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NEO’s Biggest Step Towards Decentralization

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NEO

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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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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