NEO and ICON (ICX) have been termed as Ethereum’s greatest rivals. NEO, in particular, is exactly like Ethereum with just a few unique features. ICON, on the other hand, is like Ethereum and more. NEO is based in China and ICO in South Korea, making them the first projects to launch from Asia and some of the most promising ones. Both aim to be global leaders at hosting smart contracts and DApps, a trend first set by Ethereum. ICON has additionally created an interconnected blockchain network where all decentralized systems can connect.
What is ICON (ICX)?
The ICON project is a blockchain network that allows other blockchains to interconnect on the ICON blockchain network. The project calls this ecosystem of blockchain communities “ICON Republic Community”. ICON then considers every community as a network of nodes following certain rules set by the community itself. Community nodes manage the way a community makes decisions since every community has a different approach to decision making. However, only community representatives have voting rights. Citizens of a community can, however, use their citizen nodes on DApps like wallets.
Through a decentralized exchange (DEX), communities can communicate with each other, and in real time. When it comes to smart contracts, ICON ICX takes it to another level by employing artificial intelligence. Artificial Intelligence has in recent times offered solutions to many industries but was not used hand in hand with blockchain technology until now. Although it will take time for A.I to adapt and give maximum output to the ICON ecosystem, it has already recorded improvements in terms of reducing fees and scalability.
As we reported, the project has scored some major partnerships including a memo of understanding with W Foundation. The foundation which fights for refugee relief and perseverance of the environment will integrate ICON’s blockchain system to their system (W Green Pay). A project that plans to incentivize on preserving the environment and giving refugee relief.
At the time of press, ICON ICX is trading at $0.627912 up by 16% in the last 24 hours with a market cap of $243,272,763. This South Korean project shows much promise in the future as more and more blockchain projects continue to mushroom.
What Is NEO?
NEO was one of the very last projects to launch their ICOs before the Chinese government banned all ICOs. It was also one of the most rewarding to those who bought the tokens, getting returns of $52 per token. The project itself has been nicknamed “the Chinese Ethereum” and this is because although it brings new features to the table, it is very much like Ethereum (offering a smart contract ecosystem).
One feature that has made it a favorite with many investors against its competitor Ethereum is that it offers dividends for holding it. This dividend has been termed Gas. However, this is only when you keep your NEO on a private wallet or on crypto exchanges, Binance and Kucoin. This has incentivized NEO buyers to keep NEO for a while and gain Gas. Gas is what drives the NEO smart economy.
NEO has also shown greater power when it comes to scalability and speed. Where Ethereum has a theoretical 30 TPS, NEO has a theoretical 10,000 TPS. In addition to this, NEO has a different approach to ICOs. Although Ethereum has no barriers and anyone can create an ICO, promoting democracy, this has also opened it up to a vulnerability of their system. On the other hand, NEO has many different filters to keep away hackers one of which is that to create an ICO you need 500 Gas.
At the time of press, NEO is trading at $18.40 up by 11% in the last 24 hours and with a market cap of $1,195,820,583.
Both ICON ICX and NEO overlap at some point when it comes to smart contracts and DApps which puts them in direct competition. For this, NEO clearly comes out on top. However, ICON offers so much more than this, it is a project for the future. With blockchain projects coming up every day, it offers much more prospect in the future.