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NEO’s Biggest Step Towards Decentralization

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NEO has managed to make a big step towards decentralization of its network, and the new development has seen the election of its City of Zion consensus node on the MainNet. Prior to the election, the consensus node has been thoroughly tested on the TestNet for half a year, and everything seems to be working smoothly.

NEO decentralization finally starts

The issue of decentralization is something that a lot of cryptocurrencies, as well as their networks, have yet to achieve. Luckily, NEO has been working tirelessly on doing just that, and one of the largest steps on its way to achieving this is the election of a City of Zion consensus node. Apart from this one, various other consensus nodes were also being tested on NEO’s TestNet, and the vote for those is to be held by the end of the year.

One of these other nodes is hosted by the Netherlands-based KPN, which has announced its intention to be a consensus node host back in January. So far, the company has over 6.3 million customers, all of them with a fixed line. Apart from that, they are also serving over 33 million mobile subscribers in various countries. Finally, they have over 2.1 million customers in the Western Europe who chose KPN as their internet provider.

Another of the independent nodes on NEO’s TestNet is being run by Fenbushi Capital, one of the top 5 blockchain venture capital companies, according to CB Insights. So far, the firm is supposedly invested over $50 million in various blockchain projects. Additionally, Vitalik Buterin, the founder of ETH, also works as their advisor.

These two companies have had their nodes running on NEO’s TestNet for months now, since April of this year.

Reaching decentralization is a delicate process

When it comes to achieving decentralization, NEO has chosen to take a methodical approach. In fact, at some point, it even admitted that it is still centralized, but also stated that it has been working on reaching decentralization. Obviously, the statement was true, and NEO has just made a large step to confirm it.

NEO’s founder, Da Hongfei, stated that the NEO understands that it has to be very careful when approaching decentralization, especially when it comes to consensus nodes. NEO’s protocol is rapidly evolving, and the nodes need to be quick to adjust or to respond to potential bugs or other issues. Because of that, the process of decentralization has been slow, but only for the purpose of doing a quality job.

The additional issue might be the lack of rewards when it comes to running consensus nodes. Instead, the only incentive to do so is the promise of the network’s integrity. Because of that, those willing to run nodes on NEO’s network have it in their best interest to do a good job and ensure that the nodes remain healthy and functional.

What lies ahead?

According to an explanation provided by the City of Zion, NEO has decided to start the process of decentralization by letting various commercial projects, as well as communities, to run consensus nodes. That way, they will form an entire confederation of actors that have a strong interest in ensuring the success of the network. The road to decentralization will be difficult, and the process slow, but eventually, NEO’s network will be less centralized than the majority of other networks.

The additional announcement by NEO states that the timeline of the process was laid out and that it all started with TestNet’s launch that occurred in 2015. Eventually, NEO will open its network for a public campaign, as well as consensus nodes election, that is supposed to be held before 2019. There is even a website made for monitoring the status of NEO’s blockchain, and it can be accessed here.

Naturally, before the election itself, those wishing to participate will have to go through a  special identification process. This is one of the requirements before the access to the MainNet is provided. Additionally, those who prove that they can achieve a certain level of uptime on the TestNet will be considered a capable candidate for the MainNet’s vote.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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