Gone is the time when the only cryptocurrency existing was Bitcoin. Now, there are so many of them. It is rather difficult to keep abreast of the newest additions on the market. Fortunately for us, Ethereum and NEO aren’t new but are veterans of the industry. Today, we are going to talk about them as they both are very similar yet different at the same time. We are going to talk about how they fare against each other when it comes to their market capitalization and user base.
A bit about Ethereum:
In 2014, Vitalik Buterin, a Russian-Canadian computer scientist, created it when he published its theoretical idea in late 2013 on white paper purpose-study. The idea behind was to use blockchain technology for application development.
In the present day, Ethereum is a decentralized, public and highly distributed blockchain platform that can be used for application development. Applications in this platform are decentralized from any of the intermediaries (because chained blocks of data are traceable and retrievable). For example, it is the direct opposite of the Apple Store, where you need to pay to offer your app on it, which is very unlike Ethereum.
What does Ethereum do:
Ethereum computation powers come from different volunteer nodes scattered throughout the world. These nodes replace the clouds and server usually found in the client-server model. The volunteer nodes give their resources to provide the network with enough computational power to make it a Turing Complete ‘World Computer’ capable of doing any computation. This type of capability provides application makers with enough computer resources to create applications, mostly enterprise related.
Ether is what the application designers on it earn by making enterprise applications for any transaction fees, thus providing Ether with intrinsic value. It is the reason, you will often see Enthereum being offered crypto-exchanges and with brokers. Ether is awarded through ‘smart contract’ where it becomes available as soon as a task is done.
A bit about NEO:
Many believe it is the ‘Chinese Ethereum’ even though NEO came before it in 2014. Their main aim was to be decentralized application environment for a ‘smart economy’. The founders of the said company believe that smart economy is a two-word rendition of these phrases combined: Digital assets, digital identity and smart contracts. You have probably have started seeing the similarities between the two platforms.
What does NEO do?
As mentioned before it is an application development environment based on blockchain technology (a similarity shared with Ethereum). Like Ethereum, It also has its token currency called NEO but it also has GAS under its sleeves, another native currency.
What does it do better? Well, on it, you can readily move your digital assets freely due to two different reasons. One, you can use two different types of native coins and two, you can make good use of any of the modern programming languages like C#, Java, Go, Python, and Kotlin.
Which one is better?
It depends. Both of them are similar yet also different. They both are best at what they do. It just depends on what kind of needs does a prospective user has.