NEO vs Ethereum
Aug 28, 2017 Posted / 2514 Views
Ethereum is an open source, blockchain based distributed computing public platform which has attributes of smart contract. It gives a decentralized virtual machine, which is called as the Ethereum Virtual Machine, which can carry out scripts using an international network of public nodes.
The key technological differences between NEO and Ethereum is that NEO's consensus algorithm, is more energy competent than proof of work or proof of stake models.
NEO is compatible with all coding languages, while Ethereum is only compatible with Solidity. NEO's compatibility with all programming languages is expected to gather a large numbers of users.
NEO is actually quite detailed for China, and is also called China's Ethereum. Ethereum in contrast can be applied to almost the whole world minus China. Since, china likes to have their individual version of a lot of things so that they can observe things.
Ethereum gas is used for transaction fee and is denominated in Ether, while in NEO, on the other hand, one can use the GAS advantage in total NEO transactions.
For cross chain interoperability NEO uses the NeoX, which is a protocol that implements the cross chain interoperability.
NEO has implemented some major steps to solve scalability issues, however, Ethereum is still working on to solve. NEO has a feature of concurrency and sharding in its computer science model which solves scalability problems.
The coding flexibility provided in NEO will attract a lot of programmers, since it can be coded in many languages, while Ethereum has its coding limited to the Solidity, which is like an enough reason to attract a lot of people, because it becomes feasible for them to program in their known language rather than going for learning a new language.
NEO is enjoying its soaring of prices and recently it achieved 6th position because of its market capitalization, on the other side because of the huge market of Ethereum all over the world, it has helped to raise the total crypto market over $150 billion alongwith bitcoin. NEO has managed to surpass the Litecoin, Bitcoin Cash, Ripple.
Both NEO and Ethereum base their brand on a 'Smarter Economy', like smart contracts, digital identity, and digital assets. On the other hand, different from Ethereum, NEO's blockchain technology is prepared for real world use. NEO's renaming has brought in newer and more innovative features like a distributed storage protocol, quantum-resistant cryptography, and a secure communication protocol.
NEO gives a better Proof Of Work than many other cryptocurrencies currently in the market. Its accessibility of the 15 second transaction time and it is easy to utilize smart contract system has permitted NEO to explode in China. Ethereum while having an tremendously well-written code, doesn't have as much Proof Of Work as NEO.
NEO is a new iteration on Ethereum’s smart contracts developed around 2014, NEO uses a unique blockchain algorithm that perk up upon Ethereum’s model. While the basics may be the same, it also supports decentralized commerce, digitization and identification of several assets. NEO also put up the shutters for loopholes that have made some Ether contracts to be susceptible to hackers.
Markets of both the cryptocurrencies describe clearly comparable scenes between NEO and Ethereum. Ethereum is the West’s smart contract player whereas, NEO is an Eastern powerhouse.
NEO will still is speeding up in the market and gaining attention and rising in the market position, Ethereum has already have it's well established market. While NEO is a tough competition to Ethereum, the crypto market is quite a strange and unpredictable market, as whatever rises comes down and vice versa.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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