NEP5 has emerged as an all new token standard or protocol which is better than ERC20 in every way. It has now been proved with various projects launching their token on this new protocol rather than sticking to old standards of Ethereum which need a lot of improvement. The feasibility of these tokens has been tested and they have not only performed better but brought about many more possibilities in front of users.
Difference in the structure
The smart contract based structure of Ethereum also has the potential to give validity to transactions and consequently support various businesses. With this token, many new possibilities arrive as it does away with smart contracts and introduces new models altogether. There are many other standards such as Stellar, EOS and Cardano, all of them are vying to get firmly established and have their own attributes to get liked.
Read More: Introduce yourself to NEP5 token
According to Github notes, it won’t be wrong to say that NEP5 will soon replace other protocols like ERC20 and ERC223. As the popularity of this new standard is increasing, developers have also started working on NEO-compatible wallets. Those who were making multi-crypto wallets are now working on integrating this new standard. It is a change which is being seen currently everywhere, wherever wallets are created.
What makes it better?
Let’s look at the reasons why NEP5 is being preferred over Ethereum standards. The first reason being the cost of transactions when you do it with former, there is no fee for NEO tokens while the ERC ones come with a significant amount of fee. Another big reason is the speed which matters a lot, NEO ecosystem can carry out 1000 transactions per second against Ethereum has the capacity of doing only 15 transactions per second.
Ease of development is another aspect which makes the developers prefer and suggest their clients a particular token. NEO, in this case, does a great favor to developers by allowing several programming languages rather than one. On the contrary, Ethereum used only one language, Solidity which also happens to be its proprietary language. These benefits are significant enough for developers to have inclination towards NEO.
Get it for your startup
NEP5 token development services are also becoming more common day by day. It only suggests that the demand of this token is slowly getting ubiquitous. In terms of security as well, NEO does an extraordinary job, it achieves that by making the entire structure quantum computer resistant. Ethereum and all the other protocols do not possess this particular attribute which makes them vulnerable to hacking and phishing attempts.
Moreover, you can now hire NEP5 token developer for your business as well. A lot of blockchain and cryptocurrency development companies have included this in their portfolio. If you could contact an expert on your project you will ensure high security and functionality in assets. Coin Developer India is one of those experts who enable your startup or enterprise to meet any challenge with affordable prices.