How Are NEO & Ethereum Similar?Some of the key similarities:
- NEO and Ethereum are both blockchain projects specifically designed to host smart contracts, ICOs, and DApps in a decentralized manner.
- Their respective blockchains are fueled by crypto-assets (GAS in NEO, Ether in Ethereum).
- Both the projects are open-source, Turing complete, and have ample community backing with great, responsive teams.
How Are NEO & Ethereum Different?When you look around the crypto-market, you will find many altcoins. But seldom will you find an Ethereum competitor and/or an alternative. I firmly believe that NEO might be a competitor and an alternative to Ethereum. Difference #1 – Backers
- NEO is backed by the Chinese government. This has become the most important factor for NEO’s popularity in China, making it China’s first open-source public blockchain project. NEO is also backed by WINGS, Alibaba, and various Microsoft-like giants.
- Ethereum is not backed by any nation’s government, but it is supported by the EEA-Enterprise Ethereum Alliance. This speaks volumes about its popularity and potential success on the world’s stage.
- NEO uses a delegated Byzantine Fault Tolerant (aka dBFT) consensusmechanism, which is an improved form of proof-of-stake.
- Ethereum uses a proof-of-work mechanism.
- The native crypto-fuel of NEO’s blockchain is not divisible. It only exists in whole numbers (1,2,50,1000, etc.).
- The native crypto-fuel of Ethereum is divisible. It can be divided (3.4352, 283.399403, etc.)
- NEO produces a special crypto asset called NeoGAS (or GAS) which is used as a crypto-fuel for NEO’s blockchain.
- In Ethereum, small units of Ether are used as “gas” to fuel the network.
- NEO’s smart contracts and DApps can be written and compiled in C# and Java. In the future, developers will also be able to write smart contracts in Python and Go.This will drastically reduce the entry barrier for all developers around the world.
- Currently, if you want to write smart contracts and DApps on Ethereum, then you have to learn a new programming language called Solidity. Very few people know this language.
- NEO is focused on making a smart economy by digitizing traditional real world assets via digital identity, along with running smart contracts and DApps.
- Ethereum is going in the direction of becoming the world’s only supercomputer based on the blockchain by hosting numerous use cases of digital identity, computing, decentralized exchanges, remittances, and KYCs (to name a few).
- There isn’t much information available about NEO for the English-reading audience due to its Chinese roots.
- Ethereum is already a global enterprise which fully caters to its international (and English-reading) audience.
- At present, NEO can handle 10,000 transactions per second.
- Ethereum can handle 15 transactions per second.
- NEO is quantum computer-proof. Quantum computers are believed to have the ability to break into and hack the cryptographic math on which blockchains are based. NEO claims that they have already developed an anti-quantum cryptography mechanism called NeoQS (detailed in their white paper).
- Ethereum, and every other cryptocurrency, is not quantum computer-proof.
NEO vs. Ethereum: Who will win?Well, no one really knows what the future will hold. Though NEO has said they are positioning themselves to be in direct competition with Ethereum, I still think that there is a long way to go for them in terms of mainstream adoption. This is not speculative investment advice; it’s a fact that Ethereum is well-positioned in the crypto market, especially when it comes to their technological aspects. At last, we believe no one can predict the future and the traders are the one deciding based on each coin’s features and workability.