven mutual funds that have shown a good return on investment over a period of time. Investing a little amount every month in such mutual funds would show a better return compared to the chance that one will have to take with cryptocurrencies.

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