Ethereum or NEO?

In light of many projects migrating from Ethereum to NEO (i.e. ProjectICO, Narrative, Guardium, and more) for their ICO and/or existing product, today’s most heated topic of discussion in the crypto space is “which is the better of the two.”

In this blog post, I will discuss the fundamental similarities and differences between Ethereum and NEO, which should point out the main reasons why NEO is seemingly gaining more traction, as of late.

Ethereum is “a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property”. Ethereum was proposed in 2013 by Vitalik Buterin with an online crowdsale taking place between July and August 2014. It was subsequently released on the 30th of July, 2015.

NEO (originally AntShares) is “a non-profit community-based blockchain project that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a ‘smart economy’ with a distributed network”. NEO was launched in 2014 by Da Hongfei.

Consensus Mechanism
Ethereum uses a consensus mechanism called Proof-of-Work (PoW).

On the other hand, NEO uses a consensus mechanism called Delegated Byzantine Fault Tolerance (dBFT).

Transaction Speed
Ethereum currently has a theoretical maximum capacity of 30 Transactions Per Second (TPS), but in reality, its TPS is around 15.

NEO has much higher TPS capacity with a theoretical maximum capacity of 10,000 TPS, however, in reality, this is closer to the 1,000 TPS mark.

Smart Contract
Ethereum uses Solidity for its programming language — a bespoke language created purely for Ethereum smart contracts. Although not a particularly hard language to learn, it does require a ramp-up time and resources are relatively limited.

On the contrary, NEO supports commonly used programming languages that software engineers use day in, day out. These include C#, VB.Net, F#, Java, Kotlin, and Python. Also, support for C, C++, GoLang, and JavaScript are in the works. Not only these languages are commonly used, but they are very easy to learn as there are many resources online.

A critical difference between Ethereum and NEO is the cost of deploying a smart contract on the network. To deploy a smart contract on the Ethereum network, the cost is in cents range (~0.10$ at the time of writing), whereas, the cost to deploy one on NEO, is in the thousands of dollars range (~12,000$ at the time of writing).

Adoption
One of the most significant and vital differences between Ethereum and NEO is adoption. Ethereum has been adopted by companies, individuals and the community much more than NEO, although that’s changing. To put this into perspective, Ethereum has ~1600 Initial Coin Offerings (ICOs) launched/planned to launch in 2018, whereas, NEO has ~30 ICOs (numbers taken from ICOBench). Also, the pipeline of Decentralized Applications (dApps) being readied for the main-net on Ethereum are much more than on NEO.

Make sure you give the post a 👏 clap 👏 and my blog a follow if you enjoyed this post and want to see more.

You can also show your support by donating to the following address:
ETH: 0x4c7195E074cf0Ab6F77Bdb7C97Fd2567066Bb712
NEO: Af1igVZ5GP6VDBE1MWdM9ovSeVq7wCs3zA

Disclaimer : All information and data on this blog post is for informational purposes only. My opinions are my own. I do not provide personal investment advice and I am not a qualified licensed investment advisor. I make no representations as to the accuracy, completeness, suitability, or validity, of any information. I will not be liable for any errors, omissions, or any losses, or damages arising from its display or use. All information is provided as is with no warranties, and confers no rights.

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