{"id":107336,"date":"2019-06-06T14:08:02","date_gmt":"2019-06-06T21:08:02","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=107336"},"modified":"2019-11-07T02:29:53","modified_gmt":"2019-11-07T02:29:53","slug":"neo-consensus-protocol-upgraded-on-schedule-for-neo-3-0","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/neo-consensus-protocol-upgraded-on-schedule-for-neo-3-0\/","title":{"rendered":"NEO consensus protocol upgraded, on schedule for NEO 3.0"},"content":{"rendered":"

NEO upgraded its consensus mechanism ahead of the scheduled move to NEO 3.0 in 2020.<\/p>\n

Often referred to as \u201cChinese Ethereum<\/a>,\u201d the project has been making moves in 2019 to increase its global footprint. NEO recently opened a U.S. office<\/a>\u2015NEO Global Development Seattle, led by former Microsoft executive John deVadoss<\/a>\u2015and hosted its second developer conference<\/a> in the same city.<\/p>\n

Part of the process of readying the NEO blockchain for version 3.0 involved updating its Byzantine Fault Tolerance (dBFT) consensus mechanism. The upgrade to 2.0 makes the algorithm more resistant to disruptions and node failures, said a representative from NEO.<\/p>\n

Irreversible and unforkable?<\/h2>\n

Compared to proof-of-work (PoW), the consensus mechanisms used by Bitcoin<\/a> and Ethereum, where blocks are solved by computers \u201cmining\u201d blocks, the dBFT mechanism works by using a small group of trusted servers (nodes)\u2014currently numbering less than 10<\/a>\u2014to secure the NEO blockchain.<\/p>\n

DBFT ensures transactions made are irreversible and that forks cannot be made to the NEO blockchain. Version 2.0 will \u201cguarantee immediate transaction finality and includes a recovery method to help failed nodes on the NEO network get back online with minimal disruption,\u201d according to a release from the project.<\/p>\n

The new consensus mechanism will also make it so the NEO blockchain cannot be forked, making the system \u201ctruly irreversible.\u201d The feature is a benefit for enterprise applications of NEO but may pose problems in the future around the decentralization and governance of the system.<\/p>\n

According to Erik Zhang<\/a>, co-founder of NEO and the protocol\u2019s architect:<\/p>\n

\u201cWith this improvement, dBFT will have more strict finality. Users only need to wait for one confirmation (15 seconds) to ensure the irreversibility of the transactions and prevent double-spending. This is very suitable for financial applications.\u201d<\/p><\/blockquote>\n

NEO 3.0 is on schedule<\/h2>\n

The upgraded consensus mechanism is just one part of NEO\u2019s roadmap to NEO 3.0<\/a>, a completely new blockchain which may require users to swap their tokens ahead of the migration. However, detailed release plans are not available yet. Work on version 3.0 is ongoing and NEO\u2019s GitHub page lists the upgrade as 62 percent<\/a> complete.<\/p>\n

At NEO\u2019s 2019 developer conference, Da Hongfei<\/a>, the co-founder NEO, said he wanted NEO to be the number one blockchain by 2020<\/a>. NEO hopes 3.0 will make the blockchain ready for large-scale adoption by companies such as Alipay or WeChat.Version 3.0 is expected<\/a> to launch Q2 of 2020 according to an earlier statement from the project.<\/p>\n","protected":false},"excerpt":{"rendered":"

NEO upgraded its consensus mechanism ahead of the scheduled move to NEO 3.0 in 2020. Often referred to as \u201cChinese Ethereum,\u201d the project has been making moves in 2019 to increase its global footprint. NEO recently opened a U.S. office\u2015NEO Global Development Seattle, led by former Microsoft executive John deVadoss\u2015and hosted its second developer conference […]<\/p>\n","protected":false},"author":29,"featured_media":107340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15323,37],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nNEO consensus protocol upgraded, on schedule for NEO 3.0<\/title>\n<meta name=\"description\" content=\"The upgrade to the dBFT makes the algorithm more resistant to disruptions and node failures, said a representative from NEO.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/neo-consensus-protocol-upgraded-on-schedule-for-neo-3-0\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NEO consensus protocol upgraded, on schedule for NEO 3.0\" \/>\n<meta property=\"og:description\" content=\"The upgrade to the dBFT makes the algorithm more resistant to disruptions and node failures, said a representative from NEO.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/neo-consensus-protocol-upgraded-on-schedule-for-neo-3-0\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-06T21:08:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-07T02:29:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/06\/neo-upgrade-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" 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