The blockchain ecosystem is home to many initial coin offering projects that fail to achieve success. There are many different reasons as to why a blockchain project many fail. Some initial coin offerings are unable to gather enough supporters due to poor marketing practices, while others may simply present an unappealing idea.
It’s rare, however, for an initial coin offering to fail before it even manages to launch. This seems to be the case, however, with the upcoming Neuron Network ICO, which was announced recently on November 29th, 2017.
Interested investors navigating to the Neuron Network website will be surprised to discover that the site now fails to load. It’s unclear whether this is intentional, or whether the platform creators are experiencing technical difficulties. Either solution does not bode well for a new startup in the initial coin offering ecosystem.
The lack of information regarding the outage is disappointing to many investors, who have expressed a significant amount of interest in the promises made by Neuron.
What Is The Neuron Network?
A Youtube promotional video released on the 29th of November provides a significant amount of information regarding the Neuron Network platform. Interestingly, Neuron Network claims to have created an entirely new blockchain network that operates on a modified consensus method as a “decentralized, third generation blockchain system”.
According to the video, the Neuron Network blockchain is based on a “new updated delegated proof of importance” consensus method that uses transactions as proof of stake. This is particularly interesting, as it could possibly make it easier for smartphone users to mine on their devices.
Delegated proof of stake is a consensus method that leverages the power of stakeholder approval voting in order to resolve consensus arguments in a democratic fashion. This method, also referred to as DPoS, allows elected delegates to decide on virtually all network parameters, including fee schedules, transaction sizes, and block intervals.
In most DPoS systems, stake is determined by how many tokens a participant holds. In the modified system proposed by the Neuron Network, however, transactions are used as proof of stake. The core concept behind proof of stake networks is that a blockchain should be secured by participants that have a financial interest in it.
Transaction as proof of stake, however, works on the assumption that each transaction on the network carries with it an implicit proof of stake, as the creator of the transaction wants to ensure that the network will accept it.
While it’s not clear exactly how the Neuron Network plans to implement it, they make a number of interesting claims regarding the architecture of their system. According to Neuron Network, the Neuron Network blockchain will support an unlimited amount of users, and will be able to process millions of instantaneous transactions at any given point in time.
The Neuron Network platform will also be completely open source, and will allow individual tokens to be created on the Neuron Network blockchain in order to facilitate initial coin offering creation and launch. Additionally, claims that a peer to peer exchange will allow users to easily convert these tokens into fiat currency.
Neuron Network also promises decentralized processing solutions, plastic payment cards, mobile apps, and a custom payment system that will allow users to deposit and withdraw fiat currency.
The Future Of The Neuron Network Project
At this stage, it’s unclear whether the Neuron Network platform is actually going to launch, as the Neuron Network site is down. There have also been a number of other blockchain platforms with the same name, which makes finding concrete information difficult. Nevertheless, it may be worth checking the Neuron Network website on a regular basis for future updates.