Why American Healthcare Foundation Veris chooses NEO over ETH/IOTA/BTC/Cryptonote

in #cryptocurrency5 years ago (edited)


Veris, an American Healthcare Foundation, has posted on Medium a lengthy article on why they chose the NEO blockchain to develop their services on, instead of Ethereum, IOTA, Bitcoin or Cryptonote.

The goal of the foundation was to evaluate the feasibility of placing American healthclaims processes on the blockchain. Instead of building their own chain, they intend to build atop of one of the major existing blockchains.

They identified three criteria which they deemed the most important for the creation of a succesful blockchain application:

  • Technical Capabilities
  • Governance model
  • Community

The technical capabilities in terms of smart contracts in IOTA and Cryptonote are currently non-existent, so they were quickly dismissed. Bitcoin allows for some very limited smart contract capabilities through Rootstock, but Veris did not like the added risk of being attached to a second party developing smart contracts functionality.

Ethereum and NEO remained as contenders, and Veris fully expected to land on the Ethereum blockchain as their choice. It turns out, however, that NEO is better suited to their wishes for two main fundamental differences:

  • NEO has bookkeeping nodes, which are in some ways more centralized than other blockchains, but operating a bookkeeping node does allow for Veris to validate the transactions (for example for identity) themselves to guarantee validity. In this case a small amount of centralization is a positive aspect.
  • NEO has split the network fees from the main token whereas Ethereum (with PoS) does not. This presents a problem to Veris for a governance model, as usage of the blockchain in Ethereum automatically diminishes the claim of the stakeholder because ETH is burned through transaction fees. NEO has split these fees into the GAS token, and paying for usage on the NEO blockchain doesn't diminish the NEO shares of anybody and therefore the stakeholders' stakes remain intact and unaltered.

The governance model of all blockchains currently doesn't meet the demands of Veris, but they say that NEO comes closest and offers the best foundation to build a governance model on because stakeholders' voting rights remain unaltered due to the splitting of the network fees.

Although Bitcoin has the oldest community, and Ethereum is the one growing the quickest, Veris has identified that NEO also boasts a healthy and exceptional community growth through CoZ.

Out of these three criteria, Veris is convinced that NEO comes out as a winner and their choice of blockchain for future development.

Personally, I am not surprised and expect many more moves like this as time goes on. Yes, decentralized certainly has it's advantages and draws, but NEO's strength lies in the fact that it can exist and co-operate with the current way the world works. Instead of existing seperately from it, NEO tries to connect the two worlds together through a regulatory compliant model which offers the security and reliability and trust that real world corporations and organizations require. Serious business are wary of stepping into any kind of 'wild west', such as Bitcoin or Ethereum, but NEO offers them a much more workable framework that is more in line with their own visions, while still delivering the benefits of a decentralized network. I am bullish as ever on NEO.

To read the full article by the Veris foundation click here

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