NEO is one of the latest blockchain projects, that have developed smart contract platforms. It defines itself as the network for the Smart Economy, where it seeks to create a solution, utilising the blockchain, smart contracts as well as additional technology that stores real-world assets digitally.
NEO’s platform works by enabling users to execute certain terms depending on whether they fulfilled a set of pre-set criteria. They aim to facilitate the development and management of assets on the blockchain, whilst operating under the protection of ownership law.
Ethereum on the other hand is perhaps the most well-known blockchain smart contract platform, and its cryptocurrency has the second largest market capitalisation in the market. So how do the two compare?
One of the main differences is that Ethereum only supports its own writing language, Solidarity. So, in order to develop the application, the developers must first get to grips with the language. NEO on the other hand, supports a number of different programming languages, which means that naturally DApps can be created at greater speed.
Ethereum’s network processes 15 transactions per second, whereas NEO can handle up to a whopping 1,000 transactions per second, so not only is it easier to develop, it is much faster as well. It should be noted though that Ethereum has announced plans that is planning on improving its network speed; however, a date for this has not been given yet.
NEO is hard-fork proof thanks to its dBFT consensus mechanism;
“dBFT has good finality, meaning that once confirmations are final, the block cannot be bifurcated, and the transaction will not be revoked or rolled back.”
This is a huge advantage over Ethereum, and we have previously witnessed the instability of Ethereum after they were hit by hard forks.
Finally, NEO is, in theory, unhackable, thanks to their anti-quantum cryptography mechanism, which is called NeoQS. Ethereum on the other hand has no anti-quantum cryptography tools, which could make them victims of attack.
If you believe in smart contracts, NEO is a really good token for you to invest in. It has a great deal of potential, especially if the project succeeds in positioning itself as the leading smart contract platform in Asia.