January 2019
Beginner to intermediate
372 pages
11h 17m
English
Content preview from Foundations of Blockchain
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Consensus algorithm
NEO uses Delegated Byzantine Fault Tolerance (dBFT), a modified Byzantine fault-tolerant consensus algorithm. It is a mechanism that allows all the blockchain participants to reach a consensus through proxy voting. A special group of nodes called bookkeepers reach a consensus in order to generate new blocks in the network. These bookkeepers are elected by NEO token holders through voting. The dBFT algorithm has a fault tolerance of f = ⌊ (n-1) / 3 ⌋ of n nodes, that is, roughly 33% of the nodes. It is nearly impossible to revoke the blocks and transactions once they are generated and confirmed.
It takes around 15 to 20 seconds to generate a block in NEO, and it provides a throughput of 1,000 transactions per second, which ...