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Neo Blockchain Concepts
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Neo DBFT Consensus Algorithm

Apr 28, 2024 1:13:57 AM

Blockchain Consensus Algorithms

A blockchain is a distributed database that is managed by multiple members at the same time. In order to update this database, the members must agree on its new state. The network must reach a consensus. There are many different ways to achieve this. Each algorithm has its advantages and disadvantages. The Neo blockchain uses a consensus algorithm called Delegated Byzantine Fault Tolerance (DBFT) while the Bitcoin blockchain uses Proof of Work (PoW).

Blockchain Consensus Algorithm Attributes

Many attributes can be used to compare different consensus algorithms. The most important are:

  • Confirmation time.
  • Transactions per second.
  • Security.
  • Energy efficiency.
  • Decentralization.
  • Scalability.

Neo DBFT Consensus Algorithm

Neo is famous for its highly performant and scalable consensus algorithm. Neo’s Delegate Byzantine Fault Tolerance (DBFT) consensus algorithm is a consensus mechanism that supports low confirmation times, high transactions per second, and high security.

Neo DBFT Consensus Algorithm Block Time

The Neo platform has a block time of 15 seconds and doesn’t fork. This means that a single block is enough to confirm a transaction (block finality). This is much faster than the Bitcoin blockchain, which has a block time of 10 minutes and requires 6 blocks to confirm a transaction (240x higher). Neo’s DBFT consensus algorithm has been used as inspiration by other blockchain platforms, including the Binance Smart Chain (BSC).

Neo Consensus Algorithm is constantly being improved, with new updates being deployed every year.

Check the Neo official docs for more details.