In an open letter posted on their blog, Binance said NEO will be distributing GAS periodically:
“NEO (currently still named ANS) in your wallet will produce GAS (currently still named ANC) periodically. If you have 1,0000 NEO in your wallet, you should receive roughly 90 GAS (ANC) in the last 30 days, which is worth about $150.”
Binance’s move will be the first in cryptocurrency exchanges since most platforms currently not give GAS out of the NEO deposited to them.
Binance brief history
Founded in 2015, Binance is getting praise for their passionate devotion with ICO projects. In an exchange review, Binance was given high mark for being a pretty good exchange despite its young age.
The reviewer has seen the importance of Binance’s high liquidity which ensures quick filling of orders and its speedy process.
Another good thing pointed out about Binance is its transparency with regards to its fee structure and its strong and knowledgeable team who are passionate about giving their customers quality products.
Formerly known as Antshares, NEO is China’s first public Blockchain which claims to be the Ehereum of China. NEO is considered one of the top 10 crytocurrencies in terms of market capitalization.
While it takes root from Etheruem, NEO is compatible with multiple languages like Microsoft.Net, Java, Kotlin, Go & Python unlike Etheruem’s which only relied on Solidity.
Meanwhile, aside from NEO, another cryptocurrency resides in the same Blockchain, GAS. Commonly known as Antcoins/ANC, GAS is the actual coins used in ICO compared to NEO which only represents the shares.
Currently GAS is attracting people because of the foreseen rise of its demand due to NEO. With NEO producing GAS in a non-proportionate ratio, GAS will eventually become scarce which will cause its demand to rise.
Positive reception from NEO holders
Meanwhile, the news was received with excitement from NEO holders.
In a Reddit post by a certain fabwa, commenters are ecstatic and curious about Binance’s move to give GAS to the NEO community.
Many commenters expressed intent to create accounts in Binance and applauded the move as remarkable and awesome. And some others teased other exchanges to up their game.
Reddit user Anjunabeatz remarks:
“I have not spent enough time with/on Binance to know how they perform on other tasks, but this is truly remarkable and should be applauded with both hands AND feet.”