News NEO Developers Announce Upcoming Consensus Algorithm Improvements

NEO Developers Announce Upcoming Consensus Algorithm Improvements


- Advertisment -

Every cryptocurrency project needs to constantly grow and evolve to remain relevant. That unwritten rule applies as much to Bitcoin as it does to any other alternate cryptocurrency on the market. The NEO developers are currently in the process of building an improved consensus algorithm. In doing so, the popular altcoin prepares for future developments.

The new NEO Consensus Algorithm

People who are familiar with the NEO cryptocurrency will be aware of its technical specifications. More specifically, the altcoin uses a consensus algorithm known as dBFT, or Delegated Byzantine Fault Tolerance. While there is nothing wrong with this technology on paper, it is far from a perfect solution. One could argue there is no such thing as a perfect consensus algorithm at this time, which means constant updates are even more crucial.

For those unfamiliar with dBFT, a brief explanation is warranted. This consensus algorithm primarily focuses on ensuring the majority of the NEO network is not made up of bad actors. As long as 2/3rds of the network and nodes are genuine and honest, a consensus can be reached in the process. It is an elegant solution which shouldn’t pose any real problems, at least on paper.

In the real world, however, things can often turn out a bit differently. While “corrupting” over 1/3rd of the NEO network may seem like a monumental challenge, nothing is impossible to achieve. Delegated Byzantine Fault Tolerance offers a certain degree of protection against illicit actors. Once a consensus is reached on the network, it is impossible to achieve a different consensus later on. However, that doesn’t mean no improvements can be made to further streamline and perfect this technology.

As Erik Zhang explains on Twitter, it would appear the NEO developers are close to achieving a major upgrade. An improved version of dBFT will be completed in the near future, albeit no specific timeline or ETA has been confirmed at this point. The main selling point of this new solution is how has stricter finality. Additionally, NEO users will only need 1 confirmation to ensure transactions cannot be reversed or double-spent.

This latter part is perhaps the most “important” development for most average NEO users. In the cryptocurrency world, most people are worried about their transactions being double spent. As such, they often prefer to wait for half a dozen network confirmations, if not more. In the case of NEO, that leads to a minor delay, yet it still remains “time wasted’ nonetheless. Solving that problem by revamping the consensus algorithm is an innovative approach.

According to some of the community members, this new development will usher in the era of NEO 3.0. Until an official release date for the new dBFT is announced, however, it is too early to draw any real conclusions. It is evident this change has a lot of merit if the developers can deliver on their promise. How this will impact the NEO price as a whole, remains to be determined.




Please enter your comment!
Please enter your name here

Latest news

Bitcoin and Other Cryptocurrencies – How Their Values Fluctuate

Are you interested in knowing more about Cryptocurrencies? Have you been surprised by the value of Bitcoin...

Understanding The Viability of Blockchain in Supply Chain Management

With the advent of modern technology, the business dynamics of various industries have evolved and transformed in...

Top 7 Porn Sites That Accept Bitcoin/Crypto

Bitcoin and other cryptocurrencies are not that exotic anymore. Ever since the big boom on the crypto...

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business, sanctified and supported by the state, the BSN ( Blockchain...
- Advertisement -

Top 10 BEST Crypto Trading Books for New Traders (2020)

We may receive a small revenue share if you purchase something from this guide - with...

Crypto Firm That Connects Exchanges and Banks Receives $5m Investment From Wells Fargo

Cryptocurrency startup Elliptic recently held a Series B funding round which was joined by a venture arm...

Must read

Bitcoin and Other Cryptocurrencies – How Their Values Fluctuate

Are you interested in knowing more about...

Understanding The Viability of Blockchain in Supply Chain Management

With the advent of modern technology, the...
- Advertisement -NEO Developers Announce Upcoming Consensus Algorithm ImprovementsNEO Developers Announce Upcoming Consensus Algorithm Improvements

You might also likeRELATED
Recommended to you