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The gas tokens are used to pay for the transactions on the Neo blockchain. Last year, an event caused a surge in the GAS price by up to 300%.
The cryptocurrency market is in a bullish trend and it is pulling underlooked tokens like the GAS. The GAS price is up 11% in the past 48 hours and bulls are looking to break past a significant level.
Gas Tokens
Cryptocurrency users pay fees to process transactions on the blockchain. One type of cryptocurrency that is used to pay for fees on the Neo blockchain is gas tokens.
Gas tokens are used to pay for network usage, including executing smart contracts. Neo is a digital platform centered on China that aims to become the foundation of the emerging digital economy. By using smart contracts, it offers a range of use cases, such as secure digital identities and digital assets.
Gas Tokens Price Buzz in the End of 2023
In an unexpected turn of events, GAS price went from $5.2 to an impressive $28.8 in just one week, marking a significant 300% increase. This surge created a buzz around the coin, almost like a market euphoria.
The reason for this surge is mainly due to the GAS/KRW pair on the Upbit exchange, a significant player in South Korea.
Upbit is responsible for 61% of the trading volume for GAS pairs, making it a significant contributor to this unexpected rally. Interestingly, GAS price on Upbit is 1.1% higher than on Binance.
The Neo Chain and The Gas Tokens
The Gas token uses the NEO chain, also known as “Chinese Ethereum.” NEO holders automatically earn GAS by holding the token in a Neo wallet, and the token also provides management rights, such as account reconciliation and network parameter changes.
The platform’s primary goal is to make physical and digital assets accessible to humans through permissionless programs, allowing developers to automate and digitize asset management using smart contracts.
The platform also offers various infrastructure options for the user, such as decentralized storage, one-block finality, oracles, NEOFS, Poly Network, Neo Name Service, and Neo ID.
Decentralized storage refers to a network of operators who share data to strengthen the data-sharing and storage system. One-block finality ensures efficient and fast transactions within a single block of the blockchain and is self-fault-tolerant.
Oracles retrieve data from various non-transactional data sources that are too large to be stored on the blockchain. NEOFS is a distributed storage solution that offers privacy and maximum data scalability.
Poly Network aims to enable interoperability between different chains. Neo Name Service is a decentralized domain name service for web applications, and Neo ID is a decentralized identity solution.
Summary
GAS runs on the NEO chain. Its price surged 300% from $$5.2 to $28.8 in a week, causing market euphoria. NEO holders earn GAS by holding the token in a wallet and also get management rights.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
