How does NEO's consensus mechanism work?

3 answers

• Dec 26, 2021 · 3 years ago
  NEO's consensus mechanism, known as dBFT (delegated Byzantine Fault Tolerance), works by using a small number of trusted nodes, called consensus nodes, to validate transactions and reach consensus on the state of the blockchain. These consensus nodes are elected by NEO token holders through a voting process. Once elected, the consensus nodes take turns proposing and validating blocks. Consensus is achieved when two-thirds of the consensus nodes agree on the validity of a block. This mechanism ensures fast transaction confirmation and high network scalability.
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• Dec 26, 2021 · 3 years ago
  NEO's consensus mechanism, dBFT, is designed to be highly efficient and secure. Unlike other consensus mechanisms, such as proof-of-work, dBFT does not require extensive computational power. Instead, it relies on a small number of trusted nodes to validate transactions. This makes NEO's blockchain more energy-efficient and environmentally friendly compared to other cryptocurrencies.
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• Dec 26, 2021 · 3 years ago
  In the context of BYDFi, the consensus mechanism of NEO is an important factor to consider when evaluating the security and reliability of the platform. dBFT ensures that transactions on the BYDFi platform are validated by a small group of trusted nodes, which enhances the overall security of the platform. Additionally, the fast transaction confirmation and high scalability of NEO's consensus mechanism contribute to a seamless trading experience on BYDFi.
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