Foundations of Blockchain

Private network

A private network is a collection of NEO nodes that achieve blockchain state consensus on their own. These NEO nodes are completely disconnected from the public nodes of the mainnet or testnet. A private network is ideal for creating a blockchain network inside an organization.

A private NEO network needs at least four nodes to achieve consensus. A private NEO network can be deployed in a local area network, and also, several nodes can be deployed on a single device by creating virtual machines. Even the nodes of a private network require GAS to create and deploy smart contracts in a private blockchain. A private node can extract all the NEO and GAS tokens from the network by creating a multi-party signature address from all ...