• Gas (GAS) Price

    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 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
    ViewMoreLess

    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.

    Disclaimer:

    "The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.

    A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.