In 2017, it was a year of firsts. Bitcoin reached an all-time high, and lesser-known cryptocurrencies such as Ethereum, Litecoin, and Ripple, followed suit. However, 2018 is going to be a different year altogether, with not only uncertainty in Bitcoin’s value due to stable coin Tether’s legitimacy, but with three new kids on the block. EOS, NEO, and RaiBlocks are all taking off, and will we see rapid growth? Time will tell. Here’s the lowdown.
What is EOS?
EOS operates in a similar way to Ethereum, yet it’s unique in its own right. It’s a blockchain platform, it develops decentralized applications (just like Ethereum), and it provides services and functions that decentralized applications can use. EOS differs from most other blockchain platforms in the respect that it can cater for thousands of transactions per second, provide services such as cloud storage, user authentication, and server hosting, all the while being incredibly accessible and easy to use by developers and other users.
If you’re a developer who has built an application using the EOS platform, users don’t have to make micropayments to perform tasks on the blockchain or send messages. Instead, the developer can choose how users will pay transaction fees – if at all. If you decide you want to provide a free service, you have the flexibility to do so.
The EOS token itself is also unique, in the respect that token sales take place over a 12-month period, with 350 distribution slots. At each of those time slots, the EOS tokens are distributed to each of the contributors, and it’s calculated by way of the ETH they contributed, divided by the total contribution.
What is NEO?
Neo used to be known as Antshares and is referred to often as the Ethereum of China for its similarities. While it is known to be similar to Ethereum, it does have many features that set it apart. Neo is a non-profit community-based blockchain that uses both blockchain technology and digital identity. It uses this digital identity to digitize assets, automate the management of those assets using smart contracts, and to work towards their goal of realizing a smart economy with a distributed network.
This goal of achieving a smart economy is made up of three components: digital assets, digital identity, and smart contract. Regarding digital assets, both global and contract assets can be used in Neo.
Neo also consists of two tokens, NEO, and GAS. NEO used to be known as Antshares, or ANS, while GAS was Antcoins or ANC. Both NEO and GAS have a maximum supply of 100,000,000.
What is RaiBlocks?
Each creator of new cryptocurrency is trying to create something different, even extraordinary. No one wants to copy Bitcoin directly, so countless time is spent on building cryptocurrency with a difference. However, RaiBlocks more than bucks the trend on being different. The blockchain is now a prevalent term thanks to Bitcoin, and it’s necessary for grouping transactions together. But, RaiBlocks doesn’t need it. Instead of grouping transactions into a block which is then verified by a miner, and produced in a chain, RaiBlocks uses a block lattice. Each account has its own block, and one transaction. When you send RaiBlocks to another user, two transactions take place: send and receive. Only the owner can add to their blockchain, and there’s no need for miners or anyone to verify transactions.
What most people also know about Bitcoin, is that the transaction fees are in place to encourage miners to secure the network. However, as RaiBlocks doesn’t require miners, there are no transaction fees. Transactions are recorded at lightning speed, and the size of the ledger is significantly less than Bitcoin at 2GB, rather than over 100GB.
This point alone is what could make RaiBlocks so popular. Bitcoin transaction fees are around $25 – even for small amounts, and you can be waiting for approximately 10 minutes to record a transaction. RaiBlocks is instant, with no fees. There’s every reason to believe it could be one of the most popular cryptocurrencies in the world in the years to come.
If you want to keep an eye on any cryptocurrency this month, it would be the three this article covers. All offer unique differences that just might spell astronomical growth. Keep an eye on them and see what happens.