NEO – Prime Contender Against Ethereum in the Smart Contract Space

NEO – Prime Contender Against Ethereum in the Smart Contract Space
Jan 20, 2018 08:43 PM By: Guest Author | 8850 Views

NEO is a different player in the smart contract language sector of the cryptoverse, having originated from the AntShares blockchain following a rebrand. They have only been live since Mid-Summer 2017 but have gained in launching several large ICO since then, “The Key” holding the latest. So what advantages and disadvantages does their platform have when related to Ethereum’s?

Dedicated programming language vs. language flexibility

First of all, let’s see some of the advantages. NEO smart contracts can be programmed in a crowd of languages, C#, Java, etc., whereas Ethereum employs its own dedicated smart contract language, Solidity. This distinction allows smart contract developers to program distributed applications in difflanguages they are already easy with. Solidity is a committed smart contract language, which may contribute support to developers who have worked with the language, but its complexity, in its attempt to remain Turing Complete, makes it hard for developers new to the language to add their applications securely.

NEO wallet offers advantages beyond Ethereum’s Mist wallet as far as operability, it runs by default in Light Client Mode, and there is no need to perform a Watch Token function like users have to with Mist to see their token balances. Users can also join directly in ICOs from the NEO wallet rather of having to trust a third party when funding ICO properties.

Proof-of-stake (PoS) vs. proof-of-work (PoW)

NEO is a PoS crypto from its beginning, fulfilling users that stake the wallet in a token, GAS, which has a solid and limited supply. PoS coins are much more energy productive than PoW and NEO does not require any specific equipment to earn staking awards. Users only receive GAS on whole units of NEO, and they can also be held on the exchange Binance for GAS rewards, although Binance will take a fate of GAS rewards. There is no withdrawal fee for NEO from Binance, which makes that a big exchange to fund the NEON wallet from.

Ethereum is yet in the process of moving from its PoW model to a PoS model, but even then, awards will be provided in ETH, which unlike NEO, does not have a set limit to its supply. NEO simply offers a better staking model for holders hoping to earn staking rewards.

Centralization vs. decentralization

There is one major advantage to Ethereum’s Mist Browser project, and that is the decentralized web browser application they are working on. It is still in an early development stage, and will not be fully functional until Ethereum proceeds to PoS in its Constantinople release, but it is an offering NEO’s smart contract platform cannot challenge.

NEO has extra disadvantage in its use of a selected Byzantine Fault Tolerance system which relies slowly on secured nodes to stop double spend issues. This makes NEO enough more centralized than Ethereum, which, as difficult as an ETH node is to sync and keep synced because of its large size, is certainly an improvement for users that want a smart contract platform that is completely decentralized.

As an investment, NEO will be a contender against ETH, not just because of its advantages over ETH, but because of the interest Chinese investors have traditionally given for projects based in China. NEO surely stand to benefit from its association with AliBaba and will possible be a top 10 coin for a long time to come.

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