GAS (GAS) is the fuel for the NEO blockchain. For all actions that take place on the NEO Blockchain, transaction costs are due which must be paid in GAS. This may include the execution of payment transactions or the sending of data. This GAS benefits the owners of NEO. NEO uses delegated Byzantine Fault Tolerance (dBFT) where the owners of NEO jointly maintain the network and in return they receive the income that is generated by charging transaction costs.
If you store your NEO on your Bitvavo account, you will receive the GAS produced each month. How much GAS you receive is calculated using the following formula:
1. Every day at a fixed moment, the amount of NEO each Bitvavo user has in his hosted wallet is measured. These daily values are added together at the end of the month.
2. At the end of the month, it is determined how much GAS has been produced in its entirety by the NEO of all Bitvavo users together.
3. Finally, the GAS produced is equally distributed among the users who hold NEO on their Bitvavo account.
The distribution of GAS will usually take place on the first Tuesday of the month and will be credited directly to your Bitvavo account
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Gas. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Gas and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Gas without any technical knowledge. Here is a brief overview of the existing wallet options to store your Gas:
Hosted wallets are wallets where the private keys to your Gas are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Gas online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Gas. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Gas, and if malicious parties have access to your device, your private keys (and therefore your Gas) can be stolen.
A hardware wallet is a physical device on which you can store your Gas offline. It is one of the safest ways to store your Gas, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Gas is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Gas. Once you have purchased Gas on Bitvavo, you can choose to send your Gas from your Bitvavo wallet to your own software or hardware wallet.