Last Updated on June 11, 2023 by Bitfinsider
To perform a transaction or a smart contract on practically any blockchain, you must pay a transaction fee. This cost is known as gas on the Ethereum blockchain, but it is calculated in gwei, a subunit of the original ether token. You must also pay for gas on the NEO blockchain. Neo is not required; instead, NEO employs a special coin for paying gas fees known as “Gas.” The fees for conducting a transaction and executing a smart contract are determined by the nodes that validate these transactions.
Gas tokens are distributed according to a timetable on the NEO blockchain, which distributes Gas based on the block verified. Each block generates a particular number of GAS tokens, beginning with 8 GAS for the first two million blocks. Every two million blocks, one less GAS token is released, until from block 14 million to block 42 million, 1 GAS per block is released. In around 20 years, the entire supply of GAS tokens will reach 100 million. Running your validator node or staking NEO can earn you GAS.
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How to buy or trade GAS on ProEX
On ProEX, you can trade GAS as a spot pair (GAS/USDT) in 3 simple steps:
- Sign up and register an account on ProEX
- Buy USDT via ProEX One-click Buy
- Trade GAS/USDT at ProEX Spot
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