- NEO foundation to decentralized all the network nodes by the end of 2019.
- NEO currently controls five of its seven consensus nodes.
The NEO Foundation has for the longest time been working on ensuring that the network is fully decentralized. The latest from the organization is that is ready y decentralized at least four of its seven nodes. NEO has seven nodes in total, five of which are controlled by the NEO Foundation. One of the node is currently open for application. Interested parties wishing to run the node still have the opportunity do so.
In a press release sent to news outlets on December 5, the network said that the decentralization will take place using a “selection process.” The Director of Research and Development at NEO Global Development said in a comment:
“NEO is embarking on its next phase, which will see more public involvement in efforts of greater decentralization.”
While the NEO Foundation currently manages five of the 7 nodes, the remaining two are managed by the Dutch telecom company KPN and city of Zion. The Foundation says that they intend to have four of the five nodes run by different parties. However, before that, the applicants will have to go through “a screening process” in addition to completing a six month’s trial using the NEO testnet. The press release adds:
“”¦after the first seven consensus nodes are selected, the next number of consensus nodes should be 10, then 13, and so forth. Once the seven existing consensus nodes are fully decentralized, the number of consensus nodes is likely to increase through additional selection cycles at the discretion of the NEO Foundation.”
At the time of writing NEO is trading at $6.33 following a 1.54% drop on the day. The $409 million cryptocurrency has a 24-hour trading volume of $131 million, a circulating supply of 65 million NEO coins and a total supply of 100 million NEO coins.
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