NEO Smashes Through the Top 10 – Decentralization of the NEO Network has Commenced
NEO top 10: The decentralization of the NEO main network has commenced, and the cryptocurrency has catapulted to the top 10.
NEO entered the era of decentralization!https://t.co/JOA7UibNnU
— NEO Smart Economy (@NEO_Blockchain) July 4, 2018
Neo’s decentralization began with the election of a City of Zion consensus node onto the main NEO network. The City of Zion is a global, independent group of open-sourced developers, translators, and designers. This group was formed to support the NEO core and ecosystem.
Originally, NEO’s platform has been very much centralized, but the team has taken a methodical approach to the decentralization of the ecosystem.
Da Hongdei, NEO Founder, commented on his platform’s decentralization transition at DevCon and said:
“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.”
That news should make NEO investors happy, as a methodical, gradual approach is a safe approach in the crypto world. We’ve seen what launching a network too quickly can do – right EOS?
Presently, there aren’t any economic incentives to run a NEO consensus node. At the moment, the only incentive is to ensure the integrity of the network, and many NEO enthusiasts are happy to oblige.
City of Zion explains its stance on NEO:
“In line with these ideas, NEO will begin its decentralization by allowing well known commercial projects and communities to run consensus nodes, forming an initial confederation of actors with a strong interest in guaranteeing the security and success of the network. While it might seem counterintuitive, this architecture will be less centralized than many other networks today. Through coopetition, we can ensure that all players are equal in the network by design. Their power won’t depend on how much money they have, or how cheap their electricity may be.”
At press time, NEO remains in the top 10 cryptocurrencies. It has passed Tron (TRX), which held the number 10 spot for a considerable amount of time until just recently dropping below the mark.
NEO is trading at $41.80 a coin, up 7.97%, in 24 hours. For the week, NEO is up nearly 40%.
Featured Image: Twitter