With a lot of new network upgrades and mainnet releases, this year is truly shaping up to be an exciting one for crypto development. The changes to the NEO network aren’t earth-shattering. Most of them are focused on optimizing network fees to secure the network from spam attacks and malicious transactions.
Last week, the NEO network upgraded, and all of its nodes are now running the delegated Byzantine Fault Tolerance or dBFT consensus mechanism.
The upgrade of NEO which happened last week
The developers over at NEO have given their network a well-needed upgrade in the previous week, which actually saw their mainnet consensus nodes get an update and the core consensus protocol.
The updated dBFT or delegated Byzantine Fault Tolerance consensus mechanism is actually designed to provide strict on-block finality. This is, in fact, a challenge in both research and speculation.
It is also anticipated that these new features are going to reduce the need for network maintenance, as well as downtime and their effect on the running processes of decentralized applications or dApps.
Even though it actually seems that these instability problems were probably postponed or also prevented NEP-5 tokens from being listed on the individual exchanges entirely. Guardian Circle, which actually helps a NEP-5 token for the decentralized emergency response service, is one good example.
Downtime and maintenance issues
Mark Jeffrey, the CEO of Guardian Circle, said that for one year, a few exchanges they have spoken with refused to list $GUARD or any other NEP-5 tokens as of the inherent instability of NEO nodes.
Maintenance and downtime problems became quite evident in September 2018; however, they have been partly resolved in instances such as PR 320 Stage 3 dBFT.
Vitor Coelho, who is from NeoResearch, said that the recent network instability has been because of the lack of a recovery mechanism, which may recover downed nodes from the local failures, as well as network problems.
In April of this year, NEO has announced their desire to begin anew from a new genesis block, during the new blockchain “NEO 3.0.” This new blockchain has been considered necessary as the network infrastructure has not been capable of handling the stability and performance NEO hopes to achieve.
Their plan actually is to launch the NEO 3.0 by the second quarter of the following year, with development being underway right now. The new pricing model, together with the dBFT, has been the primary two steps on the NEO 3.0 roadmap, which were now ticked off.
The muted growth of NEO during 2018
Without any doubt, smart contracts become one of the most sought after technological innovations from a global viewpoint. Corporations and governments are also eager to explore their use cases to improve their legacy service offering.
NEO saw muted growth during the last year, and in this one, with a lot of other competitors scaling, as well as growing much faster. Ethereum or ETH, together with TRON and EOS, keeps dominating the smart contract issuance game; however, a lot of competent projects come up to provide a broader range of competition.
The ecosystem of ETH is stacked with projects which are trying to grow smart contract structure, while TRON has found its purpose as a gaming and media platform. For the future, it does not seem like anyone could actually break the dominance of Ethereum over smart contracts.