While big cryptocurrencies like Bitcoin and Ethereum are all the rage, smaller coins like NEO are rapidly gaining popularity among investors who are looking beyond the big market players. Ethereum, the smart contract-based blockchain, which went live on 30 July 2015, has grown over the years to become one of the largest blockchain networks. Although the Ethereum Enterprise Alliance (EEA) is collaborating with thousands of influential enterprises in various domains from banking to healthcare, the cryptocurrency has its own set of limitations. From the lack of documentation to frequent security breaches, Ethereum has been slammed by critics for its inefficiencies. NEO, on the other hand, is a renowned Chinese blockchain platform that anticipates resolving the challenges of Ethereum-based smart contracts solutions. Often recognized as” the One”, or simply “the Ethereum killer”, the digital platform deploys digital assets, DApps and smart contracts to provide users with smart blockchain solutions.
NEO, the Ethereum Killer
As a dynamic blockchain project, NEO resolves to mitigate the key challenges of the existing systems, which include scalability and regulatory issues. Due to some strategic partnerships and constant support from the Asian crypto community, NEO has scaled up appreciably and is widely accepted as a promising altcoin in the crypto space.
Functional since 2014, NEO was initially called Antshares. Subsequently, after two major crowd sales in 2015, NEO gained great momentums in the market. Going by the figures, on these two occasions, over 17.5 million and 22.5 million NEO were distributed for $550.000 and $4.5 million respectively. Over the years, the popularity of NEO has witnessed a steady rise, wherein it is labeled as the Chinese Ethereum or the Ethereum Killer.
NEO’s Competitive Advantages over Ethereum
Looking at the noise in the market, there has been a boom in the cryptocurrency market with many ambitious projects making groundbreaking moves to eliminate the challenges of the big blockchains. When compared to Ethereum, NEO, which is also regarded as the nemesis of Ethereum, boasts a number of competitive advantages over its competitor. The following points summarise the top advantages of this ambitious blockchain network:
- NEO, which leverages smart contracts to power its decentralized applications, is inching towards a smart economy by being regulatory compliant. As evident from the mass reception, the vigilance from regulators has become strict, so it is natural to expect more scrutiny from the regulatory bodies in 2018. By prioritizing regulatory compliance, NEO has strategically placed itself ahead of the competitors.
- Also, NEO capitalizes on DApps language, one of the most critical languages available in the market. While users need to rely on solidity in case of Ethereum, DApps offers a smarter alternative.
- As per the latest updates, Binance is working closely with NEO to expand the list of NEP-5 tokens. Now that NEO has joined hands with Binance, NEO is one step closer to actualizing its goal.
- Going forward, NEO can yield up to 10,000 transactions per second, which is impossible to imagine with ETH. Besides, NEO has recorded fewer scalability issues than its peers. Technically speaking, NEO’s technology is more forward-looking, which places him ahead of its competitors.
- The big names like BTC and ETH are often criticised for its high transaction fees. In this regard, NEO comes across as an economical solution, as it charges no transaction charges.
- The Quantum Computer Resistance offers a great degree of security, as it vows to protect users from security challenges.
NEO and the Market
NEO, a blockchain project developed for ICOs and DApps, stands for Smart-Economy solutions, whereby users can expect leading-edge applications like digital identity registration and digitization of financial assets. For its unique approaches to decentralized applications, NEO has generated a lot of noise in the crypto community and owing to the successful marketing campaign, its growth has been meteoric, to say the least. When compared to the first listed price of $0.172 in November, it has come a long way, rising by a striking 30,870%.
As per the price records of the last few weeks, NEO has experienced a drop in its value. While NEO is struggling to overturn the bearish sentiment, the big players, which include Ethereum, are trading in the red. As of 13th June 2018, NEO is trading at $39.40. Ranking 11 by market capitalization, the altcoin records a market capitalization of $2,560,993,500 at the time of writing.
Bitcoin, which uses proof of work algorithm to run its functions, has been challenged by the more recent blockchain projects. When Ethereum was first introduced back in 2015, it was a game changer in many ways, challenging the way the blockchain technology was perceived. By introducing smart contracts and Proof of Concept protocol, Ethereum has brought new approaches to decentralization. In the meantime, many advanced blockchain projects have sprouted to challenge the ascendancy of ETH, and among the top challengers, NEO emerges as a potential threat. Unlike Ethereum, which uses smart Solidity to write its smart contracts, NEO enables programmers to use a variety of languages, offering unprecedented flexibility to the users. In any case, reviewing the prospects of NEO, it is not difficult to imagine this formidable blockchain platform as a potential Ethereum killer.
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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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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
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