NEO (NEO) decentralization begins, crypto moves a rank up, pushes Tron (TRX) down
NEO moved a rank up, according to CoinMarketCap and is currently at number 11. In fact, the coin in the past 24 hours rose by 13.38 %. Surprisingly, this jump came up soon after it was reported that NEO will embark on its first step towards decentralization on July 4.
Their twitter post mentioned, “No innovation. No Decentralization. No communication. We’ve heard many voices of ‘No’ over the past. While the Market changes, NEO’s vision remains unchanged. From this first step of decentralization, a new era of NEO ecosystem is about to unveil!”
Decentralization means describing the design of a network without being managed by a central party. The third party is not needed in this case, as peer-to-peer interaction helps in driving the network. The move definitely is of significance for the global crypto economy especially considering the popularity of the coin, as one of the best performing coins in circulation. It is currently trading at $41.72, with a market cap of $2.71 billion. As NEO moved up it pushed down Tron token TRX. Though it is currently at number 11, it even moved up to number 10 for some time, pushing down Tether token USDT.
According to NeoNewsToday, the decentralization of the network, which is known as the Ethereum of China began with the election of a City of Zion consensus node onto their MainNet. The City of Zion is an independent group of open source designers, developers, and translators which are formed to support the NEO core and ecosystem.
During an interview on NEOTALK, the blockchain Founder and CEO Da Hongfei stated: “We have to be very careful with decentralization of the consensus nodes, because the protocol of NEO is evolving very fast. We need those consensus nodes to act very quickly to upgrade, and if there is a bug or a security issue, we need them to respond very quickly. So, we’re doing the decentralisation process slowly, gradually and very carefully.”
Much like classical public blockchains like Ethereum, NEO also has a webpage tracking system now. It will help them to know the blockchain’s operational status. It includes the number of active consensus and candidate nodes, block height, and block timex.
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