05 July 2018

Election Of CoZ Consensus Node Marks The Start Of NEO Decentralization

NEO decentralization has started with the election of CoZ consensus node on the NEO MainNet. As you might already know CoZ is an abbreviation for City of Zion an international autonomous group comprising of open source designers, translators and developers established for the sole purpose of providing support to the NEO ecosystem to ensure that it develops to the level envisioned by all concerned.

 

It must be said that for the last six months the CoZ consensus node had been functioning perfectly on the NEO TestNet. The running of the consensus node on the NEO TestNet was done as a prelude and in anticipation of the election. You should also know that there are other autonomous consensus nodes that are equally running concurrently on the NEO TestNet. The election for these other consensus nodes have been scheduled for the last quarter of 2018.

From the autonomous consensus nodes currently running on the NEO TestNet there is one that is being hosted by one of the largest telecommunication firms in the Netherlands known simply as KPN. It was on the 13th of January, 2018 at a NEO meetup held in Amsterdam, Netherlands that KPN made the announcement of its intention to host one of the consensus nodes presently running on NEO TestNet.

 

At this moment in time KPN is believed to have a mobile subscriber strength of 33 million, with subscribers from Germany, France, Belgium, Spain and of course the Netherlands. KPN also has 2.1 million internet subscribers spread across Western Europe with 6.3 million fixed-line telephone clients under their network.  

Another corporate entity that also has a consensus node running on the NEO TestNet is Fenbushi Capital and their consensus node is also at the stage of election onto the NEO MainNet. You should know that CB Insights named Fenbushi Capital which was established in 2015 as one of top 5 blockchain powered venture capital companies around. Fenbushi Capital is believed to have more than $50 million invested in blockchain-based projects. Vitalik Buterin the founder of Ethereum blockchain is one of their many advisors. The consensus node of both Fenbushi Capital and KPN has been operational on the NEO TestNet since the second quarter of 2018 (April to be precise).

Da Hongfei the founder of NEO has stated on several occasions that it was always the intention of NEO to gradually but eventually be fully decentralised. He has acknowledged on occasion the centralised state of NEO, check out the YouTube video of Da Hongfei’s interview hosted by Tyler Swope (NEOTALK@DevCon) right here.

In the interview Da Hongfei stated that NEO had to exercise great care in the decentralization of consensus nodes and the main reason for this is simply because the NEO protocol is fast evolving. The consensus nodes need to be able to upgrade quickly and where there is a bug or maybe a security problem, the consensus nodes need to act rapidly and seamlessly to resolve the issues. To this end, the decentralisation of NEO is deliberately gradual and done with great caution.   

 

“Coopetition” By CoZ

No its not a typographical error, CoZ actually coined out the word “Coopetition” from two words “Cooperation” and “Competition”. “Coopetition” simply means a business approach where firms that would normally be in fierce competition with each other actually come together in unison to cooperate in a joint project. The word was made public for the first time by CoZ in an article they published back in December, 2017; you can read this article here. At the moment a good number of energy consortiums and open source industries have adopted this business approach with varying degrees of success.

It must be noted that there is actually no financial remuneration for the operation of a NEO consensus node. The only plausible incentive to running a NEO consensus node is in enhancing the integrity of the NEO ecosystem. Invariably it is to the benefit of firms creating and depending on the deployment of their nodes on the NEO blockchain to have and maintain healthy nodes.

If you want to get information on the consensus node candidates as well as their votes and the status of the NEO blockchain, you can do so by clicking on this link. NEO has informed it’s community that all consensus node nominees would be expected to be subjected to an identification protocol prior to being voted in on the NEO MainNet.

 

The nominees will be required to offer contact availability details to enable time-sensitive issues to be resolved if and when they occur. NEO holders will vote those NEO TestNet consensus nodes as MainNet consensus nodes if they can prove without doubt that they are able to maintain great uptime on NEO TestNet.
For further information on the NEO announcement, you can click here.

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