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NEO vs. Bitcoin – Key Similarities & Differences

· February 25, 2018 · 9:00 am

NEO and bitcoin are two cryptocurrencies which have risen to prominence since their inceptions. These coins possess some similarities, however, they also possess a number of important differences. Here is a closer look at the key similarities and differences between NEO and bitcoin.


Similarities

Popularity – Both NEO and Bitcoin are extremely popular. That is why both coins are in the top ten coins by overall market cap as of February 12th, 2018. NEO and bitcoin are joined in the top ten coins by ethereum, ripple, bitcoin cash, cardano, litecoin, stellar, eos, and iota. All of the coins in the top ten have developed strong support from cryptocurrency users.

Exponential growth – NEO and bitcoin have both seen periods of exponential growth. 2017, in particular, was a year that was tremendous growth for both cryptocurrencies. In 2017, bitcoin rose from having a price of around $1,000 per coin to having a price of almost $20,000 per coin in December 2017. NEO rose from having a price of just a few cents in 2017 to having a price of over $100 by the start of 2018. 2017 was a very strong year for both coins, and in fact, both NEO and bitcoin were some of the best investments that anyone could have made in 2017.

Limited quantity – There are only a certain amount of coins for both the NEO and bitcoin cryptocurrencies. For NEO, the limit is 100 million coins. For bitcoin, the limit is 21 million coins. So, there is a finite amount of both coins. This means that if more people become interested in cryptocurrencies, this scarcity could drive up the price for both coins significantly higher than their prices already are in early 2018.

Differences

Age – Although the entire cryptocurrency industry is new, bitcoin is significantly older than NEO, relatively speaking. Bitcoin was created in 2009, whereas NEO was created in 2014. Because of the fact that bitcoin was created five years before NEO was, it had a five-year head start over NEO and many other cryptocurrencies. This helped it benefit from the first-mover advantage, and to gain market share before many competitors even existed.

Overall market cap size – Despite the fact that both cryptocurrencies are in the top 10 for overall market cap size, bitcoin’s market cap is much larger than NEO’s. As of February 12th, 2018, the market cap for bitcoin is $149,160,858,393. The market cap for NEO on the same date is $7,318,805,000. This is a difference of more than $140 billion.

Creators – The creators of NEO are known. NEO was created by two Chinese developers: DA Hongfei and Erik Zhang. The creator of bitcoin is a complete mystery. This is because the person (or group of people) who created bitcoin used an alias. This alias is Satoshi Nakamoto. There have been many guesses as to who Satoshi Nakamoto might be. Some people speculated that it was Elon Musk, founder of Tesla, PayPal, and other major corporations. However, Musk has denied these claims, and the mystery of bitcoin’s creator lives on.

Function – Since 2009, when it was created, bitcoin has slowly become positioned as a long-term store of value, and a type of “digital gold.” It is the king of cryptocurrencies and it is the mark by which many other cryptocurrencies are judged. NEO, on the other hand, is designed to be both a cryptocurrency and as a platform for facilitating smart contracts and decentralized apps, or DApps. Technically, smart contracts can be facilitated with bitcoin, however, bitcoin is not known as the go-to platform for such contracts. NEO and ethereum have taken this role primarily.

Conclusion

NEO and bitcoin are similar in that they are both popular, have experienced exponential growth at times, and have a limited quantity. They are different in terms of age, overall market cap size, creators, and function. However, despite their differences, both NEO and bitcoin saw tremendous gains in 2017, and could potentially see them again in 2018.

If you are interested in investing in or trading NEO, bitcoin, or other cryptocurrencies, you can do so on the eToro platform. Etoro is the world’s social trading network. With eToro, you can not only invest in and trade cryptocurrencies, but you can also copy the moves of top traders. This can be extremely beneficial.

What is your outlook for NEO vs. Bitcoin? Let us know in the comments below!


Images courtesy of eToro, Shutterstock

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Blockchain as the Matrix: Are We Entering a Virtual Life?

Source: bitcoin

The Matrix

“This is your last chance. After this, there is no turning back. You take the blue pill — the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill – you stay in Wonderland and I show you how deep the rabbit-hole goes.” –Morpheus, The Matrix

Also read: Symantec Report Indicates End of Locky Ransomware Threat

Recently, supreme technologist Elon Musk proclaimed his belief that “The odds that we’re in base reality is one in billions.” Skeptics worldwide broke down in grotesque inspection of this claim, as the possibility of living within a grandiose video game challenges society’s collective ability to cope with the deepest questions in life.

Technology today is accelerating towards altering our very existence. Artificial intelligence, deep space exploration, attempts to extend one’s consciousness onto a computer, and advanced robotics puts immense pressure on our economic systems, communities, and lifestyles to adjust to disruption accordingly.

What in the 1990’s simply looked like basic Nintendo video games, fine-grained TVs, and monolithic personal computers has morphed into a rather spooky postmodernist dental dam. Science fiction, quite simply, is finally coming to life.

Delving into our murky, robotic future, The Wachowskis renowned film “The Matrix” features a computer-simulated reality of the universe where agents, code creatures, and mere humans alike dwell. The world itself folded, and software had literally eaten the world in a twisted technological dystopia. Which year the film allegedly occurred in can be thought of as a technological arrival and conflict facing humanity more than a year arbitrarily placed on the calendar timeline humanity created. Within the movie, the participants of this network who awakened had to choose whether or not they wanted to believe a computer god had been their creator.

If the universe itself is really a computer simulation, as both “The Matrix” and Mr. Musk assert, then what is the end goal of our own technological advancement in 2016? Perhaps the most disruptive technologies today are hoarding people like sheep towards manifesting “The Matrix” into reality, our own reality or at least a never-ending attempt towards answering this question.

Blockchain, A Real-Life Matrix?

Among the leaders in the most impactful emerging technologies is the recent advent of blockchain technology, which some claim is the most influential innovation since the Gutenberg Press.

A culmination of 40+ years of research in computer science, blockchains enable strong encryption and independent transactions to exist on a fully decentralized, global network of independent nodes that are community owned and monitored. The blockchain is a perpetual stream pulling the world towards automation of all data tracking and securitization processes, an absurdist Hail Mary to get rid of paper files and paper cash.

Traditionally, every time you use services such as Facebook or Snapchat, they own all of your data that you generate on their platform. Blockchains represent a fundamental shift in the Internet’s paradigms for information stewardship. Now, as smart contracting, DAOs, and functional programmatic distributed storage and identity verification emerge, the technological breakthrough that is the blockchain is continues its ascent. What will blockchains have amounted to as they advance over the next 5, 10, 20, 50, or 100 years?

As traditional players such as Governments, banks, professional services firms, and healthcare providers enter the blockchain space, it is important to ask what the intentions of these groups are. Have incumbent institutions thought deeply through the implications of funding and spearheading advancement of cryptographically sound, distributed Internet protocols that can prove owners to prove digital ownership, enforce contract law, and facilitate trade between disparate parties? Recent hype and fear driven interest in blockchain technology signals that the aforementioned traditional institutions are, quite simply, taking the Blue Pill.

Like “The Matrix,” blockchains themselves have a logical end-point which is mirrored in the way that our perceptions of time and reality themselves function. It is not a coincidence that “Blockchain as reality confirmation” or “the universe is a blockchain” are phrases within the Bitcoin community. This parallelism can be thought of as follows:

Each morning, the sun rises. Events in your life happen, and then are forever frozen within time. There is no altering what has happened in the past and shall now sit as had occurred forever. Our memories of the past are abstractions, words to describe events that are immutable. No matter how hard we may have wanted something to turn out differently, it can’t change. The memories that are ours are ours, and our position within the network among other people is constant throughout our lives.

Blockchains are oddly similar, in that data written to a blockchain is also frozen its own chronology. Just as the entire universe can be perceived as an omnipresent recording of everything that has happened, scarce space on a blockchain (which is what Bitcoin represents) is fascinating because it too is simply data. Like our perceptions of reality itself, the “inherent value” of Bitcoin is based upon a social agreement that labels that piece of data as undertaking meaning, or being “real”. Moreover, just as the universe itself is a collection of matter, anti-matter, and a multitude of states of energy, the inherent value of space within a blockchain for people trying to simply live life day-to-day can be thought of as a form of ‘money as virtual energy’.

Virtual reality already gleefully tricks our brains into recursively thinking that the images behind that glass screen are real. Now, imagine what the world would look like if everyone was hypnotized in VR headset, while thousands of unique blokchchains automated the entire planet’s data tracking, data securitization, data transaction, and money transaction approval needs?

Our world is trending towards a Matrix-like state, and blockchains are acting as a lubricant fuel down an admittedly slippery slope. The internet of things, RFID tags, robotics, augmented reality gaming, and increasingly smooth integration into smart-phone applications will increase our collective reliance on blockchain technology as a backbone storage layer for the internet. Advancement here is accelerating, as projects such as Ethereum, TheDAO, Hyperledger, Ripple, Steemit, and Synereo all demonstrate the growing set of offerings in the blockchain buffet.

Through automating data storage and building within this programmatic infrastructure, we are creating a functional, immensely computationally powerful, decision making platform and digital toolkit for automating nearly any other traditional job function, decision or management procedure that required tracking data, from logistics to accounting to email and social media oversight. As blockchain is combined with artificial intelligence, machine learning, and potentially even quantum computing, it becomes gradually clear that Blockchain truly could be an ancient version of Skynet.

“Arguably we should hope that that’s true, because if civilization stops advancing, that may be due to some calamitous event that erases civilization,” Musk said. “So maybe we should be hopeful this is a simulation, because otherwise we are going to create simulations indistinguishable from reality or civilization ceases to exist. We’re unlikely to go into some multimillion-year stasis,” Mr. Musk remarked.

If blockchains really are this strong, secure, powerful, and even potentially scalable, as the lead blockchain developers have been promising since the release of Bitcoin, then we may be living in “The Matrix” already, without even knowing it.

Perhaps the rise of blockchain technology is a self-awakening towards this reality. Maybe it’s already too late, but that’s collectively up to us to decide.

What do you think of the Blockchain as “The Matrix” analogy? What are the long term technological end-point of this movement? Share your thoughts below!


Images courtesy of “The Matrix.”

The post Blockchain as the Matrix: Are We Entering a Virtual Life? appeared first on Bitcoinist.net.

Blockchain as the Matrix: Are We Entering a Virtual Life?

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