In a wide-ranging interview, NEO co-founder has said Erik Zhang has among other things, said that he dislikes the comparison being made between NEO and Ethereum.
He also thinks that Ethereum will supplant Bitcoin (BTC) as the top cryptocurrency.
NEO, which has roundly been thought of as an “Ethereum killer,” had the attributes: fast and with a high transaction throughput than many other networks. Those features remain, but a tough time in the market has seen the crypto winter push its value towards the abyss.
The hype appears to have dissipated big time. The coin was priced at $190 in January 2018 but has seen its value has plummeted to a low of $7.44 at the moment.
Labeling NEO “Ethereum Killer” is ‘hype’
But Zhang says he doesn’t care about NEO’s price, which is what he would want its community to emulate.
He says that he has been focused on his developer role at the blockchain, helping to build NEO and the community around it.
In response to the view that NEO has dropped from the top ten to eighteenth on CoinMarketCap, Zhang wondered what the difference really entailed. He adds:
“We are developing a blockchain project instead of playing a capital game. I just want to make this project even better.”
The NEO co-founder then says that he is against the constant comparison and labeling of the project as a “Chinese Ethereum killer.”
He told CCN’s Christina Comben that this comparison was nothing but ‘hype.’ According to him, the project founders “never introduced NEO this way.”
Zhang also says that Ethereum and NEO are two different blockchains and that even though two Chinese citizens founded it, it is a global project with developers from all over the world.
According to him, there is no way there can be another Ethereum, even if another project came out to overtake it.
NEO and Ethereum are different
Although the two networks share a lot in terms of their technological makeup, including running Turing-complete smart contracts. However, a few differences set them apart, says NEO’s core developer.
Chief among the differences is the consensus mechanism where NEO uses the Delegated Byzantine Fault Tolerance (dBFT) algorithm. Ethereum, on its part, is a proof of work (PoW) coin that is looking to implement an upgrade to a Proof of Stake (PoS) algorithm.
But according to Zhang, technical differences aside, the two platforms don’t have a shared vision.
He noted that the project founded by Vitalik Buterin aims at becoming an unstoppable “world computer.” On the other hand, “NEO wants to serve the smart economy.”
Ethereum will overtake Bitcoin
That will happen “sooner rather than later” in Zhang’s opinion. First, he noted that he doesn’t really pay attention to fluctuations within the market.
He, therefore, did not notice the Bitcoin Cash hard fork. He reiterates that as an industry, crypto may have to purge underperforming projects if it has to achieve growth.
“In my opinion, Ethereum will sooner or later exceed Bitcoin and get the first position. But Ethereum will also face very fierce competition from other projects such as NEO.”
On the issue of China’s ban on initial coin offerings (ICOs) and crypto exchanges, Zhang feels that that hasn’t made trading illegal.
He also talked up China’s support for the blockchain industry even as ICOs and exchanges remain banned in the country. He called the move a positive one, noting that having compliance built into the blockchain was a good idea “when the monitoring system is immature.”
NEO has big plans ahead and a major update scheduled for 2020. Its DevCon is in February in Seattle, U.S.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.