NEO Announces Their Plan to Acquire Full Node

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NEO (NEO) Announces Their Plan to Acquire Full Node Decentralization in 2019

NEO is ranked as the 18th-largest cryptocurrency by its market capitalization, also representing a smart contract platform, specifically built to allow the development of decentralized applications.

NEO is also said to be one of the “Ethereum Killers,” said to be posing a threat to the development of Dapps on Ethereum. NEO is currently rising with the rest of the market as the crypto market is rebounding for less than 48 hours at this point starting out on December 9th after almost an entire week of constant dips and price cuts.

In the meanwhile, the Chinese-based blockchain foundation, NEO, announced their plans on decentralizing the entire network in the upcoming year of 2019.

Back in October, NEO already released a document with guidelines on how to become NEO consensus node, and in December, the foundation is sharing their further plans on the matter of achieving full decentralization through first decentralizing NEO nodes.

NEO Talks Decentralization Plans: NEO Platform to Become Fully Decentralized in 2019

NEO announced further plans on achieving full decentralization back on December 5th, after previously releasing guidelines on how to become NEO consensus mode. In order to achieve a complete decentralization of the platform, the foundation will first have to decentralize the nodes.

NEO mainnet has a total of 7 nodes running the network, where 2 out of seven nodes are not being operated by NEO foundation.

For now, KPN, which is a telecommunication company based in the Netherlands, and the City of Zion which represents a community group made to be open-source, are handling the two of the nodes, one node each.

However, NEO is aiming at having the management of these nodes divided further among different hosts. The final objective of the plan would be to achieve a complete decentralization in 2019.

NEO “Mature Enough” to Take over the Process of Full Decentralization

As stated by the team in the official release that came out on December 5th NEO foundation is said to be mature enough to take over the process of decentralization.

Prior to planning on decentralizing NEO nodes, the foundation was working on protocol updates, improvements, and fixes to the network, all in favor of achieving decentralization and being prepared for the next stage in the technical development of NEO as a project.

To complete the process of decentralization of the network, NEO will be seeking for adequate and reliable third parties that could take over the off-chain governance in order to promote decentralization.

Currently, NEO network has on-chain and off-chain governance, where on-chain governance is done through voting of NEO investors and holders and off-chain is also done through the process of election, however, off-chain governance is supported by the foundation.

NEO is seeking to promote off-chain governance with third parties that could become a reliable part of the decentralized system of the network.

Candidates for nodes can apply through emailing the foundation and submitting their proposal, where NEO will get to review all candidates and contact them back based on their eligibility.

Further process of election will demand that the successful candidates are voted in a consensus node, which will take place on the test net.

The process of decentralization should be completed in 2019. 

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