Ever since the birth of Bitcoin and blockchain, there has been various types of blockchains developed to serve and address different sectors and industries. This creates endless opportunities for the applications of blockchain technology. These chains can either be private or public and can be used in finance, law, healthcare and education.
The blockchain has evolved from executing financial transactions to supporting smart contracts. These smart contracts are publicly audit-able and can self-execute when certain conditions are met. Two cryptocurrencies, which the main focus is smart contracts are Ethereum and Neo. Ethereum’s goal is to become the world’s only supercomputer that is based on the blockchain and has the capability to execute various use cases such as generating supercomputing, creating decentralized exchanges, execution of transactions and many more.
The technology of Ethereum is like that of Neo’s where smart contracts can be created and decentralized applications can be hosted on their respective networks. However, Neo is focused on using digital identities to digitalize an asset and thus creating a smart economy. Let’s look at the head to head comparison of both (note the figures 1 & 2 are for ranking 1st or 2nd when comparing NEO & ETH).
In my opinion, Ethereum has the first mover advantage, is backed by a big community and is well established and positioned in the cryptocurrency world. Neo is positioning itself at the forefront of Blockchain technology by providing high certainty, high scalability, and better compatibility across applications. Neo’s goal is to create a smart economy where trust is established between parties using digital identities.
In the grand scheme of Blockchain and Cryptocurrency, a new blockchain can be created that can disrupt both Ethereum’s and Neo’s technology. However, at the current stage of the crypto world, Ethereum has established market dominance and Neo is preparing for significant growth.
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