Cryptocurrency has seen the emergence of some spectacular projects since Bitcoin was launched in 2009. The most successful after Bitcoin is Ethereum. However, two new cryptocurrency platforms have emerged and are attracting a lot of attention. EOS and NEO are both described as potential Ethereum killers.
NEO gathered its momentum earlier in the year and has since slid back a bit. EOS too has had a wonderful year, racing to great price surges leading up to its Mainnet launch. That very much anticipated event has come with a lot of confusion, before the community unanimously agreed to have it go live on June 9, 2018.
Both coins are very promising, and could actually give Ethereum a stiff challenge, especially if the 2nd largest coin fails to address its own weaknesses.
How do EOS and NEO compare?
NEO is a Chinese-based cryptocurrency that operates on the basis of a smart economy. The team wants to help improve on how we digitize assets using its digital identity technology. It is a smart contract platform that makes it easy for developers to code and deploy dApps in a variety of languages familiar to many.
Developers can utilize programming languages like C, C++, Java, and JavaSript. This makes it easier than the newer Solidity that is still a problem for many developers.
NEO also has a unique dual token platform that uses GAS to run projects on the platform. Users of the NEO coin can earn “gas” and use to run their projects or trade it with other Neo users.
The China-based platform has several projects already running on its network using the NEP-5 token standard. Ontology, which is its most popular project, led to more being built on top of the NEO blockchain. They include THEKEY, Switcheo.io, Moonlight, RedPulse, Zeepin, and NEX.
NEO Global Capital and Fenbushi are also in partnership to forge the development of the NEO ecosystem.
EOSIO, the platform developed by Block.one for the EOS community is one of the top new platforms. Despite the setbacks witnessed prior to its mainnet, it retains the appeal it has to investors.
It’s a blockchain 3.0 platform designed to provide high scalability for the deployment of dApps and blockchains. It can support a wide range of services like cloud storage, authentication, hosting, accounts, and databases.
One of EOS’ strength is the huge amount of transactions the network can handle, as well as the near-zero fees. It gives it the advantage of being able to handle a limitless number of dApps and smart contracts.
The EOS team was able to raise $4 billion in its year-long ICO, something that has given the developers deep pockets to further develop the platform.
EOS has a very wide use case, making it one of the projects that could really threaten Ethereum. The platform has been built to offer a very flexible ecosystem that will support decentralized applications (DAPPs) for social media, as well as in data ownership, and data control. Other applications that can run on the platform include supply chains, technology platforms, and logistics.
Block.one has also pledged to invest about $1 billion in developer programs aimed at enhancing the EOS platform. If the Mainnet launches successfully, then EOS will likely grow rapidly due to a huge number of projects that can launch on it.
EOS vs. NEO: which is better?
Both EOS and NEO have the potential to grow in the near future. Although EOS had the better of 2018 so far, much depends on the outcome of its mainnet launch. There’s a sense of confusion around what happens if some of the “block producers” fail to get a spot on the validators list. It, therefore, means that a clear way forward will emerge if the community stays together.
NEO has not seen any price gains in the market lately, most of it attributed to the decline experienced by all cryptocurrencies. There’s a genuine feeling that the NEO camp is well placed to get mainstream adoption due to its closeness to the Chinese government.
EOS/USD trades at $14.40 and has a 24h trading volume of $1.2 billion. The token will look to go past its $22 price reached earlier in April. NEO/USD trades at $52.40 and has a 24h trading volume of $72. The coin reached a high of $194 in January and could yet attempt to reach the same price in 2018.
Of the two, EOS has the highest potential as long as its community stays together. If it doesn’t, NEO will certainly be the one challenging Ethereum. Short-term, investing in NEO appears to be the wiser move.