The NEO Advantage Over Ethereum

  1. XTRABYTES
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    May 5, 2018 at 05:07
    Ethereum & Solidity


    Ethereum’s main achievement so far seems to center around popularizing smart contracts. Smart contracts consist of rules governing an agreement which cannot be modified once deployed on the blockchain.

    Since a smart contract is no more than a software program executed on another user’s computer, it must be configured in such a way that the programmer cannot exploit that user’s computer (or network). In order to resolve this dilemma, Ethereum created its own native programming language — Solidity. Although the language is Turing-complete (that is, any program can be written within it), it still requires a steep learning curve. Moreover, the development community for this language is still in its infancy.

    The Ethereum development community remains vocal in stating that learning Solidity remains the most frequent obstacle to writing a smart contract. While similar in appearance to JavaScript, Solidity requires the developer to think about a problem with a different mindset. Not surprisingly, most developers prefer sticking to what they already know

    Aside from these Ethereum-related disadvantages, Solidity must also cope with several well-known blockchain problems in general — slow speed and no native identity. However, blockchain technology is rapidly evolving and several different approaches to resolves these issues are being tried out.

    NEO’s Emergence


    An emerging competitor to Ethereum is NEO. Nicknamed the Chinese Ethereum, NEO is a blockchain platform designed to facilitate DApps development (such as smart contracts). Unlike Ethereum. NEO does not rely on a Proof of Work consensus mechanism. Rather it uses a delegated Byzantine Fault Tolerance (dBFT). Thus, it can scale up quite easily.

    At present, NEO appears to have many advantages over ETH. For instance, NEO promises to offer support for .Net and Java to begin with. Later, it will allow programs written in Python and Go on its platform. While this would be a tremendous improvement over Ethereum, its not quite code-agnostic. In addition, developers will need to become acquainted with the NEO Virtual Machine architecture in order to fully execute their smart contracts (as opposed to JavaVM).

    Still NEO remains an impressive jump forward for smart contracts. What weaknesses exist for the platform? Several online commentators noted that NEO will also need to “build a global developer community especially to reduce the China government involvement risks” and another commentating “If you are scared of regulatory risk, DON’T invest in NEO at all. NEO will not be able to, in my opinion, do what it is trying to achieve outside of China since it requires a gigantic regulatory hurdle to be met.” (reddit).

    More importantly, Ethereum has first-mover advantage in the smart contracts space. As one commentator noted, the “majority of blockchain operates on Ethereum, for developing tokens or paying gas charges for token wallet transfers. Ether has created a monopoly, new ICO’s are launching everyday and majority of them uses Ether for token development (ERC-20 Tokens) and Ethereum Blockchain making Ether HERO in this domain.” (Quora).

    Not incidentally, XTRABYTES code-agnostic capabilities will enable it compete with NEO and Ethereum in the DApps arena. And with its innovative Proof of Signature, high transaction throughput, inherent security, and infinite scalability, expect XTRABYTES to be viewed as a worthwhile alternative.

    Alternatives


    Unlike Neo and Ethereum, the Tezos blockchain employs a functional programming language for the smart contracts. Unfortunately, most developers are alien to functional programming and find the learning curve even steeper than Ethereum’s Solidity.

    Qtum is another blockchain that allows developers to write Ethereum-like smart contracts, albeit with Bitcoin’s UTXO format. In bitcoin, there’s no concept of an account and balance. Rather than track every account’s balance, only unspent transactions are tracked (the transactions that were sent to your wallet that remain unspent). The sum of those transactions make up your balance. It is very efficient and lightweight to maintain these records as compared to accounts on an Ethereum-based model. Qtum thus allows for very lightweight smart contracts.

    XTRABYTES


    With its code-agnostic DICOM API, the XTRABYTES blockchain will allow developers to deploy smart contracts written in any popular programing language. The DICOM API will also allow developers to access XTRABYTES’ core features and data, given its capability . to call on specific API functions within the smart contract itself. This means developers wishing to code smart contracts or deploy a DApp no longer need to learn a new programming language. Instead, they will be able to use a language they already know and are familiar with. For developers that’s a game changer. Once the DICOM is live, expect it to help further promote blockchain technology within the wider development industry,.

    It’s interesting to see how different blockchains are adopting various programming paradigms for their blockchains. Some are targeted toward consumers and some toward large enterprises, with XTRABYTES appearing to be among the latter. While the XCITE platform aims to be a one-stop cryptocurrency solution for the average consumer, the DICOM API is clearly geared towards promoting enterprise adoption. It will enable companies to use their existing in-house development teams to deploy custom-made Dapps (in the language they already know)..

    Ultimately, its the development community that will determine the value a code-agnostic platform offers. That and a waning desire to learn a new programming language simply to develop a applications for the blockchain. As new and increasingly popular programming languages emerge (like Google’s Go), code-agnostic APIs may soon become the norm rather than an exception.

    Source for Tezos/QTUM observations:: https://www.linkedin.com/pulse/new-age-dapps-here-its-based-ethereum-mohit-mamoria



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