Today we want to take a look at the NEO Coin and answer the question so many of our readers have been asking; Is NEO the next Ethereum (or, more popularly, the Ethereum Killer)? Or is it just a Chinese Counterfeit?
The next big thing
The NEO project is much like Ethereum in that it is a blockchain-based cryptocurrency built onto a smart contract. The NEO smart contract secures real-life tangible goods to their blockchain. This is actually more reminiscent of BANKEX (which is one of our favorite crypto projects) in that the physical world is tied to the digital through a blockchain. However, unlike BANKEX (which lives on the ETH blockchain) NEO is fully enclosed in its own little world. With that said; since the birth of the cryptosphere; we have seen a battle for supremacy between existing coins and the newcomers. Every team touts their coin as the "next big thing"; an answer to the problems of existing coins. NEO has proposed it is the total package; a complete "Smart Economy" with its own "Digital Resources" (including the NEO Coin), "Digital Identities" (which we will explore in more depth in a minute), a dedicated application to tie everything together, and its very own, fully enclosed (yet decentralized) ecosystem where it all lives.
As we said earlier; all of this is run through the NEO Smart Contract. Those of us who have lived, worked and played in the cryptosphere for a while are all familiar with this amazing bit of computer code. For those who have not learned about smart contracts; it is simply a code built into a cryptocurrency that allows programmers to install various functionalities. The smart contract became reality with the birth of Ethereum; the project that introduced this code.
One of our favorite ERC20 tokens here at CryptoDetail is the SALTLending token. This is a utility token that contains an Ethereum-based smart contract that automates a crypto-backed fiat loan system from start to finish. (Pretty impressive, huh?). While this has nothing to do with NEO; it shows you the potential for the smart contract code.
NEO's claims that its Smart Contract runs an entire "ecosystem", application and two coins (NEO and GAS (a name which is VERY confusing when you consider the transaction fee for an ETH transfer uses this same name)). This massive piece of code is so complex (out of sheer necessity) that there may be issues just for that one fact. So, this may be an issue in answering our question.
To fully examine NEO's comparability to ETH we need to consider GAS as well. The NEO GAS token is actually used for exactly what it says; gas (transfer fees). The concept that you will need two different tokens just to make conduct a transaction may seem excessive. But, let's compare that to ETH. If you are trading the ETH-based tokens; you still have to have a bit of ETH to cover gas fees. So, the concept of the two coins/tokens in a single wallet is not actually a new concept.
So far NEO is looking like an ETH clone. But really, does that matter? Bitcoin Cash is simply a fork off of big daddy Bitcoin. Does anyone care? Not really BCH has its fans, and BTC is immortal at this point. Likewise, ETH is firmly entrenched as a fact of life. So, the concept of the "Ethereum Killer" is absurd.
With that said, our assessment is that NEO is neither a ripoff of ETH nor a replacement for it. We here at CryptoDetail believe in the cryptosphere as a whole. We rejoice in the diversity of creativity and innovation Satoshi gave us with his invention. And, we are always saddened by the negativity and FUD that seems to arise with the birth of each new project. While competition is an excellent means of promoting growth, the one thing people seem to forget is that without evolution the world would die.
Bitcoin brought about the birth of the cryptosphere. Since that birth, we have seen thousands of coins and tokens entering our new world. Some grew to solid structures; while others crumbled to the ground. Those that have stayed have become firmly entrenched as our chosen currencies and investments.
The differences and evolutions we have seen have helped the cryptosphere grow from a news blurb about the "dark web" to a multi-BILLION dollar world that has declared its independence from the past. Each new creation, each new coin, each new innovation and each new sort of blockchain has given us advancements in technology that may well have never been created without the idea of cryptos being introduced almost a decade ago. In short, we here at CryptoDetail celebrate those advancements. As such, we believe that there is room in our new world for any new crypto project that helps to create those advancements.
If you look deeply, every crypto is a knockoff of Bitcoin. But, each has its own unique technologies and ideas. Every one of those new innovations helps ALL of the other crypto projects, coins, and tokens to become more of a reality for us all in that each new project draws new users. And, those new users expand the cryptosphere, solidifying our entire planet into one world of individuals backing their own unique beliefs and ideas; while all of us work together for the betterment of mankind.
NEO is NEO
So when it comes to the question of is NEO an ETH pretender; we say; no, it is not. It is also certainly not a replacement for our beloved Ethereum. NEO is NEO; and that is good enough for us at CryptoDetail to recognize the beauty of this new code, this amazing project, and these awesome coins. NEO has grown to where it is now because millions of people believe in it; which is the same reason ETH has taken its place as our solid # 2 coin.
At CryptoDetail we believe in both projects; in both (actually, all three) coins; and in both groups of believers. What it all comes down to is that our cryptosphere is a world of money that we have come together to create to free us from the financial slavery that drove Satoshi to build Bitcoin. NEO has a firm place in our new world and we highly recommend this coin for use and HODLing. If you do not have any NEO of your own, we want you to get some of your own so you can support yet another outstanding crypto project built on solid code. And keep using / HODLing your ETH (and ETH-based tokens too) because those coins/tokens are never going to die.
Thanks for joining us in this exploration. Good luck on your crypto journey. Happy HODLing!!!
Cardano Coin (ADA) Philosophy: Does It Make Sense?
Posted in Altcoins on May 12, 2018Born in 2015, the Cardano project was created with a focus on changing the way crypto currencies are designed and developed.
Dash Coin (DASH): The Fastest Growing Blockchain Network?
Posted in Altcoins on May 23, 2018In 2008 we entered the crypto revolution with the release of Bitcoin. The magic was released as we discovered the freedom of decentralization and the security of the blockchain.
Bitcoin Cash (BCH): "Makes All Others Sidechains", Craig Wright?
Posted in Altcoins on May 27, 2018Could Bitcoin Cash take the throne and title of "king of the cryptos" away from our beloved Bitcoin?
EOS Coin (EOS): Token Sale Is Over, What's Next?
Posted in Altcoins on Jun 08, 2018So, what is next for EOS now that the token sale has ended? Perhaps the transfer from token to coin runs flawlessly and the price takes its holders to the moon?
Stellar: What Was Wrong With Ripple To Make Another Coin?
Posted in Altcoins on Jun 17, 2018Since its creation in 2014 the coin known as Stellar Lumens (or XLM) has seen a fairly impressive rate of growth.