About Gas (GAS)

Overview

GAS (GAS), also known as Neo Gas, is the operational token for developers on the NEO blockchain and is used to fuel smart contracts and fund ICOs. To earn GAS, you must own NEO and hold it in a private wallet when a new block is created. The value of GAS is linked to the usefulness of NEO.

Technology

As opposed to using proof of work, NEO uses what is known as Delegated Byzantine Fault Tolerance in which shareholders vote on bookkeeper nodes for each block. The reason for this is to create a system more capable of processing transactions, rumored to be up to 10,000 per second after optimization, and it requires far fewer resources in comparison to other forms of consensus. NEO aims to meet government compliance for financial assets in the network, and once fully integrated, bookkeepers are identified to the system using digital identity technology including fingerprints, voice recognition, and other methods. NEO smart contracts use common programming languages such as C# and Java making life easy for developers wanting to build on the network.

Future Focus

In the pipeline for NEO is several projects including NeoX which will allow for cross-blockchain transactions to take place, enabling businesses to link their private blockchains to the NEO blockchain. GAS will be necessary to power these types of transactions. NeoFS, once developed, will be a digital file sharing and storage solution on the NEO blockchain. Finally, NeoQS will be a Lattice cryptography-based encryption technique designed to be resistant to attack from quantum computers. For more information regarding GAS visit the official website.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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