5/16/2023 0 Comments Neo cryptocurrencyThe network as a whole consumes fewer resources and can handle higher transaction volumes. If consensus fails, an alternate bookkeeper is called and the process is repeated.īecause this consensus only needs to be replicated across a subset of the network, it is said to be more efficient than classic Byzantine Fault Tolerance. If two-thirds of the nodes on the network can agree with a bookkeeper’s version of the blockchain, consensus is achieved and the proposed version of the blockchain is validated. Participants in the system are able to designate certain nodes as bookkeepers who must maintain a minimum balance of NEO and meet certain performance requirements.īookkeepers are tasked with verifying the blocks that are written to the blockchain. NEO employs a consensus mechanism called Delegated Byzantine Fault Tolerance (dBFT). NEO, however, utilises a different consensus mechanic based on dBFT as well as a dual token system. Much like Ethereum, it’s focused on creating a digital economy around decentralised smart contracts. If NEO is transferred to a new address, the subsequent GAS generated will be credited to the new address. The minimum unit of GAS is 0.00000001.Ībout 100 million GAS, corresponding to the 100 million NEO, will be generated through a decay algorithm in over 22 years time to address holding NEO. The NEO network charges for the operation and storage of tokens and smart contracts, thereby creating economic incentives for bookkeepers and preventing the abuse of resources. GAS is the fuel token for the realisation of NEO network resource control, with a maximum total limit of 100 million. NEO, to be used as PoS token to generate GAS, a token needed to write transactions into the blockchainĬurrently, there is about 65% of the total NEO supply in circulation:
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