What is NEO GAS?NEO is also called “The Chinese Ethereum”. Previously the project was named Antshares (ANS) and its native token was called Antcoin (ANC). Being an ANS holder meant you could charge for “extra services” rendered on the blockchain and collect ANC. The idea was that the more people used the ANS platform, the value of ANC would increase. Every ANS would give its owner the ability to vote in future elections, bookkeeping decisions and generate ANC tokens to be given to holders as dividends.
On the other hand, ANC tokens is used to pay for the blockchain, using extra features and for systemic fees. ANC tokens are also used to collect transaction fees and hodlers have voting rights on fee adjustments etc.
Antshares was rebranded to NEO in 2017 and is known as the first open-source blockchain platform that was developed in China.
Simply put, currently NEO is the previously known Antshares and GAS is Antcoins. This means that one would pay with GAS Tokens to complete transactions on the NEO blockchain.
What is ETH Gas?Ethereum Gas describes the computational power required to perform and execute various operations on the Ethereum blockchain. These operations range from ICOs, Smart Contracts, Decentralized Financing and more. However, Ethereum transaction fees are not paid in Gas but rather in Ether (ETH).
Since these operations are performed by Ethereum miners, the miners determine how much Gas it requires. It can also increase and decrease the required Gas according to its needs.
Ethereum Gas can be compared to a Prepaid Electricity Meter. The prepaid meter measures your household electricity usage in Kilowatts (kW) but you top up with South African Rand (ZAR). In this case, Ethereum Gas will act as the Kilowatts and ETH as ZAR. The Ethereum miner (prepaid meter) requires Gas (kW) to execute a transaction. You buy Gas (kW) with ETH (ZAR).
Here are three major differences between NEO GAS and ETH Gas:
- ETH Gas is used as a transaction fee to perform a transaction. Ethereum transaction fees are paid in ETH. NEO GAS is used to complete NEO transactions.
- NEO GAS is a token that is traded on its own whilst ETH Gas is not a token. There are 17,190,378 GAS Tokens in supply and the token has a market cap of more than $16 million, according to Coinmarketcap.
- NEO pays investors dividends in the form of GAS Tokens. Ethereum does not pay dividends. Ethereum only rewards miners for mining ETH.