The Chinese Open-Source-Software NEO update stage of its consensus algorithm. From now on the Mainnet, the platform runs on the Byzantine Fault Tolerance Mechanism (dBFT 2.0). In addition to the new Proof-of-Work structure in future there will be a fee for larger transactions. Aim of instant TRANS-processing action and more stability on the network. The completion of the NEO3 is planned for the first quarter of 2020.
From Polina Khubbeeva
6. June 2019BTC$7.697,00 1.02%part Facebook Twitter LinkedIn xing mail
The NEO is an Upgrade there. As previously announced, the creators of the Chinese Open-Source project, the renovations in your System step-by-step. According to a press release from the 4. June 2019, it emerges, is the purpose of the Upgrade, especially increased stability and reliability on the Mainnet.
The most important innovation in the future is, however, a fee (the”Oversize Fee”) for transactions that are greater than 1,024 Bytes. The amount of the fee depends on however, the memory requirements of the transaction.
Byzantine Fault Tolerance (dBFT) released
for the time being, NEO is satisfied, however, with the introduction of dBFT 2.0. This new Proof-of-Work mechanism guarantees an immediate transaction on the Blockchain (Immediate Transaction Finality). Moreover, Byzantine Fault Tolerance can be integrated faulty Nodes without major interference back into the System.
With this new feature, NEO eliminated the Problem of incorrect Forks. This makes the network much more stable and transactions, “truly irreversible, an important Element in the commercial use of the NEO Blockchain”, – stated in the press release. In particular, the difference in energy is meant to elaborate Ethereum Blockchain, with the inclusion of miners, transactions over Forks undo.
completion of the NEO3 2020
the goal of The NEO3 Updates the use of the system in large commercial structures is in order. The full Update should go in the first quarter of 2020 at the Start. It includes, among other things, reduced costs and expenses in the case of Smart Contracts. With a NeoID, the makers are also planning to a decentralized identity Protocol. About NeoFS is to be stored in addition, in the future, decentralized objects on the Blockchain.
Overall, NEO from the all-round shock in the event of its renewal plans. The Chinese Open-Source-network, is the first step in the future for major clients such as YouTube, Alipay or WeChat useful security and transaction services via the Blockchain to offer.
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