As a distributed network for the smart economy, NEO deploys digital identities, digital assets, and smart contracts to regulate its blockchain operations. Also known as the Ethereum Killer, NEO aims to bring a solution to a lot of issues with existing systems.
Ethereum’s whitepaper was launched by Vitalik Buterin in 2013 and the launch of its crowdsale was done in July 2015, which resulted in the raising of more than 18 million dollars USD. Almost at the same time, Onchain, a non-profit blockchain project in Shanghai launched the Chinese version of Ethereum which was termed as AntShares.
In June 2017, the project went through a phase of rebranding and is currently known as NEO. The NEO platform provides support to smart contracts. It is popularly termed as the Chinese Ethereum on account of the fact that the functionality is similar between both the platforms. NEO coin is equipped with a lot of features that resemble that of Ethereum-like support for dApps and ICOs.
The Major Difference between Ethereum and NEO Smart Contracts
Put simply, NEO operates on a blockchain technology which can enable the creation of digital assets and smart contracts just like Ethereum. Contrary to most blockchain projects which are powered by a singular cryptocurrency, NEO has two tokens – GAS and NEO. Both the tokens play distinctive roles on the NEO blockchain platform. The primary goal of the NEO blockchain project is to be a distributed, virtual and decentralized platform for non-digital assets, using the help of smart contracts. For example, instead of using banks, you can use the smart contract created by the NEO platform can be used to pay monthly rent.
While the smart contract is one of the most significant reasons behind Ethereum’s popularity, NEO has the capability to beat Ethereum with its advanced version of smart contracts, which are termed as smart contracts 2.0. The smart contracts of NEO provide programmers with an easier platform that depends on lesser resources and boots up at a faster pace. While the blockchain of Ethereum is compatible only with the largely unfamiliar Solidity language, NEO coin is compatible with several common languages like C and Java. The NEO platform’s unique feature of compatibility with several languages makes the process of deploying smart contracts and developing virtual assets on it.
NEO’s Standout Features
Not just Ethereum and Bitcoin, the NEO coin has a distinction from other cryptocurrencies as well. The major points of differences have been discussed below:
- Indivisibility of NEO: One of the most unique features ofNEOtoken is that it cannot be disintegrated into smaller units, contrary to most other cryptocurrencies. For example, 0.5 NEO cannot be bought by a crypto currency user, but 0.5 eth or 0.5btc can be bought. The NEO tokens are indivisible since the team behind the cryptocurrency views these tokens as shares of a company. While this feature of indivisibility became an issue with the value of NEO surpassing 160 dollars. But a solution was quickly found out by the crypto exchanges. The crypto exchanges will let a user purchase smaller fractions of NEO. However, only whole NEO token can be transferred from an exchange to a NEO wallet.
- Generation of GAS: Another crucial area of difference lies with the two native tokens of the NEO community. While the NEO token lends the crypto-user ownership of the NEO blockchain, the GAS token is the one actually enabling the NEOtransactions. Most users simply buy NEO, reserve it in their NEO wallet and earn GAS free of cost. This is one of the most key features that lend NEO uniqueness over other cryptocurrencies.
- NEO network governance: The blockchain platform of NEO is equipped with two types of nodes: consensus nodes and ordinary nodes. The function of the consensus nodes is the maintenance of the ledger and offering of accounting services. On the other hand, the ordinary nodes serve the purpose of carrying out the NEO transactions. While most other cryptocurrencies use PoS (proof- of -stake) or PoW (proof-of-work), NEO operates on a Dbft (Byzantine fault tolerance) algorithm.
The consensus nodes are solely responsible for the validation of the transactions. There are currently 7 active consensus nodes, controlled by the NEO team.
NEO Charts Divulge Signs of a Rebound
After battling the bears for some time, NEO’s price manages to stabilize in a faltering crypto market. As of June 28, NEO’s price is climbing back to its previous high, taking its price to $29.80. As per the analysts’ predictions, the price of NEO might soar as high as $32.50 in the coming weeks. The price of NEO, which witnessed a 2% gain on Wednesday, is heading towards a more stable week.
At the time of writing, i.e. 28th June 2018, NEO is trading at a price of 30.09 USD, with a market cap of 1,955,837000 USD. It is ranked 13th according to Coinmarketcap.com. Even though this is lower than the coin’s worth at the beginning of the year, most speculators believe that this rough phase will pass away soon. NEO is being considered a good investment by the crypto experts due to its support from Chinese government and technical advantages over its biggest rival Ethereum.
Due to its various unique advantageous features, it has the potential to transform the economy. That is why the business community wants it to stay. Thus it can be concluded that NEO is projected to have a bright future.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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