Clash of the Titans: Cardano Vs Neo
Cardano and NEO are among the most promising projects in the crypto space today. A quick search on the internet brings up dozens of blogs about how one or the other can make you a millionaire, but beneath all the hype and speculation is the opportunity to make some sound investment choices.
Let’s face it, selecting a coin that is going to help you grow your portfolio is not an easy task and it requires a lot of insight and research to make the right decision.
One wrong move could cost you time as well as money, so in this guide, we take a close look at both Cardano and NEO and weigh up their pros and cons.
We compare both in terms of availability, trading price and technology to understand how they are different and which one is more worthy of your attention.
So let’s start with Cardano.
Cardano, abbreviated as ADA, was created in 2015 and is a mix of different design principles. One of the unique things about Cardano is it utilizes a research driven approach and was developed by a team of researchers, academics and engineers.
Its promise is that its blockchain undergoes a rigorous peer-review process by programmers in academia. The team behind Cardano are attempting to find a middle ground that balances the need for regulation with the privacy and decentralization principles at the core of blockchain technology.
Cardano utilizes the Ouroboros Proof of Stake (PoS) Algorithm, which defines the way in which nodes reach consensus about the state of ledger. In this protocol, slot leaders generate new blocks in the blockchain and verify the transactions. Anyone holding a Cardano ADA coin can become a slot leader. When the “Follow the Satoshi” algorithm selects a coin that you hold, you become a slot leader and publish new blocks to the network.
The platform also uniquely uses Haskell, a programming language with a high degree of fault tolerance, which allows for flexibility within the project.
Perhaps it is this flexibility, combined with the peer-reviewed technology behind the coin that has seen Cardano catapult to market highs in early 2018, which earned its place in the top 5 of all cryptocurrencies.
Since then however, it has seen near double digit losses, which serves as a stark reminder of how quickly things can change.
Then on the other side of the coin, we have NEO. Neo has been dubbed as the Ethereum of China. The project was launched in China in 2014, and it is the first decentralized, open-source cryptocurrency and blockchain platform launched in China.
Like Cardano, NEO aims to convert traditional assets into digital ones via smart contracts, which will be decentralized and protected by law using digital certificates on the blockchain, which in turn, will guarantee trust.
However unlike other smart contracts utilized by other cryptocurrencies, you do not need to learn a new smart contract language. Developers that use C#, Java, or any other mainstream programming language, can get started right away to code their smart contracts.
What is perhaps most intriguing about NEO, is that it has a huge, international team of developers such as CoZ, NEL and NeoResearch, who continuously contribute to its development.
Over the last few months, there have been reports of a possible collaboration between Russia and NEO developers through a document written by the Russian Association of Cryptocurrency and Blockchain.
This has naturally created a lot of speculation and excitement among cryptocurrency fans and as a result, the price of NEO surged by 15%. However, despite these positive developments, the token is trading below its newly formed support level, which can be found at $8.45.
According to data from CoinMarketCap, the coin is now valued at $530.12 million. The cryptocurrency has stumbled almost 13.5% against the U.S. dollar to be valued at $8.16.
While both NEO and Cardano are showing signs of promise, they have also been subject to peaks and troughs over the last year, which has fuelled speculations of a bear market.
The technology behind both coins is impressive, with Cardano benefiting from peer-reviewed technology created by a powerhouse of academics and researchers. On the other hand, Neo has reportedly earned the support of Russia and has already gained acceptance in China, a country that typically does not take kindly to cryptocurrencies.
While both coins have grown rapidly over the last year, they have also been subject to spikes in their performance, as have most other cryptocurrencies.
The truth is that the ultimate cryptocurrency does not yet exist, and while both coins have their strong points, the unpredictable nature of the market combined with the fluctuations in performance suggests there are no clear winners emerging from these two heavyweights.
Ultimately it comes down to trust. Do you have faith in the science and academia behind Cardano which, despite its losses still ranks as one of the top 12 cryptocurrencies? Or do you trust the support and power behind Neo, which has been given the seal of approval by China and perhaps even Russia?
If CoinMarketCap's top 12 is anything to go by, then for the moment at least, Cardano may be the coin of choice. But as we know, nothing is ever certain in the world of cryptocurrencies and coins gain and lose their place in the race to the top all the time. So from that perspective, Neo is certainly a worthwhile contender to the throne.