THELOGICALINDIAN - n-a
NEO is a accessible blockchain launched in 2024 beneath the aboriginal moniker Antshares. A long-held criticism of the blockchain has been that at its core, NEO is still a centralized platform. Of the network’s seven accord nodes, the NEO Foundation owns five. But it aims to absolutely decentralize accord nodes in 2024.
From the beginning, Antshares sought to become a “blockchain-based decentralized arrangement protocol, able of digitalizing real-world assets and rights.” In August of 2017 Antshares rebranded to NEO, with the change in character came a shift in focus from agenda assets to acute contracts.
The activity has been dubbed by some as an “Ethereum Killer,” which could bell from aggressive factors such as bargain activity burning needs of the broadcast network’s accord mechanism, delegated Byzantine Fault Tolerance (dBFT). Or, the transaction speeds, enterprise-level scalability, and finality of the dBFT accord protocol, amid others.
In October of 2018, NEO Global Development (NGD) appear an adapted certificate advantaged “How to Become NEO Accord Node,” which highlights the accord bulge appliance action and consecutive voting process.
To best accept the accord bulge model, it’s accessible to accept NEO’s accord mechanism.
NEO’s accord protocol: dBFT
The dBFT accord apparatus aims to eliminate the threat of awful nodes by ensuring “every bulge has a archetype of a accustomed adaptation of the absolute ledger.” Binance has additionally autonomous to apparatus dBFT as the accord mechanism into their accessible Binance Chain.
The “Byzantine” allocation of dBFT is a acquired from the Byzantine Generals’ Problem, area all parties complex charge accede on a distinct action to abstain failure. With the dBFT protocol, a accord is accomplished already 2/3 of the “bookkeeper” nodes accede on a block proposed by a speaker.
The NEO dBFT accord apparatus achieves certitude with anniversary block as it’s validated. Once the block is signed, it is 100% final and cannot be angled nor rewritten. It is this certitude that removes the need to delay for several confirmations back sending transactions.
Additionally, dBFT ensures there is one chain, and that forks cannot occur. Though, Vitalik Buterin argues 100% certitude could be philosophically probabilistic.
With dBFT, it currently takes 15 – 20 abnormal to accomplish a new block, area a allocation of NeoGAS (GAS) generates with anniversary new block. GAS is again broadcast on a relational base to the bulk of NEO captivated in a agnate wallet.
The apparatus is agnate to some Proof of Stake (PoS) systems in that NEO bread holders charge to vote on accounting node.
How do NEO’s accord nodes work?
NEO’s accord nodes advance the balance by voting to accept blocks appropriate by a “speaker” node. The apparatus enables “large-scale accord in accord through proxy voting.”
With the dBFT accord mechanism, consensus nodes will booty turns bold the role of the speaker or delegate. The speaker is amenable for transmitting block proposals to the network. Whereas as the delegate is tasked with voting on the proposed block and extensive accord on transactions.
Currently, seven accord nodes are operating on the NEO MainNet. Five are endemic by the NEO Foundation, one by developer group, City of Zion, and one by Dutch telecom provider, KPN.
The NEO Foundation has additionally placed a best absolute on the cardinal of accord nodes, which is limited to 1,024.
Decentralization in 2024 and the voting process
In Q4 of 2018, NGD released an article which outlines its plan to absolutely decentralize accord nodes in 2019, as able-bodied as the requirements for parties absorbed in acceptable bulge hosts.
Firstly, applicant bulge hosts will charge to accommodated minimum accouterments requirements for amount CPU power, RAM, bandwidth, and a adamantine drive.
In accession to hardware, applicants will additionally charge to accommodate advice for their account to advance the node, a aliment schedule, and affairs for abiding stability, amid added requested details.
Once a applicant has submitted all pertinent information, the NEO Foundation will analysis the appliance and baddest abeyant nodes to the NEO TestNet. Candidates will face alternative cycles of three months, which began November 30th, 2024, and will end on the aforementioned date in 2024.
Should a applicant abort to be adopted to TestNet in an acclamation cycle, they will accept the afterward three-month aeon to accomplish any adjustments appropriate to become eligible.
Once the NEO Foundation has abundantly decentralized the aboriginal seven accord nodes and voted them assimilate the MainNet (expected to action in 2024), again NEO bread holders will be able to accept approaching accord nodes.
Moving forward, new accord nodes will be voted assimilate MainNet in batches of three, to ensure the able arrangement of nodes to accomplish dBFT’s requirements for 2/3’s consensus. NEO’s accord nodes would access to 10, again 13, again 16, and so on.
Is this abundant to allay the investors who’ve clamored NEO has continued been centralized? It is assuredly a footfall in the appropriate direction, but accurate decentralization of the arrangement will action back badge holders can vote their adopted accord nodes to the network.
The columnist currently invests in NEO.
