NEO Cryptocurrency Community Speculates Why Recent Blockchain Block Took Over 2 Hours To Produce
Was The NEO Blockchain Down For An Hour As Reddit Reports Show?
There are some reports that spread on Reddit regarding the NEO network having some issues with its block production. As per the Reddit user Zzzoem, the NEO blockchain was down for over an hour. As he mentioned, there are some decentralized applications such as Switcheo that cannot work when there are no new transactions. What happened with NEO’s network?
Was The NEO Network Down?
According to the redditor, NEO’s block #3467252 took over 152 minutes to be produced. There have been several individuals calling the whole project a scam and speculated about the reasons behind this situation.
NEO is one of the most popular blockchain networks in the market and also a leading smart contract platform. The team behind NEO implemented the Byzantine Fault-tolerant (dBFT) consensus mechanism and adopted a dual-token economy, compared to other projects.
Another Redditor decided to answer and explain why the block production was delayed. The Redditor explained that the NEO consensus mechanism works in a different way than other networks. As he mentioned, NEO follows an exponential block protocol.
About it, the Redditor called drei1 explained:
“NEO follows an exponential back off protocol. This means that if it cannot achieve consensus in 15 seconds, it will try to achieve it in 30 seconds. If it cannot achieve it in 1 minute, it will try to achieve it in 2 minutes, and so on. Each time it doubles the time is called a “View Change.”
As he said, the blockchain is not down, however, it is following a completely reasonable exponential backoff. Drei1 went on explaining that there are some changes being developed that aim at reducing the amount of Change View.
NEO is currently the 17th most valuable digital asset in the market. Each coin can be purchased for $8.93 and it has a market capitalization of $580 million.