This is article #5 of “180 Days to Startup” series documenting my entrepreneur journey. In case you want to start from the beginning, please click HERE to the first article.
Most of the highly valued blockchains were created for specific needs. There is not one blockchain that can meet all requirements. Just like automotives, sedan and pickup trucks were designed for different purposes. More specifically, you wouldn’t drive F-150 for the sake of saving gas nor would you drive a Corolla to show off (of course, unless it’s AE86). Knowing the customer needs and product requirements are critical to choosing a suitable platform.
As mentioned in my previous article, we needed a blockchain that can accommodate our high-frequency transaction needs due to the social media interactions. We also need the platform to be fast, cost effective, scalable, stable, economically-focused, and ease of development. Essentially, we need something that has high practicality score.
According to the ranking of blockchain score by the Chinese IT Ministry, both NEO and Ethereum scored extremely high in application capability. This ranking along with our research showed that these 2 are easily our finalists. While some many may argue that Ethereum is the better choice due to its wide North American adoption, we eventually went with NEO for a few reasons. One of them is due to operational cost.
The cost to calculate and store data on Ethereum blockchain can become very expensive. With the amount of transactions that nodis.io can potentially reach, it will become problematic. In contrary, NEO has a 1 time Smart Contract call charge of 0.0001 GAS (NEO blockchain’s version of gas to operation the platform) and no fee for data storage. Even if we get to a point of 1 million transactions, it’ll just be a manageable 100 GAS (or $629 USD in today’s price).
Below are some of the other advantages of NEO that we believe will be beneficial for nodis.io:
For more technical information on the NEO blockchain, you can visit their documentation page.
Now that we have decided NEO to be our blockchain platform, the next big question is: how are we going to position the solution so that it is NOT based on the value of cryptocurrency? Again, our project, nodis.io, isn’t looking to create another digital currency for people to replace fiat currency. There are way too many of them out there. I believe what the market really need now is a solution to a problem that can truly benefit the users. Just like any company, if the service is valuable, the company will be valuable, and the crypto that benefits the users will be valuable as well. This is how we can repay the trust of our investors. I will be writing about this topic about 2 weeks from now.
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