gzip is a software application used for file compression and decompression. It is a common way of compressing files in Linux.

The syntax gzip command
gzip [ -acdfhlLnNrtvV19 ] [-S suffix] [ name ... ]
In man page the describe it
Gzip reduces the size of the named files using Lempel-Ziv coding (LZ77).
gzip command in Linux with Examples
Creating a compressed file
[huupv@DevopsRoles ~]$ gzip filename.txt
Decompress a File Using the gzip Command
[huupv@DevopsRoles ~]$ gzip -d filename.gz
The following details about gzip command in linux.
man gzip
Conclusion
gzip is the simple the command in Linux. It is the most popular in use terminal Linux for file compression and