NEO coin is a blockchain project that use blockchain tech and digital identity to digitize assets and also to automate the settlement services of digital assets using smart contracts so as to realize a “smart economy” with a distributed network.
NEO is not the only smart contract platform to rebuild economic settlement businesses. The pioneer of smart contract is Ethereum. But NEO doesn’t imitate and inheritate Ether completely and opens its own new page on the concept of smart contract. With the comparison of Ether, its meaningful to enhance the understanding of both platforms sharing many of the same capabilities, aslo the distinction in their branded objectives is very important. Let’s dissassemble these objectives to fully understand the projects.
NEO coin price has great potential to increase high, even will surpass Ether sooner. It is not a bullshit to boast, the reasons are visible and convincing.
NEO: NEO is working towards developing a product for the future. It not only rebranded from Antshares to NEO in June of 2017, but they refocused their marketing as well — with enormous success. Neo’s objective, while ultimately utilizing many of the same technologies as Ethereum, is to be the platform for a new smart economy.
In short: Ethereum is developing in response to new demands. NEO is developing their platform in anticipation of future demands.
The biggest difference between NEO and Ethereum is NEO’s focus on a smart economy. If we want to fully understand NEO, we need to understand why this distinction is important.
The distinction is important because a smart economy will still be under a government and under governmental regulation. I don’t trust the government as much as your next libertarian; I’ve read 1984 too many times. But the fact remains that governments aren’t going anywhere. Thus, for a platform to service this “smart economy,” that platform needs to put specific thought and intention into how it will accommodate governmental regulation. So while Ethereum might offer the similar blockchain capabilities, the fact that NEO is developing FOR THIS PURPOSE is crucial.
A smart economy is in our future. To accommodate the needs of this smart economy, the platform will need to be specifically designed for this new economy.
What is NEO doing to prepare itself for the smart economy? This is the most popular debate in Neo reddit.
NEO places particular emphasis on staying regulatory compliant.
Digital Identity
Anonymity is great. I think privacy should be at the forefront of today’s technological developments and discussions. But if companies and governments are operating on the blockchain, digitizing their assets, and issuing smart contracts, all under the watchful eye of the government, they can’t have anonymity. For a platform to be regulatory compliant, digital identity — a verifiable identity in digital form — is a necessary evil.
Today, digital identity is based on a system called the PKI (Public Key Infrastructure) X.509 standard. This probably means about as much as it does to you as it does to me. It just means that there is an international agreed upon standard for what constitutes a digital identity. NEO’s plan is to issue digital identities in accordance to this standard and then secure them using the blockchain. Bookkeepers (read about them later) will have digital identities and real names. Because of this, judicial action can be taken against them if ever need be. This is imperative when registering financial assets on the network and staying regulatory compliant.
NEO also enable the possibility that allow to transact with people who have a digital identity for regulatory reasons.
NEO is already working in a strategic partnership with THEKEY — a project being developed on NEO’s platform that will assist with providing digital identification.
So,NEO’s true value and neo market cap are in its dedication towards fitting the mold for a regulatory compliant smart economy platform.