Ethereum has long been a strong rival to Bitcoin. However, Neo is being discussed as a strong rival to Ethereum with projections it will outperform Ethereum in the long run. And with Ethereum dipping recently, this could become a reality sooner than later. Let’s look at why Neo could surpass Ethereum in the near future.
Ethereum has a reputation for being hacked. In the summer of 2017, there were three different heists within three weeks. The largest heist in July 2017 took thirty-two million dollars (US) worth of Ethereum from wallets linked to several different companies.
The issue wasn’t improved when the website for the Etherparty ICO was hacked. The CoinDash ICO was hacked, allowing them to make over seven million dollars. The Ethereum wallet freeze was described as a bug, but it affected over three hundred million dollars’ worth of Ethereum. A single user ended up with control of many multi-signature accounts and accidentally destroyed a large sum of the currency by trying to return it to its owners.
When Ethereum is routinely seeing hacks and the occasional accidental destruction of value, anyone with a similar technology and ecosystem of apps with better security is ideally suited to surpass it. And Neo was designed to close some of the loopholes that made Ether so vulnerable.
For customers, Neo’s biggest benefits are faster processing and less energy usage since it doesn’t require the same computing power to process transactions. The low to no cost transaction processing in and of itself gives Neo a leg up over other, more expensive solutions. If you want to acquire Neo now, you can learn the process at Crypto Head.
The simpler installation of supporting software and ease of use make it more attractive to businesses overall. The fact that it lets you run open and fraud-free books on servers is essential for business applications. The integrated “consensus mechanism” lets you negotiate contracts within the algorithm, providing a public record of the negotiation and the end result no one can come back and alter. It is focused on digital identity, digital assets and smart contracts. People will want to own Neo not just as a speculative investment but to be able to track deeds, certifications and legal agreements. This gives Neo a stronger business case.
One benefit of using Neo is that you can work with it using any programming language, while the fact that it cannot fork is a long-term benefit for would be users. It is supposed to be quantum resistant. Neo is also designed for business compliance instead of general freedom. Owning it isn’t considered an act of defiance or protection against government regulation but an investment in business technology. This will lead to broader tolerance of it by governments, resulting in more businesses being willing to adopt it.
Neo could surpass Ethereum since it was able to learn from the platform’s mistakes and improve on them. There is no telling where Neo will go in the future, but we are sure to keep a close eye on this one.
If you are interested in even more cryptocurrency-related articles and information from us here at Bit Rebels then we have a lot to choose from.
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