GAS is one of the NEO platform’s cryptocurrencies. Users leverage this token to facilitate executions on NEO (originally known as AntShares). This platform is the first open-source blockchain to emerge from China, and provides users with access to two digital coins: the NEO and GAS.
GAS is made to manage rights to the NEO token, such as reconciling accounts and changing network parameters. Businesses must spend GAS for joining fees to use applications on the NEO platform, and GAS tokens are given back to those holding NEO (alongside any coins generated). This means that more GAS cryptocurrency is created as NEO expands.
GAS runs on a consensus function known as Delegated Byzantine Fault Tolerance. Stakeholders designate specific nodes to serve as bookkeepers and make blocks on the blockchain. Nodes are required to meet specific criteria and achieve a minimum NEO balance before they can function.
Consensus is achieved after two-thirds of a network’s nodes agree, otherwise another bookkeeper is introduced. The process will be repeated until an appropriate outcome is reached.
To start mining GAS on IQMining, anyone can create an account with the platform and dive straight in. IQMining provides extensive data to keep users informed and help them to make more accurate decisions, on both mining and trading.