Chinese blockchain and technology experts Da Hongfei and Erik Zhang began consulting with Chinese companies about the potential applications of blockchain. Today, Ethereum is second only to Bitcoin in terms of the power and influence it wields over the blockchain industry. Most new tokens are Ethereum ICOs, and most new dApps are Ethereum-based. That’s not to mention the independent developers who are creating dApps and smart contracts that run on Ethereum. The Ethereum team has grown to thousands of people, including hundreds of developers working on the platform. They’ve since grown to be the biggest provider of decentralized applications.
With the rise of Ethereum, you could write code to run on the blockchain that was tamper-proof and immutable once you submitted it.Įthereum was the first to successfully implement blockchain smart contracts. Up until this point, blockchain had mostly been used as a simple value transfer (like Bitcoin). This was a revolution for blockchain technology. No one server or computer could control these applications, and they would continue to exist as long as the Ethereum network continued. These smart contracts and dApps would run as part of the blockchain’s network. Instead, Buterin argued, you could use that processing power to execute contracts and applications as part of the blockchain. Buterin imagined a system where the computing power of the blockchain’s nodes could be used for more than just hashing a proof of work algorithm. It’s the brainchild of founder and lead developer Vitalik Buterin.
Will NEO topple Ethereum from its throne, or will Ethereum continue its dominance? In this article, we’ll dive in depth on the similarities and differences between NEO and Ethereum. While the two platforms are certainly similar, there are key differences between them. Ethereum was the first platform to do this, and NEO was not far behind. With the rise of blockchain, it became possible to create a secure network that can have contracts written (scripted in a programming language) on top of it. Technologists and cryptographers imagined a system where a network could create trust and arbitrate conflicts, instead of legal battles in the judicial system. The idea for decentralized contracts, executed on a peer-to-peer network, dates back to the early 1990s. Both these platforms support smart contracts and decentralized apps (dApps) built on top of their blockchain. However, NEO, dubbed “the Chinese Ethereum,” is a new player on the scene with strong credentials. It’s the biggest, most widely used, and most developed smart contracts platform in the world. In the world of blockchain-based smart contracts, there’s one major player: Ethereum.
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