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Gas (GAS): Why You Should Most Definitely Care

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GAS

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

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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