China has always been eminent in creating disruptive and innovative technology, and manufacturing gadgets. Even the manufacturing of most of the Western electronic appliances, takes place in China. The premium quality work they do, and the cheap labor, makes everything cost effective. It is believable that Chinese tech-enthusiasts will delve into the world of cryptocurrency as well, and launch their own coin at some point of time. And they have done, exactly that with NEO.
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One of the most popular cryptocurrencies of the world, and a product of Chinese manufacturing, is Neo. Chinese market is nowhere less than global companies in providing premium quality products and services. AliBaba is closing down on the market-cap of Amazon and WeChat has taken the Chinese world by storm. With that said, it is certain that even Neo coin should not be underestimated.
About Neo and its Inception
Back in 2014, two entrepreneurs Da Hongfei and Erik Zhang, started a blockchain platform named AntShares. With growing popularity and high demand of platforms to develop decentralized applications, AntShares became a popular name. In 2017, the founding members and company board decided to re-brand themselves, and changed their operations from AntShares to Neo. They also launched their own cryptocurrency – Neo Coin, to fuel the platform. Based in Shanghai, Neo garnered the attention of the world recently when it touched the mark of $170 per coin. Neo is more like an eco-system of smart contracts just like Ethereum, than a cryptocurrency. But when investors have to choose one, which one should they go for, and why?
Neo vs Ethereum
As of now, the cryptocurrency world is at a stage that there is no brand loyalty yet. Only Bitcoin is the oldest and the one having maximum trust-factor, rest all other cryptocurrencies are fairly new. That is one reason that investors cannot predict which crypto-coin is a player of long-term. Neo began in 2017, and at that time Neo Coin Price was one cent per coin, which is dirt-cheap. Neo and Ethereum, both are serving the same purpose. They both want to provide a platform for decentralized applications, Initial Coin Offerings (ICOs) and smart contracts. But when it comes to comparing Neo cryptocurrency with Ethereum, there are many factors worth considering, and some of them are –
- Ethereum is aiming to provide a platform to create DApps (Decentralized Apps) while Neo is planning on creating a product for new smart economy. Hence, Ethereum (ETH) is responding to existing demands, while Neo is catering to possible future demands.
- Neo focuses on Smart Economy, which is way different from what Ethereum plans to deliver. Smart economy features digitized physical assets, that means assets that you can sell, trade and leverage through smart contracts, and they will have proof of ownership in the blockchain.
The Battle Continues
- As per Neo Coin News, Neo’s acceptance by OnChain is a great tool to determine solid and robust future functioning. OnChain is a company founded by founders of Neo, and they further have huge support from many companies, including Microsoft China. They also became the first Chinese company to join Hyperledger. Hyperledger is a collaboration of projects that work towards integrating blockchain with existing and established businesses). OnChain is huge in China, and this collaboration can help in a wide adaptation and acceptance of Neo.
- Where Ethereum uses Proof of Work (PoW) algorithm, which is an outdated version, since Bitcoin (that started almost a decade ago) uses the same algorithm. Neo Coin uses dBFT (Delegated Byzantine Fault Tolerance), which is a modification of Proof of Stake (PoS) algorithm.
- Where Ethereum can transact at 15tps with maximum of 30 tps. Neo can transact at 1000 tps, and can scale up to 10’000 tps at maximum, which is huge compared to the transaction speed of Ethereum.
- While Ethereum is soaring above thousand dollars a piece, Neo Coin Price is somewhere around $170, and is catching up with Ethereum. Neo Coin Market cap as per January 2018 is somewhere around a billion dollars.
Buy Neo Coin
For Neo this is just the beginning, and with many feathers in its cap, Neo is here to stay for the future. If you spend some time on Neo Coin Reddit, you can know a lot about upcoming apps and ICOs on Neo Platform and how they plan to scale the platform to cater to the requirements of increasing number of transactions.
To buy Neo Coin, you can register yourself with any local Neo cryptocurrency exchange, or a global exchange like Coinbase, Bitfinex, Binance etc. They all support Neo coin and you can use your debit or credit card to buy it. You can buy Neo coin either with your traditional currency like dollars or pounds, or you can also convert one cryptocurrency into another, for instance – you can purchase Neo using Ethereum.
Storing Neo Cryptocurrency
You can store Neo coin either in online exchanges, where you have purchased it (provided you only want to store it for a short period of time). If you plan on storing it for years to come, you must invest in offline Neo cryptocurrency wallets, or paper wallets. Some of the popular ones are -Trezor, Nano S Ledger etc. They work like a pen-drive. Their easy to follow instructions will help you transfer your Neo coins from exchange to your Neo cryptocurrency offline wallet within no time. Some offline or desktop wallets that support Neo are – NEON wallet and Neo Wallet. The most popular paper wallet for Neo is ANSY. A Paper Wallet provides you with a private key, that stays only with you. Using that private key you can transfer your Neo coins to another address any time.
Some Noteworthy Points in Neo
Neo is quantum computer resistant, which means if quantum computers of the world develop to a level where blockchains become vulnerable, Neo can still sustain itself. While other smart contract platforms like Ethereum have no emergency plan for such situations. Neo Coin does not only directly compete with Ethereum. But it is the most popular and anticipated smart contract platform of the East. With so many features that no other cryptocurrency covers, Neo is sure to grow in future. Simultaneously, it may also provide its investors huge profits and returns on small investments. The world of cryptocurrency is being called at its infancy right now, and there is a lot to come. Neo is certainly not something that will fade out. It is here to stay, and perform well in future.