Ethereum has been making waves in recent times since it’s fast becoming the preferred cryptocurrency. However, there’s another Chinese cryptocurrency that is getting noticed known as “NEO”.
Are you in tune with the latest cryptocurrency developments? There’s so much happening across the globe that it’s an uphill task to stay up to date with the latest news. One country that never fails to be absent: China. China has a habit of making huge financial decisions and keeping the world market in a constant state of flux.
The article we’ll discuss the fundamental similarities and the differences that exist between China’s NEO and the common and authentic Ethereum (ETH).
What exactly is Ethereum?
It was created by Vitalik Buterin. Ethereum is the second most used cryptocurrency, behind bitcoin. It’s a blockchain-based platform that comes with its own cryptocurrency. The native Ethereum currency is Ether (ETH) also known as Ethereum. The platform also uses its own programming language known as Solidity.
Ethereum is a network of blockchains and an open ledger decentralized that is used to record and verify the transactions that occur on it. Users of the Ethereum network are able to utilize the platform’s applications and create, monetize publications, publish and even make use of its Ether cryptocurrency to pay for transactions. Ethereum is the second the market in terms of value to Bitcoin..
The people who invented Ethereum sought to utilize the technology of Ethereum to replace over the place of third-party applications or companies that keep people’s personal data and track complex financial transactions.
What exactly is NEO?
It was founded by China with Da Hongfei, Erik Zhan in 2014, NEO is a cryptocurrency has been dubbed by many as “the Chinese Ethereum.” When it first came onto the market it was initially referred to as “AntShares” however, it was later was changed back to NEO.
It’s a Blockchain-based platform which is capable of supporting its own currency, and is able to handle the creation of digital assets as well as smart contracts – similar to Ethereum.
Neo’s network comes with a variety of distinctive features. It has features like an oracle-based system utilized to feed external data to the file storage system that is decentralized as well as an identity system and a unique type governance system known as Delegated Byzantine Fault Tolerant (dBFT).
What exactly is NEO different from Ethereum?
While they might be identical in many ways Ethereum as well as NEO do have some distinctions. The most obvious difference is that Neo is supported by the Chinese government, while Ethereum’s developers and its supporters are part of an institution of democratic governance.
It is also true that Chinese government has issued statements favorable to NEO has helped to boost the altcoin in recent times.
The other major distinction in NEO and ETH and ETH is their respective mechanisms. Neo is famous for its highly efficient consensus mechanism that’s known as dBFT. dBFT means the decentralized Byzantium Fault Tolerant. It permits it to operate at more speedy rates that can handle 10,000 transactions every second.
Then and most importantly “Chinese Ethereum” is compatible with various computer languages like Java as well as C#. Ethereum is the opposite. It makes use of Solidity.
What is the relationship between NEO and Ethereum like?
As you can see, these two giants of cryptocurrency differ in many ways, but at their heart they’re very similar. Both are blockchain-based platforms. Both have their own currency and can execute complicated smart contracts. They both NEO and Ethereum permit using decentralized apps (dApps) and cryptocurrency exchanges.
Finally, both cryptocurrencies are very well-known and are considered to be the cryptocurrency platform of the near future. Even though they’re smaller and less expensive than Bitcoin but each NEO and ETH are full of potential.
Do you want to start purchasing Ethereum?
If you’re eager to begin investing in cryptocurrency, it’s crucial to determine the best market for you. Bitvavo is one of the top exchanges in Europe. It is a fantastic spot to keep track with the ETH and BTC fluctuations in value, making it possible to make a sound decision for both amateurs and pros alike.
Bitvavo lets users “exchange greater than 50 digital currency using euros. Set up an account and exchange a vast array of digital currencies.” Picking the right marketplace for purchasing, exchanging and selling cryptocurrency could make all the difference.
According on their site, Bitvavo “aims to make digital assets accessible to everyone by offering low and transparent costs with a variety of assets, and a simple and simple interface”.
Ethereum has a lot of competition in half, however even today, with the top contenders such as NEO along with Ethereum Classic, and Cardano, Ethereum still has the advantage. It’s only going to be a matter of time however, judging from the history of Ethereum the company is making the right decisions.