NEO and Ethereum both are cryptocurrencies that have similar goals and ideas for the future. The idea is to make the world run in a decentralized manner. Through a lot of studies and research conducted in the past couple of years, we have concluded that the decentralized system could be an efficient and simpler way of operating the world.
The main reason behind the launch of Ethereum was to democratize the world operations through decentralized distributed ledger system which is also called the blockchain. The same principle is adopted by NEO. that is why Ethereum and NEO are considered a lot similar to each other. Furthermore, it would be prudent to make investments in either of these cryptocurrencies because there are several reasons for it.
Adoption to Blockchain Technology
The most crucial reason is that the whole world is adopting blockchain technology and several operations of demand and supply-chain management different organizations are being powered by blockchain technology. NEO and Ethereum are the biggest providers of an open-source blockchain platform for people who want to develop their own transaction mechanism for administration their business operation.
This is going to benefit the world through so many ways. The best part about a decentralized system is that it removes all the intermediaries and therefore, it saves a lot of time and money. The leakage of information generally increases when the data is shared among different intermediaries. Through a decentralized system of the transaction, the data will remain within the loop and it can not be changed unless authorized by all the nodes in the network.
NEO’s goal is simple. The organization wants to introduce Smart Economy system in the world. It will consist of the transactions that will contain Digital Assets, Digital Identity and Smart Contracts. With the help of these methods, the system would impenetrable by any third party or any kind of intruder. Ethereum has made the entire operation of cryptocurrency mining as open-source.
Principles NEO and Ethereum
Everything could be found in the cloud but you will need to have a special cryptographic key to authenticate yourself to retrieve any transactional information. NEO and Ethereum are focused on improving the operations and functions of the cryptocurrency business. Therefore, it is believed that these cryptocurrencies would become the pinnacle of the whole cryptocurrency industry besides Bitcoin.
That is why it is recommended to make investments in NEO and Ethereum. Their product seems to be more sound, efficient, worthy and scalable too. Every investor aims at making investments in the company who’s product and service are long-lasting and highly scalable in future. The same concept goes with the case of NEO and Ethereum. However, you must be having a good crypto-exchange to make investments, isn’t it?
We would be glad to provide with a couple of suggestions in this matter. Cryptocurrency exchanges are designed for simple purpose. To help you to trade with different cryptocurrencies in the world. Coinbase Pro, Kraken and Binance are some of the leading cryptocurrency exchanges in the world.
Making Investments in Ethereum and NEO
You can choose any one of these crypto-exchanges for making investments in NEO or Ethereum. Currently, people are striving to choose between Kraken and Binance because both the exchanges are absolutely amazing. There is a big debate about Binance vs Kraken and which one is the best cryptocurrency exchange in the world.
NEO and Ethereum both use GAS to manage rewards to the miners and other people on the network for mining new transactions or any work. A lot of people had difficulty in understanding the working of NEO GAS. Just like we provide gas money for people that we have hired for performing a field job. The same concept is used here too. NEO provides GAS coins as a reward or incentive for the service.
The same feature exists in Ethereum as well. The feature has been providing the operations of several cryptocurrencies with many benefits. Just like Ethereum and NEO, there is another cryptocurrency that goes by the name – Cardano. The cryptocurrency has been released recently and the basic principle of operations of Cardano is a lot similar to NEO. A lot of people ask, “Where to Store Cardano?”
So we will suggest, you should store you Cardano is a secure wallet such as AdaLite. We would also like to suggest that it is not wise to store the entire Cardano in AdaLite only as it is a software wallet and no matter how secure it may be, every software wallet is prone to security threats as they need an internet connection to operate.
Therefore, it is advised to store a large number of Cardano in a hardware wallet such as Ledger or Trezor Model T. it is also advised that investment suggestions tend to change from time to time based on the current predicament of the market. Cryptocurrency investments are subject to market risks. Therefore, check all the details and facts before making the investments.