Blockchain giant NEO has rolled out an upgraded version of its unique consensus protocol which the company claims boasts enhanced stability and reliability.
The news was shared with Coin Rivet in a press release. The NEO team claims the release of version two of its delegated Byzantine Fault Tolerance (dBFT) mechanism on its mainnet is a key step in its move towards NEO 3.0, which is scheduled for completion in 2020.
dBFT utilises a delegated group of trusted nodes on its blockchain to achieve consensus on any given block. Consensus is achieved providing two-thirds of the active consensus nodes are in agreement.
The consensus mechanism has been improved to “guarantee immediate financial transaction finality and includes a recovery method to help failed nodes on the NEO network get back online with minimal disruption.”
The network is now reportedly much more stable with the addition of the commit phase of consensus, which forces the nodes to commit to a single new block – consequently eliminating the problem of forked blocks.
In turn, this enhances the network and ensures it is more stable and transactions are “truly irreversible”, which will be a vital component for the commercial use of its blockchain.
Erik Zhang, founder and core developer of the project alongside being the author of its original dBFT protocol, has noted:
“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.”
NEO 3.0 aims to make the blockchain ready for large-scale commercial applications such as YouTube, Alipay, and WeChat.
Interested in reading more NEO-related stories? Discover more about NEO 3.0, which is set for Q2 2020.