Binance the first exchange to democratize NEO GAS distribution
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Binance, an international multi-language cryptocurrency exchange, has been in thick of cryptocurrency big news recently. On 28th June, Binance announced to enlist Theta [THETA] token on its platform. Today, Binance announced the distribution of GAS to NEO holders.
Binance website explains how Binance distributes GAS to NEO holders. GAS distribution number is equal to total distribution number of GAS * NEO holder position ratio (with eight digits after the decimal point). NEO holders position ratio is equivalent to the sum of daily position number for NEO holders/ amount of daily position number for all NEOusers. The daily position number is based on a daily snapshot of NEO.
Neo Gas expresses the right to use the Neo Blockchain. There will be 100 million Neo Gas in total. Neo Gas is generated along with every new block. The issuance will slow down according to a set slowly-decreasing pace, while Neo Gas will go through a generating process to grow from zero to 100 million. Once Neo is acquired, Neo Gas will be generated in the system following the algorithms.
GAS is also known as NEO GAS and was created to control the NEO network. NEO has two different coins. The first coin is the main cryptocurrency NEO, and the other is NeoGas, also known as GAS. Besides, both digital assetshave a limit of 100 million coins. The GAS cryptocurrency is used to control the management’s rights to the NEO coin. These rights include, for example, accounting reconciliation and changes to network parameters. It is also planned that the coins can be mined, but the function is currently not activated.
Every time a smart contract is accomplished, the bookkeeping must be used, which is verified by the Blockchaintechnology. Companies on NEO blockchain must spend GAS to run their apps on the NEO system (e.g., smart contractregistration fees), and this GAS reverts to the NEO holders as well as the newly generated GAS.