Categories: Bitcoin Business

NEO Developers Announce Upcoming Consensus Algorithm Improvements

Click here to view original web page at nulltx.com
neo dapps

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.

After half a year of development, the improved NEO consensus algorithm dBFT is about to be completed. dBFT will become the best consensus mechanism for blockchains.

— Erik Zhang (@neoerikzhang) January 3, 2019

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.

Image(s): Shutterstock.com

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

The Entire Bitcoin Dynamic is Changed by the Lightning Network, Says Samson Mow

Samson Mow, BTCC Exchange’s Founder and Magical Crypto Friends and Blockstream’s present CSO, recently shared his views on Bitcoin’s status… Read More

2 hours ago

Bitcoin History Part 15: Silk Road Is Born

Silk Road launched in February 2011 as the darknet’s first bitcoin-based marketplace. Within four months, it would be the darknet’s… Read More

2 hours ago

Sunday Digest: Bitcoin Price, Pantomime Season, More Craig Wright Lies

Share Tweet Send Share This week, US President, Donald J Trump, decided that he would like to buy Greenland, thereby… Read More

2 hours ago

Bitcoin Twitter Is Daydreaming About a Hong Kong Bank Run

Crypto-fever dreamers cheered as Hong Kong protesters suggested organizing a bank run, but apparently rioters didn't flock to bitcoin. |… Read More

2 hours ago

World Bank issues second tranche of Ethereum blockchain kangaroo bond

'Kangaroo bond' is the name given to a foreign bond, issued in the Australian market and denominated in Australian dollars.… Read More

2 hours ago

What the Theft of a BBC Reporter’s $30,000 in Ethereum Shows About Cryptocurrency

Last week, BBC contributor Monty Mumford lost $30,000 of Ethereum . This came after a logical thought process: invest in… Read More

2 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More