NEO has unveiled a key step in its move towards the NEO3 upgrade by releasing version two of its delegated Byzantine Fault Tolerance mechanism – dBFT 2.0 – on its MainNet. NEO is mainly known as the Chinese Ethereum because it is positioned as a ‘public cloud’ and it is a part of a much bigger strategy by the Chinese government in establishing pre-eminence as a Blockchain platform industry leader. They generally want developers to use their tools and platform and to develop the ecosystem. We can see an example of this in the City of Zion team.
The NEO system includes Delegated Byzantine Fault Tolerance (DBFT) algorithm. This is a consensus mechanism used instead of the traditional proof of work/stake that allows the system to resist the Byzantine Generals problem and maintains consensus even if some nodes bare malicious intentions. The consensus mechanism has been improved to guarantee immediate transaction finality and includes a recovery method to help failed nodes on the NEO network get back online with minimal disruption.
Erik Zhang, founder, core developer of NEO, and author of its original dBFT protocol, noted the significance of the move as another step towards the full launch of NEO’s next major upgrade, NEO3. “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,” he said.
The developers of NEO, one of the world’s largest platforms for building and deploying decentralized applications (dApps), have proposed a new type of blockchain consensus algorithm called delegated Byzantine Fault Tolerance (dBFT). DBFT uses a delegated group of trusted nodes on its blockchain to achieve consensus on any given block. Blocks on NEO are formed and confirmed by this super-majority of nodes one at a time. This removes the need for confirmations as there are no competing forks that may take over as the longest chain.
the addition of the commit phase of consensus, the problem of forked blocks has
been eliminated. This makes the network much more stable and transactions
“truly irreversible,” a vital component for the commercial use of the NEO
Development of NEO3 is moving along rapidly with
the project recently reaching 62 percent completion on GitHub. NEO3 is set to be completed in quarter two of 2020.