What is the difference between NEO and Ethereum?
The main difference between NEO and Ethereum is the underlying technology.
NEO is based on a blockchain platform called Delegated Byzantine Fault Tolerance (dBFT), while Ethereum is based on a Proof-of-Work (PoW) consensus algorithm. NEO's dBFT is designed to be more efficient and secure than PoW, as it requires fewer nodes to reach consensus. This makes it more suitable for large-scale applications, such as smart contracts and decentralized applications (dApps).
Additionally, NEO's dBFT allows for faster transaction speeds and lower fees than Ethereum's PoW. Another key difference between NEO and Ethereum is the programming language used to develop smart contracts. NEO uses a programming language called NeoVM, while Ethereum uses Solidity.
NeoVM is designed to be more user-friendly than Solidity, making it easier for developers to create dApps on the NEO platform. Finally, NEO has its own native cryptocurrency called GAS that can be used to pay for transactions on the network. Ethereum does not have its own native cryptocurrency; instead, users must use Ether (ETH) to pay for transactions on the network.
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