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Ethereum, Cardano and NEO – SitePoint



If you've been working on blockchain platforms, cryptocurrencies, and related technologies for a while, you'll find that there are endless references to Bitcoin. Although this is currently the most popular cryptocurrency using blockchain technology, it is not the only one.

In this article, next to Bitcoin, we'll look at some of the more popular blockchain platforms. Instead of viewing the platform as a cryptocurrency, we look at it from a technological perspective.

Given that there are many platforms, many of which come daily, we take a look at some that already have significant traction:

What is Ethereum?

Ethereum is a blockchain-based distributed computing platform that powers the "ether" cryptocurrency.

Ethereum was founded by Vitalik Buterin was funded in mid-201

4 and released a year later, making it one of the earlier platforms and cryptocurrencies.

The following is a video of the founder of Ethereum explaining the platform:

[19659003] While this was initially an alternative to Bitcoin, which wanted to advance the technology per se, one created exploited vulnerability in the DAO project (a decentralized autonomous organization that was to provide a business model for the platform) the Ethereum pro These were split into two separate blockchains, each with its own cryptocurrency, resulting in Ethereum Classic and Ethereum.

Ethereum is still one of the most important cryptocurrencies today alongside Bitcoin, but the real technological advances were that it was the first technology

The real value of Ethereum therefore comes not from the currency, but from the actual platform.

While Bitcoin uses the Blockchain to verify the ownership of the digital currency, the Ethereum platform allows developers to implement truly distributed applications and remove the "centralized" client-server architecture of the Internet. It is the first platform to implement the smart contract concept.

Although the ether currency is also used as a tradable cryptocurrency, it is actually used to serve the network. The participants in the network use ether to pay for the services of the Ethereum network.

In reality, the cryptocurrency is a side effect (albeit a major one) of the ethereum platform.

Considering the intelligent contract concept Ethereum can be used to create truly decentralized applications.

Ethereum uses the concept of a virtual machine to work – the Ethereum Virtual Machine (EVM) – which can perform the "tasks" required to build a decentralized application. 19659003] Ethereum Strengths:

  • A very popular platform and cryptocurrency that continues to grow and was one of the earlier technologies. Big early mover advantage.
  • Has the ability to run and deploy distributed applications rather than just a cryptocurrency platform.
  • Implements useful technology benefits such as intelligent contracts.

Eulerism Weaknesses:

  • Employment verification requires mining, which is energy intensive. This will be solved with a transition to "Proof of Stake".
  • Ethereum's DAO hard-fork was and still is a contentious issue that divided the Ethereum community. Other very expensive bugs have happened, but all were user errors.

What is Cardano?

Cardano is another decentralized, fully public open source blockchain and cryptocurrency project that powers the ADA cryptocurrency.

The idea behind the project is to upgrade legacy blockchain platforms by developing an intelligent contract platform that offers advanced functionality through a research-first approach.

Essentially, the concepts are reviewed by experts to make sure that they work independently. The ideas that have been implemented have been verified and proven to work before is implemented.

The following is a longer but interesting overview of Cardano by Charles Hoskinson, CEO of Input Output Hong Kong.

Cardano uses a different approach to mining than other blockchain platforms. Instead of demanding energy-intensive resources as evidence of work (one of the biggest drawbacks of Bitcoin and other mining-based cryptocurrencies), the new algorithm eliminates this intensive mechanism, but it has proven to be mathematically secure – at the level of Bitcoin (until now the safest platform)

This is proof of its use. A number of blockchain platforms have tried to implement such a solution, and the pioneer of the method still in operation today is Peercoin. Cardano uses what is called Ouroboros to find a "leader" who is determined not by mining but by a multiparty implementation of a coin toss protocol.

This means that the Cardano platform has all the benefits of the Blockchain platform, but it eliminates one of the main drawbacks we've seen at Blockchain, the tremendous wasteful use of energy needed for mining purposes.

Cardano was developed by blockchain development company IOHK (Input Output Hong Kong) and is managed by Charles Hoskinson. Former co-founder of Ethereum

Cardano's goal is to serve as a platform for building financial applications based on the Ada cryptocurrency.

Cardano offers a blockchain implementation that has all the benefits of blockchain and distributed, distributed computing without the major drawbacks that other platforms and key cryptocurrencies have pursued.

Cardano is still here

Cardano Strengths:

  • Not on speculation about cryptocurrency, but more on the advancement of blockchain technology per se.
  • Fixes a number of problems with popular blockchain platforms like Ethereum and Bitcoin, by performing a type of mining that does not require much energy.
  • Supported by academic and technological research, so that there is a strong, reliable community.

Cardano Weaknesses:

  • At the time of writing this article, the technology is still in relatively early days and is not intended for production. Whether it can fulfill its promises or not remains to be seen.

What is NEO?

NEO is another blockchain designed to build a scalable network of distributed applications.

The difference and specific strength of this platform is that it supports commonly used programming languages ​​such as .NET, C ++, Go, Java and Python. This is done by creating a customized version of Docker called neoVM that can execute the code on different secure executables.

The other distinguishing feature of NEO is that it is supported by the Chinese government. While this is possible in both directions, the backing of such a powerful institution almost guarantees the success of this platform.

NEO uses dBFT (Delegated Byzantine Fault Tolerance) as proof of the working mechanism, a method that is less energy intensive than Ethereum Mining, very similar to the Proof of Stake. NEO is also not vulnerable to the hard-fork problem Ethereum split because the mechanism requires a two-thirds majority rule to operate while the minority is discarded.

NEO has another real advantage. It uses the concept of X.509 digital identities to assign real identities to the blockchain. This is important to implement applications that require proof of identity, such as KYC / AML (Know Your Client / Anti-Money Laundering). Regulatory Requirements

NEO Strengths:

  • Backed by the Chinese government, it gives strong backing and legitimacy of use
  • Implements secure identities that allow the assignment of real identities to the blockchain
  • used today by common programming languages.
  • Less Energy-Intensive than Traditional Blockchain Mining

NEO Weaknesses:

  • The support of the Chinese government could mean that technology choices are made with policy-making influence rather than self-reliance. Conclusion

    As can be seen from the above comparisons, the blockchain technology is slowly but surely evolving from a speculative currency to a true dig Italian platform that can be used to build scalable, distributed applications.

    The above three platforms are some of the more popular ones that can be used today for application development, but all are developing at a fast pace.

    In the near future, we will see the true maturity of technology and the release of truly distributed blockchain-based applications.


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