Connect with us

Altcoins

NEO’s decentralization begins – City of Zion consensus node

Ranjitha Shastry

Published

on

NEO [NEO]'s decentralization begins - City of Zion consensus node
Source: Unsplash


The city of Zion is a global, independent and international group of open source developers working on NEO core and its ecosystem. The decentralization of NEO network has embarked with the election of a “City of Zion consensus node” above the NEO MainNet. It is said that the City of Zion consensus node is running smoothly on the NEO TestNet for the last six months in the event of the elections.

NEO mentioned in their blog post:

“There are other Several other independent consensus nodes are also running on the TestNet and are planned to be voted in by the end of 2018.”

Some of the independent nodes are:

  • KPN: The largest telecom companies in the Netherlands. KPN produces internet access to 2.1 million customers throughout Western Europe.
  • Fenbushi Capital: One of the first venture capital [VC] funds that is focused on building world-class blockchain-enabled companies. It was named as one of the top 5 blockchain venture capital firms by CB Insights. This VC firm has supposedly invested over $50 million in blockchain projects, and has Ethereum founder, Vitalik Buterin, as an advisor.

The KPN and Fenbushi Capital consensus nodes have been operating on the NEO TestNet since April 2018.

NEO has framed a “gradual rollout of decentralization” which is a part of their meditated strategy. This strategy allows the core development team to perform faster upgrades on the network.

NEO founder Da Hongfei commented in his interview at the DevCon:

“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.”

NEO has drafted a timeline of the decentralization process and this timeline includes NEO’s plans to initiate the network for public campaign and election of consensus nodes by 2019.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Ranjitha Shastry is a part of AMBCrypto's News Reporting Team. Having done her major in Journalism and mass communication, she is passionate about business and economic journalism.

Partner

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement