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Gas (GAS): Why You Should Most Definitely Care

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GAS
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GAS might be one of the fastest growing coins available on the cryptocurrency market. Being a part of NEO community makes this coin even more desirable given that NEO represents the largest blockchain based decentralized platform in China. Neo is competing with Ethereum, making it its biggest rival on the market. Is it possible for Ethereum to get an equally bold competitor regarding both, technology and price?

What is GAS?           

Before we get onto the part where GAS is being analyzed in oppose to ETH and Ethereum network, we will make a short digression and explain what GAS token exactly is.

GAS was launched as a part of a large decentralized network called Neo, which is at the same time China’s biggest digital network operating with its coin within the decentralized platform based on blockchain technology. Neo is often compared to Ethereum as these two networks operate similarly.

One of the similarities these two platforms are sharing is the fact that both of these decentralized communities operate with more than a single coin within the network of chains, smart contracts, nodes and differently designed protocols.

So, GAS is one of the coins operating within Neo platform and coexisting with the original coin of this community – NEO token. That means that members of Neo community can trade with both tokens: NEO and GAS.

Now, there is a slight difference between the two currencies operating within Neo platform. Apparently, while NEO has been used on the platform for all sorts of transactions, trades, and exchanges, GAS is designed to support smart contract execution, representing a toll being paid for using smart contracts.

Ethereum uses Ethereum gas for powering smart contracts, so Neo platform decided to get its game to another level, creating a separate token that will function within Neo by paying the toll for using smart contracts. This case along with the increased interest in Gas shows that Neo is working on establishing more functional community with even more easily executed smart contracts. That way Neo has made their contracts linkable to digital IDs and assets, as well as government compliant and easily coded. It seems that Neo is doing pretty well, and NEO and GAS along with their parental community, as they have managed to create a more functional community where executing smart contracts is getting simpler.

Why might GAS be the Next Great Thing?

Operating side by side with NEO token, GAS is making transactions and operating with smart contracts a defined territory within Neo platform. While GAS is being used for powering up smart contracts during smart contract execution, NEO tokens are used for voting, represented as voting points besides from being used for transactions.

But, why exactly is GAS getting so popular?

This operational token started to grow all of a sudden when its creators announced a talk tribune for January 31st. As this token was announced within Devon and Web show conference, its price started to grow rapidly, going from 50$ to over 70$ solely over the weekend. That can’t be the only reason for having GAS gaining on popularity, right?

Well, of course. GAS experienced a series of benevolent changes in price when it was announced that Neo platform accompanied with its tokens, GAS and NEO, is going to launch a new exchange market. The market will be working on the Neo platform, that way allowing this decentralized ecosystem to trade with coins under its exchange market. The network will be called Neon Exchange (NEX), and the developers have already announced a huge event about it that occurred on January 29th, just a couple of days ago.

Although the launching of NEX is announced, we will still have to wait the final date of launching to be announced as it still not clear when will this happen.

As far as the Gas’ price concerned, this token is currently being traded at 52$ per one coin after a minor decrease this token had in the past 24 hours. GAS didn’t enter February with its all-time high, but in case the recent decrease is the biggest rate of drop we will see in the following months, GAS is going to be more than just okay.

How will NEX operate?

NEX is not only launched to allow you to trade and make transactions with NEO and GAS tokens. This ICO is also going to allow all Gas and NEO holders to use their Neo supported tokens to buy other tokens that exist on top of Neo blockchains. That means that all holders will be able to use GAS and NEO tokens for buying other tokens within NEX. So, instead of having to buy BTC and ETH to buy other coins, all NEO and GAS holders will be able to make exchanges within NEX by first purchasing Neo’s main tokens.

This is a huge thing in the world of digital coins. That is because you would be able to buy NEP5 tokens within NEX instead of troubling with purchasing individual coins for different DAPPS you are using. NEX would initially allow you to use GAS and NEO directly for powering any smart contracts and any DAPPS you have interest in.

In case everything goes well, GAS and NEO along with their paternal platform are promising to become one of the most significant tokens on the market.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of coinmarketcap.com

Blogs

How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore
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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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