How Does Cardano (ADA) Compare to NEO?
February 10, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Many of us believe that blockchain technology and cryptocurrencies will shape and change future finance as we know it. In addition, we assume that cryptocurrencies only succeed if they have a real use case or can solve a practical problem in business, research or other areas. We will look at two cryptocurrencies such have that potential, but which one is better Cardano or NEO?
Cardano — Decentralized Public Blockchain
Cardano (ADA) is a very ambitious project that is less driven by hype and expectations, but much more by a staggering evolution.
It is designed to build a new decentralized economy and democratize financial markets in emerging markets. Cardano enables the cost-effective, secure, and scalable creation and execution of distributed applications and smart contracts, and values a highly scientific approach.
The Cardano developers are trying to find a balance between a decentralized platform and the legal regulations of all countries, which endanger neither the privacy of users nor the integrity of decentralized platforms.
The fact that the former CEO of Ethereum is behind it, gives the cryptocurrency a strong reputation. The biggest force behind the cryptocurrency is that they have already proven their technology and it is not only based on promises. By 2020, Cardano should be fully functional.
NEO — Network of Decentralized Applications
NEO is a big player in the crypto market with a large team of developers and quite a lot of collaborations. In addition to technical reasons, NEO and Onchain’s relations with the Chinese government in particular play an important role in the placement of NEO.
The biggest advantage of the huge platform is the support for smart contracts, allowing companies to program applications on the blockchain of NEO.
NEO uses as a consensus method “Delegated Byzantine Fault Tolerance” or dBFT. The main advantage of this method is that it prevents splitting of the system and allows no forks. In addition, NEO has a 2-layer (Trinity) scaling solution that can handle up to 10,000 transactions per second and is quantum-computer-resistant.
NEO is currently centralized by Onchain. This will be preserved until a stable and fully functional version of NEO has been developed.
Cardano vs NEO
NEO is now ranked 16th on coinmarketcap.com, with a market cap of almost $499 million against the 12th ranked Cardano, whose market cap is now almost $1.08 billion (figures correct at the time of writing).
Cardano is a unique cryptocurrency because it was built from scratch. The use of Haskell language and the Ouroboros protocol gives it an edge in security over NEO. The one thing that could be against Cardano is the slow rollout of a working product. However, that seems to be out of the question now with the launch of two ICOs on its platform i.e. Traxia (TMT) and Sp8de (SPX). The only question now is whether it will go all the way.
NEO is a very interesting project because of its similarity to Ethereum. However, by allowing their network to utilize simple to code languages like Java, NEO places itself in a prime position for wider adoption. The other thing is the impact its Chinese connection could have, especially if it gets support from the huge market.
They both seem to compete with Ethereum to some extent, but neither of them is good enough to surpass it at this point. In the future — perhaps, but not right now. In the end, nobody can know what will happen in a few years, and which of these coins will come up on top.
Author: Marko Vidrih
