The price of GAS, a cryptocurrency used within the NEO ecosystem, has recently seen its price jump by over 10% in less than a day as details on NEO 3.0 have started to emerge during the NEO DevCon 2019 in Seattle.
According to CryptoCompare data, GAS is currently trading above the $3 mark after seeing its price rise by nearly 36% in little time. Its market cap is now above $30 million, as the rise helped it become one of the top 100 cryptos.
What exactly is behind the rise is unclear, although some have suggested investors are gaining confidence on NEO 3.0 and have started acquiring GAS as a result. Others have claimed a whale may be accumulating the cryptocurrency.
The NEO blockchain notably has two cryptocurrencies: NEO and GAS. While NEO is seen as a representation of shares on the blockchain that can be used for electoral accounting and to obtain GAS dividends, the latter is the cryptocurrency used to pay for fees and services. NEO holders are rewarded with GAS dividends.
Details about NEO 3.0 that have emerged essentially revolved around the cryptocurrency’s scalability, security, efficiency, and a potentially increased number of transactions per second it’ll be able to handle.
Speaking in Seattle through a video presentation, NEO co-founder Erik Zhang revealed NEO 3.0’s goal is to support commercial applications on the blockchain, and although a date on its launch is to be determined, we know it’ll address the platform’s stability and scalability.
For one, NEO 3.0 will reportedly have native contracts, allowing for a higher number of transactions per second on the blockchain, and will allow users to access internet resources in smart contracts through URLs.
Its delegated Byzantine Fault Tolerant (dBFT) consensus protocol, which Zhang has in the past touted will become the “best consensus mechanism for blockchains,” will also get rid of some flaws that stop node synchronization from being more efficient.
It has also recently been revealed NEO Global Development (NGD) is opening an office in Seattle, headed by a former Microsoft executive. NEO’s first decentralized exchange, Switcheo, has also added support for various Ethereum-based ERC-20 tokens late last year.