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NEO and Ethereum —Reddit Ramblings on Near-term Developments
The text in this article is largely in this Reddit feed below, but I decided to put my ‘Reddit ramblings’ into a Medium article so it could be found more easily. I also put some bold/italics to make the read a bit more appealing than staring at a pure wall of text.
My thoughts on how the chains will play out in the short- to medium-term:
Ethereum continues to cultivate growth in entrepreneurial/startup endeavors/projects as well as various Silicon Valley VC’s getting involved with Ethereum Dapps that will bring cryptocurrency and the overarching blockchain technology mainstream. The community/ecosystem will continue to experiment with various shotgun approach with various‘crapshoot’ projects as we see some very innovative technology pairings/innovations emerge along the way. I like to think of all of the ICO’s that are going on within the ETH network as seeds being planted in a very rich field of soil. The problem is there are WAY more seeds being planted in this rich field of soil and there will be semi-grown plants fighting for nutrients in the ecosystem. The stronger projects emerging from the rubble as we move through this year to next.
At the same time, NEO’s community/network will continue incubating startups in a more controlled manner while also building more relationships with Venture Capital and private/institutional capital firms. The way NEO has been slowly and strategically building, their possibly more fertile fields will have more than enough nutrients for their carefully planted seeds to grow with. The way I see it, projects within the NEO network that do ‘step on each other’s toes’ will find ways to work together to make the entire NEO network stronger as opposed to sheer competition like we see dominating the Ethereum network’s landscape. NEO has also been taking notes from the last year of Ethereum’s progress and have been ‘giants rumbling underground’ as Ethereum dapps make a ton of noise within the overarching cryptocurrency community ecosystem.
NEO comes from China and, in the early days, sort of had some trouble/made it an initiative to outreach to the West. This kind of worked to their advantage, in my opinion, because Onchain is really the silent X-factor in this entire NEO Smart Economy — we didn’t really start hearing about them until late last year (2017).
Onchain is Co-founded by the two gentlemen who each also founded NEO Smart Economy and Ontology Network, Da Hongfei and Jun Li, respectively. Ontology is aiming to create a specific trust network, one that is necessary for enterprises to utilize public and private blockchain technologies as well as consortium chains.
Distributed Networks Architecture or, DNA, which will allow for interoperability cross-chain/industry/department/business process/etc.software for enterprises to plug-in any component of their business to various chains to utilize various facets of blockchain technology. At least, this is my understanding. I could be wrong here with the technical specs as I am not a programmer or dev — though I have done the best I can to understand the technical details of the various blockchain technologies out there and how it will intermingle with existing technologies.
On another note, Onchain is a Top 50 Most Innovative FinTech firms by KPMG China and was recently inducted into a Microsoft incubator program. It’s very hard to share this video too much across the internet, it’s ‘The New Vision,” a speech by Da Hongfei at the NEO DevCon 1 in Silicon Valley earlier this year — Ethereum’s homeland. ;)
He mentions that Ethereum rose to its position heavily due to the sheer number of ICO’s launching on their network. Right before those words, he told the story of how in 2012 or 2013, not 100% when, of how a community-member on BitcoinTalk.org used the forums to pitch and ultimately crowdfund the creation of the first ASICS Miner, issuing ‘Miner Shares’ in the process. Something to the tune. These shares were apparently traded on the forums for a while and the value reached as high as 5BTCbefore someone ‘disappeared’ with the shares, leaving a lot of people at a significant loss.
It was pretty set from the beginning that Antshares/NEO would be a sort of crowdfunding blockchain. Today, NEO is the first blockchain I have ever seen to integrate the option to participate in Initial Coin Offerings from the comfort of your Ledger Nano S or Desktop Wallet. Literally a button in the NEON wallet that says, “Participate in a token sale.” Genius. That’s a more secure way to conduct ICO’s as a network as compared to the machine-gun approach we’ve seen taken on the Ethereum network.
To be clear, I am not saying that either method is ultimately superior to one another in the short-, medium- or long-term growth of the network/community/ecosystems. I am saying that NEO has developed a more secure way to participate in the growth of their ecosystem,specifically through ICO’s in this case — something I have not yet seen in other blockchain networks yet.
Ethereum’s machine-gun approach just might be what leads to superior technological innovations within their network as compared with NEO. At the same time, NEO is very obviously paying close attention to the development of various projects on the Ethereum network and how similar projects might assist NEO’s chain in growing better in the long-term based off of their result so far on the Ethereum network.
Ethereum is radically decentralized whereas NEO is far more centralized, working to decentralize. Da Hongfei set the goal for NEO to become the #1 public blockchain by 2020 by market cap. You can hear it in the video above. Given the recent rise of Ontology Network and their Venture Capital partnership announcement, it’s safe to say NEO will be a major competitor directly with Ethereum over the coming years.
We should have quite a bit of fun experiencing both of their growth and associated growing pains in the process! You can find some more screenshots about NEO/Ontology in the section below.
The above screenshots are taken from Ontology’s website and I’ve included this as context in this article for readers because a lot of people don’t seem to understand what Ontology Network is. This is likely due to the fact that Ontology did not have a public crowdsale and did a large airdrop to NEO holders. I hope that the information in the screenshots above can help improve the adoption of blockchain technology — it starts with the businesses implementing it in a consumer-friendly/digestible way.
Disclaimer:None of this is intended to be financial advice, but are just my observations and opinions about the rapid growth projects within the blockchain community are experiencing.
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I am the author of this piece of content and the original can be found on my Medium blog here . Hello! As you may have heard, NEO Blockchain has been considered the ‘Chinese Ethereum’ for about a year now since the project re-branded from Antshares. This is because NEO will perform similar functions as Ethereum does as a platform for decentralized applications with smart contract capabilities, among other tech integrations. NEO’s NEP-5 token standard is synonymous to Ethereum’s ERC-20 token standard in terms of what they mean to the individual networks. Since the inception of ERC-20, there have been over 85,000 tokens created on the Ethereum blockchain network , just under that particular standard. This is a major focus in NEO’s growth strategy, but instead of taking Ethereum’s radically decentralized approach, NEO grows stronger with regulatory compliance standards — meaning, NEO is poised for institutional capital to flow into the network as they continue buil
Image Source Virtual reality continues to be a hot topic in the world of tech as more startups are formed and new technologies see the early days of VR integration. Those of us operating on a day-to-day basis in the cryptocurrency community understand the power of blockchain tech while exhibiting an explosion of startups leveraging VR to raise capital via initial coin offering. However, nothing quite measures up to the uniquely creative virtual platform that Decentraland has become along with other innovative projects like CryptoKitties. Digital objects now gain an identity through blockchain and other technologies integrating with virtual reality will allow for a deeper immersive experience. One example of a technology which will be able to integrate with VR are projects utilizing the Non-fungible Token (NFT) standard, ERC-721, which is turning out to be quite an interesting development. CryptoKitties is an example of a Non-fungible Token based on ERC-721 token standard
This post was originally published on my Medium blog on January 28th, 2018 and can be found here . I hope you enjoy and find this helpful! Source: BlockchainHub Looking at the history of Initial Coin Offerings above from BlockchainHub , we can see that they have raised quite a bit of capital over time — specially in 2017. Since then, 100’s of ICO’s have popped up claiming to create innovative technology while many of them have turned out to be scams. At the same time, there are hundreds of great projects that are not scams and actually building new technology . In this example, I’ll use Blocklancer’s live ICO as an example of minimum , baseline Due Diligence for ICO investing . This piece will quickly dive into the following steps in my minimum due diligence process — the process becomes more detailed with higher amounts of capital invested: - Business Plan, White Paper and/or Strategic Outline (Industry/Market Problems with Proposed Solutions) - Token utility
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