Some of the industry experts find unbelievable similarities between Ethereum and Neo, which is why Neo is often known as the Chinese Ethereum. Both of them are designed to host decentralized applications (dApps), smart contracts, and ICOs in a decentralized ecosystem. Both have their respective fuelers- GAS in NEO, Ether in Ethereum. Before going ahead with the differences, let us understand what are they individually as tokens.
Ethereum is like Android in the blockchain space, where applications can be built by anyone. It is the first one to come up with the idea of smart contracts, which involved many strategic partnerships. NEO, on the other hand, was formed initially as AntShares, and released as NEO in 2017. NEO is pretty new as compared to Ethereum, and has performed incredibly well so far. (NEO vs Ethereum 2019)
NEO is backed by the Chinese government and the first open-source, public blockchain project out there, which made it so popular in China. It is even backed by organizations like Alibaba, WINGS, etc.
Ethereum is not backed by any national government, but it is supported by the Enterprise Ethereum Alliance (EEA).
NEO uses the delegated Byzantine Fault Tolerance consensus mechanism (dBFT), which is an enhanced version of the conventional Proof of Work (PoW) consensus mechanism.
Ethereum uses the Proof of Work algorithm, with Ethash as the addition, which prevents from using expensive hardware like ASIC.
NEO produces a special crypto-fuel asset called NEO Gas (GAS), that is being used as NEO’s fuel.
Ethereum uses small units of Ether as a fuel or gas for the blockchain.
The native fuel of NEO’s blockchain is not divisible and only exists in whole numbers like 50, 100, 1, 2.
The native fuel for Ethereum is divisible and can be divided like 3.452, 283.39, etc.
NEO can handle 10,000 transactions per second while Ethereum can handle 15 transactions per second. A transaction gets confirmed in 15-25 seconds in the case of NEO while for Ethereum, the block time is 10 to 20 seconds. You can buy Ethereum from Neo at the best rate here.
Currently, Ethereum is trading at $172.27 with a circulating supply of 107,616,284 ETH and market capitalization of $18.5 million.
NEO, on the other hand, is trading at $8.86 with a circulating supply of 70,538,831 NEO and market capitalization of $624,734,697. As per the NEO vs Ethereum chart, both of them fell by around 2% in the last 24 hours.
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2019-11-05 10:14:07.103443 | 2 min