What is Gas Token? How To Buy GAS Token In India?

What is Gas Token?

Whenever a transaction is processed on the blockchain, a nominal amount is charged as fees. A gas token is one such crypto that is specifically built to pay the fees for processing transactions over the Neo blockchain. Neo is a China-focused platform aiming to become the backbone of the emerging digital economy. It uses smart contracts to offer multiple use cases like Digital assets, secure digital identities, etc.

Gas coin is used to pay for network usage, like executing smart contracts, etc. Along with paying the network fees, the token also empowers the NEO chain, which is generally called “Chinese Ethereum’. All the NEO holders automatically earn GAS for holding the token in a Neo wallet. It also offers management rights, including account reconciliation and network parameter changes. 

Who Are the Founders of Gas?

The Gas token was founded by Da Hongfei and Erik Zhang in 2014 under the name ‘Antshares’ which was rebranded to Neo in 2017. A total of 100 million gas tokens were created at the time of the launch, of which 50 million were sold to investors in an ICO in 2016, raising around $4.65 million. Meanwhile, the remaining 50 million were locked into a smart contract. 

How Does Gas Work?

The platform mainly aims to make physical and digital assets accessible to humans using programs that are permissionless. Therefore, the platform enables developers to automate and digitalize asset management using smart contracts. Along with this, the platform also offers multiple infrastructure options for the user. Some of them are mentioned below,

• Decentralized Storage: It is a mechanism indicates the peer-to-peer network of operators with whom the data is shared. This is done intending to strengthen the data-sharing and storage system
• One Block finality: Thesis helps to ensure efficient and fast transactions within a single block of the blockchain, being self fault -tolerant
• Oracle: It is a computabe mechanism that fetches the data from various off-chain data which are large non-transactional data that cannot be stored in blockchain
• NEOFS: It is a distributed storage solution that offers privacy and maximum data scalability
• Poly Network: It is a cross-chain network aiming to facilitate interoperability between different chains
• Neo Name Service & Neo ID: It is a decentralized domain name service for web applications while Neo ID is a decentralized identity solution. 

What Makes Gas Unique-Uses Cases?

Highly Secure: The platform uses a unique consensus mechanism called the Delegated BFT, which requires specific requirements to be met. 

Transaction Process: The current process is very efficient, comparatively. The platform enables superconducting transactions, increased centralized exchange efficiency and offering decentralized security

NEO GUI Wallet: It is considered as a good option to store only NEO and GAS tokens. It focuses on premium design and ease of use, allowing users to exchange crypto without creating an account. 

Staking Rewards: All the NEO holders automatically earn GAS for holding NEO in a Neo wallet that supports staking. Presently, NEO pays an annual GAS interest rate of 1.66% on 100 NEO. 

Gas Price Analysis

Source: TradingView

• The GAS price has ben trading along an ascending trend line within an ascending triangle, but before approaching the apex, sliced the support and plunged down
• The price, however, managed to rebound from the lower support and is tring to trigger a notable upswing, while the depleted volume is hindering the growth
• The RSI, that has dropped towards the lower support is trying trigger a significant rebound which may uplift the price level above $3.5
• Besides, MACD is undergoing a bullish crossover and may try to uplift above the average levels very soon

How to Buy Gas in India?

If you want to buy Gas in India, just follow the below-mentioned steps,

• Download the CoinDCX App on your Smartphone 
• Enter the details required for registration 
• Complete KYC
• After verification, fund your wallet and buy GAS