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Ethereum (ETH) is NEO are two major cryptocurrency platforms that enable developers to create and implement automated business logic through intelligent contracts and enterprise-level decentralized applications (dApps). Both these platforms have been implemented using blockchain technology and can be used to launch the first coin offers (ICO).
In this introductory article, we will briefly pass when and by whom the Ethereum and NEO projects have been launched; the type of network consent mechanism and the tokens used by each of them; the different types of development environments for smart contracts they provide; and other details regarding their network management. In the next posts on this topic, readers can expect to learn more about how both NEO and Ethereum intend to scale their networks and the commercial and regulatory activities associated with both projects.
How they both started
Proposed at the end of 2013 by Russian-Canadian programmer and writer Vitalik Buterin, Ethereum is a public open source blockchain network that provides a decentralized virtual machine (EVM) that is used to execute scripts on its network of public nodes.
Meanwhile, the NEO project was initially launched by the graduate and developer of the Shanghai University Erik Zhang and self-taught computer programmer, From Hongfei as AntShares in 2014, before rebranding in June 2017 with its current name. NEO, like Ethereum, is also open-source and computationally universal – or in other words, Complete turing.
NEO and Ethereum are informally complete Turing
This means that both the NEO and Ethereum instruction sets are expressive enough to be considered in the same category as higher level programming languages (such as C, C #, Java). The developers of Ethereum are able to program smart contracts using Solidity (a language that is somewhat similar to C and JavaScript), LLL (a functional programming language similar to LISP) and two deprecated languages: Serpent (similar to Python) and Mutan (based on Go's language designed by Google engineers) .
NEO, on the other hand, supports the most commonly used languages including Java, Go, C #, Python and Javascript. The NEO blockchain network uses a special version of docker (a software program that creates a virtual instance of an operating system) called NeoVM that compiles the computer code, which is then executed in a safe executable environment.
Blockchain consent mechanisms, DAO attack, immutability
NEO uses the Byzantine delegate Fault Tolerant (dBFT) consensus mechanism – that its developers claim is an improved proof-of-stake (PoS) version. Currently, Ethereum uses the proof-of-work (PoW) consent algorithm, however, the platform development team expects to eventually move to PoS – as part of the ongoing downsizing efforts for the Ethereum network.
Supporters of the dBFT algorithm claim that it is a superior consent protocol because it is "hard fork proof". Furthermore, supporters of dBFT argue that it provides a better purpose (of transactions), which means that once a series of transfers has been confirmed, their associates blocking can not be divided. Therefore, all transactions processed on the NEO network can not be restored.
Currently, the Ethereum network is probably more prone to hard forks, with one occurring later DAO attack. The DAO, which stands for Distributed Autonomous Organization (DAO), was created in 2016 by the developers of Ethereum and was to be a decentralized venture capital fund for projects related to the crypt. During the creation of the DAO, he raised an unexpected 12.7 million Ether, an amount worth $ 250 million at that time. In June 2016, a hacker discovered a vulnerability in the DAO's codebase, which allowed him to steal about 3.6 million ETHs (about $ 70 million) from the DAO account.
Because of this incident, the Ethereum community has been divided into two groups: one that wants to force the original Ethereum chain, which has now led to what we call Ethereum (ETH), and the other network is called Ethereum Classic (ETC). The ETC chain exists today because some members of the Ethereum community are apparently more firm in their belief that the blockchains must be unchangeable. This, they argue, is why they chose to stick to the same version of the Ethereum chain even after its status would be corrupted by the DAO's attack.
Processing transactions with native tokens
Transactions on the NEO network can be conducted using two different tokens: NEO and GAS. The maximum circulating offer of these tokens has been set at 100 million each. Possess indivisible Token NEO is equivalent to those that can be considered shares in traditional markets and their holders have the right to vote.
Therefore, those with an interest in NEO can vote on key decisions regarding the ongoing development of the platform. The other GAS token of the blockchain-based cryptographic chain is distributed as a type of premium (or dividend) to NEO investors.
The native token of Ethereum, divisible (up to 18 decimals), Ether (ETH), is used to conduct transactions on its blockchain-based network. When the Ethereum network went live at the end of July 2015, 72 million Ether the tokens had been "rewarded" – representing around 70% of the total ETH in circulation, since over 28 million ETHs were created since the launch of the platform. The relatively large number of ETHs issued has raised some concerns that the token will be sufficiently low to preserve long-term value.
In particular, the term or the word "Gas" is also used on the Ethereum network – but refers to a completely different process (compared to NEO). Gas on Ethereum acts as a mechanism for determining internal transaction prices, which is used to reduce spam on the blockchain and also to allocate resources to the nodes of the network.
The NEO emphasis on regulatory compliance
One of the main things that distinguishes NEO besides many other blockchain networks is that it focuses on comply with the regulations. Although both Ethereum and NEO allow users to issue digital resources, this last requires its network participants (individuals or organizations) to verify their identity. After users of the NEO network have been verified, a unique digital identity is assigned to it.
In order for the parties to conduct transactions on the NEO network, their identities must first be verified correctly. In addition, nodes that try to validate transactions or engage in other activities such as accounting or NEOC blockchain accounting must also pass an identity check.
What to expect in Ethereum Vs NEO Part 2, 3, …
As mentioned, in the next posts on Ethereum vs NEO, we will carefully examine the downsizing and ongoing development efforts of both platforms. We will also analyze the activities associated with both projects and the challenges that each blockchain network is facing.
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