Which Cryptocurrency Platform is the Best?
With almost 1500 cryptocurrencies, traders in the crypto community may find understanding the concept behind each platform perplexing. Most cryptocurrencies comes into being in the crypto space as a solution to issues facing the world today that utilize Blockchain technology. Some aspire to be the go-to payment method for e-commerce in the future while other aims to help solve the current energy crisis in the world.
However, there are certain cryptocurrencies that have positioned themselves as a platform for Decentralized Applications (Dapps). Decentralized applications are just like traditional software applications but they do not run through a centralized authority. Decentralized platforms hold a major key to the future of cryptocurrencies as they will be the pillar on which crypto assets and decentralized applications can be run easily. Hence investing in them can provide huge ROIs.
Ethereum is only second to Bitcoin with respect to market capitalization. Ethereum has an early mover’s advantage, as it was one of the earliest cryptocurrencies. It was developed by a developer who worked on the preceding Bitcoin, Vitalik Butterin. Butterin realized the limitations of Bitcoin and thus created a platform that will be able to serve as a backbone for decentralized application development.
Ethereum’s unique proposition is Smart Contracts – software applications that initiate for a specific task and complete when certain conditions are fulfilled. For example, when visiting a restaurant in Dubai, a smart contract will initiate when you order your meal and complete after paying the bill. Thus, smart contracts possess the ability to automate many tasks from simple to complex. Moreover, they are free from any third party interference. Despite its brilliance, Ethereum still faces a few issues especially related to scalability.
The brainchild of Charles Hoskinson, Cardano received the moniker of Ethereum Killer. This cryptocurrency focuses on being a medium that can facilitate financial processes. Cardano enjoys its position as having one of the most positively received whitepaper. Many professionals and analysts have given positive reviews to it. Cardano improved on both Bitcoin and Ethereum as it adds more details in a transaction through a separate layer. However, the problem with Cardano is that there is still some uncertainty regarding its team’s ability to generate a workable and effective solution.
NEO was created in 2014 by Da Hongfei under the name Antshares which was later renamed to NEO in 2017. NEO aims to take the next step and create a smart economy where physical assets can be digitized and easily traded through NEO’s platform. NEO is unique because it is one of the few cryptocurrencies to have the support of China’s government. Moreover, it also enjoys the support of giants like AliBaba and Microsoft. Many Dapps have already been built on NEO’s platform with considerable success.
As someone living in UAE, you might be wondering which one of these is the most impressive and should provide a good ROI in the future. Truth be told, these three cryptocurrencies possess excellent fundamentals, team and support. One cannot go wrong by choosing either of them. However, we do believe that NEO has a slight edge over the other two.