2018 is set to be a pivotal year for the rapidly developing blockchain ecosystem. New platforms, standards, and tokens are emerging all the time – but to cryptocurrency neophytes, they can be confusing (and crypto folks have a habit of starting in the middle of the story).
The purpose of this short series is to introduce Bitcoin (BTC), Ethereum (ETH) and NEO (err… NEO) and to explain why each of them has a chance of dominating the crypto world by the end of the year.
To jump right in to any of these three in more detail, follow the links below.
2017 brought cryptocurrency to the forefront of the mainstream media zeitgeist, causing the value of Bitcoin to skyrocket from $900 to over $20,000 in a historic price run. While Bitcoin may still be the big dog in the blockchain ecosystem, however, there are a number of other blockchain platforms that could potentially usurp the BTC throne over the next year.
In the first quarter of 2018 Bitcoin has experienced a punishing descent, falling below $7,000 amidst a barrage of uncertainty centered around regulation, Bitcoin futures, and the unsustainability of the coin’s sudden and dramatic run up.
Bitcoin’s recent increased adoption rates have also demonstrated Bitcoin scalability problem manifested in full force, with transactions costing as much as $55 and confirmation times averaging over 1,570 minutes— or around one day and two hours— to complete. The Lightning Network scaling layer promises to solve this issue, although some industry observers believe it may self-centralize— which would be the antithesis of Satoshi Nakamoto’s original vision for the blockchain.
With the Bitcoin blockchain slow, unwieldy, and trailing blood, it’s possible that a new contender could wrestle the highest market cap crown away from the blockchain patriarch.
BTC vs ETH vs NEO
2018’s blockchain battle royale will be fought against the backdrop of increasing regulatory scrutiny and a flood of increased adoption. In the war for blockchain dominance, there can be only one victor— and it appears the two biggest contenders for the title 2018’s crypto champion are long-standing Bitcoin rival Ethereum, and a relative newcomer to the fray – the rapidly-rising NEO blockchain.
While Bitcoin is strictly a “store of value” crypto, both Ethereum and NEO are “platform” cryptos, which means they both allow developers to create tokens on their respective blockchains. These two competitors to Bitcoin also offer a range of additional features and functionality, such as facilitating the creation of distributed apps, streamlined smart contract creation, or creating programmable digital assets.
Will Bitcoin reign supreme in 2018? Or will a new champion emerge? We’ll proceed to take a look at each platform’s battle plan for the coming months and assess their relative strengths.