Bitcoin, Crypto currency, Blockchain

Update for NEO is

NEO, a not-for-profit Blockchain project, relies on Blockchain technology and digital identification tools for the digitization of Assets. You start the year 2019 with an Update. The company is in the process of completing the improved NEO-consensus algorithm dBFT, said Erik Zhang, the founder and main developer of Neo.

Zhang has the following tweeted:

After half a year of development time, the improved NEO-consensus algorithm dBFT is nearing completion and is to the best consensus mechanism for block chains.

Zhang further explained that dBFT will be a little strict. A user only needs to get a certification (15 seconds), to ensure the irreversibility of transactions and the problem of Double-Spending curb. This is particularly important for commercial applications is important.

The consensus Protocol configuration of Blockchain-know networks, one must first understand the basic Knowledge of a well-known Dilemma is the Problem of the Byzantine generals known.

What is the Problem of the Byzantine generals?

The Problem of the Byzantine generals is a description of a thought experiment in computer science. It is a event, the participants concerned must, on a certain policy beliefs, in order to avoid the total collapse, but some of the affected groups are unreliable and fake or misleading data to distribute. It is defined as an exceptional primary case, in which it is shown how the Bitcoin consensus algorithm Proof-of-Work work, and the Knowledge that he normally increases the understanding of other consensus methods.

NEO’s Delegated Byzantine Fault Tolerance (“DBFT”)

The dBFT algorithm (Delegated Byzantine Fault Tolerance) is a consensus method, which is implemented within the NEO Blockchain, in order to achieve a higher fault tolerance. The consensus is to try a variant of the accuracy to be maintained. Because block chains operate globally on a decentralised basis and different transactions at different times to accept, you can often differ to what is currently correct. The solution is to reach a consensus on one or more Paths, otherwise all sorts of unwanted things such as double spents, can occur.

NEO performs a delegated Byzantine fault tolerant consensus algorithm that gets the advantage of PoS-similar characteristics (NEO-owner votes on consensus nodes) that preserves the network from Byzantine failures and minimal resources used. This change approaches the solution of execution and scalability problems associated with the current Blockchain implementations without having a negative impact on the fault tolerance. The effective implementation of dBFT in the NEO uses an iterative consensus process to confirm that the consensus is touched. The realization of the algorithm is a further step on the part of the trusted node in the NEO Blockchain.

In the NEO-consensus algorithm, consensus nodes of the NEO elected-owners and to decide on the legality of transactions. These nodes are also referred to as a “book holder” (Bookkeepers). In the future, you will be considered as a consensus node.

Within NEO, there are three basic elements for consensus in fault-tolerance:

After he has sweated for a half year in the development of the NEO-consensus algorithm dBFT, is the Plan shortly before the completion. The development for dBFT is “nearing completion”, says Zhang. It is expected that transactions will be approved in about 15 seconds, to ensure that a transaction is reversible, what is double spending prevented effectively. Zhang said that NEO for economic applications will be very suitable.

NEO was founded in 2014 and in June 2015 on GitHub Open Source veröffentlciht. It has a huge developer community around the world, such as CoZ, NEL and NeoResearch, which contribute to the improvement of NEO.

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