NEO Launches dBFT 2.0 Consensus Mechanism On Mainnet, One Step Closer To NEO 3.0 Upgrade
NEO Implements New Consensus Mechanism With Its Existing Mainnet
- The new dBFT (Byzantine Fault Tolerance mechanism) protocol will reportedly make tx processing within the currency’s ecosystem much more streamlined.
- It will also help alleviate many of the forking issues that are otherwise quite prevalent within traditional PoW-based blockchain systems.
As per an all-new press-release issued earlier today, Chinese blockchain platform Neo has just implemented a fresh new iteration of its consensus algorithm on its mainnet.
From a technical standpoint, it is being reported that the new algorithm will help provide NEO users with “near-instant transaction finality”. Not only that, the new dBFT 2.0 protocol also comes laden with a module that seamlessly re-integrates failed nodes back into the blockchain network as well as adds a “commit phase of consensus” to the project’s existing framework — thereby minimizing any forking issues that may otherwise be incurred later down the line.
Other Core Features Of The New Consensus Mechanism
- When compared with PoW based consensus protocols, dBFT allows users to reap a host of benefits associated with ‘tx-finality’.
- Traditional proof-of-work (PoW) based currencies — such as BTC — are designed to allow miners to compete with each other (in regards to block production.)
- Similarly, ETH makes use of a system wherein it is possible to “create and validate new blocks” with relative ease. This feature is also supported by the NEO blockchain.
In regards to his firm’s latest offering, Eric Zhang — the creator and founder of the NEO project — was quoted as saying:
“With 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.”
In closing out this piece, it should be pointed out that as we move into the future, Zhang is already talking about his envisioned Neo 3.0 blockchain ecosystem — that will reportedly be capable of handling large-scale commercial activity. It now remains to be seen how the future of the crypto giant plays out for here on out.