Given the growing FUD surrounding NEO cryptocurrency regarding it being centralized, delaying of blocks and the consensus mechanism dBFT, its co-founder Da Hongfei came forward to clarify them all.
NEO coin – the fUD and the fACT?
The founder of NEO, Da Hongfei came to the front to clarify the confusion surrounding the NEO cryptocurrency with his straight facts. There has been a lot of FUD around this digital currency regarding its dBFT consensus mechanism, the plan to decentralize the consensus nodes and the delay in the latest block.
The concerns started a few days back when questions have been put up about the above-mentioned aspects of NEO. Due to “alarmingly small number of smart contracts” its network has been alleged to be centralized. It has been further said that NEO blockchain has poor performance that is nowhere near its advertised 1000 transactions per second.
It had also been stated, the developers claim that the smart contract system of NEO not only lacks various features but is also poorly coded. Additionally, NEO had a two-hour block a few days before, that raised questions about its technical foundations. However, a NEO team member explained that it happened because a single node went down that caused a deadlock in the consensus process.
Facts about delegated byzantine fault tolerance (dBFT)
In the light of increasing FUDs, NEO’s founder Hongfei cleared the air around NEO’s consensus mechanism dBFT where no holder participates in the consensus process directly rather through votes via a special voting transaction in Consensus Nodes. These Consensus Nodes’ numbers are set similarly to NEO holders process, that ranges from 7 to 1024.
