NEO Decentralisation Process to be completed by the end of 2018
In summer NEO announced the election of a new consensus node as well as proudly re-joining the top-10 cryptocurrencies as per market cap in the world. Up until this point, all nodes were operated by the NEO project’s team.
July 2018 was a good day for NEO as more than $400 million was purchased in just 24 hours, catapulting the currency to 10th position, up 17.6% at the time of writing.
In order to run the new consensus model, the NEO team have elected the City of Zion which is an independent, global group of NEO developers who have been running a candidate node on the testnet since January of this year.
NEO even now benefits from a webpage that tracks the blockchain’s operational status such as the number of consensus blocks and candidate nodes, the block height, and the block times.
This recent announcement comes at a time when NEO had faced criticism for the monopolistic management of its nodes. News that it is now controlled by community consensus means that it could enjoy a surge in popularity. One Twitter user tweeted:
“My only problem with NEO initially was that I thought it was so centralised. Has that changed?”
NEO Founder and CEO Da Hongfei stated:
“We have to be very careful with decentralization of the consensus nodes because the protocol of NEO is evolving very fast. We need those consensus nodes to act very quickly to upgrade, and if there is a bug or a security issue, we need them to respond very quickly. So we’re doing the decentralisation process slowly, gradually and very carefully.”
According to the Timeline of NEO Decentralisation Process, the change over of the remaining nodes to the mainnet system will be completed by the end of 2018.