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NEO Details the Process of Becoming a Consensus Node on Its Network

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The NEO public blockchain project backs NEO, the 15th largest cryptocurrency in the world. It has two distinctive tokens, NEO (NEO) and NEOGas (GAS). Of these two, NEO has 100 million tokens of which 50 million have been distributed to supporters while the other 50 percent is managed by the NEO Council to support the long-term development of the blockchain ecosystem. Now, the project is detailing exactly how these tokens will be used, and how new consensus nodes will be added to the blockchain.

Governance, Coins and More

The second portion of the 50 million NEO coins will not enter exchanges. Of these, 10 million tokens will be used to motivate NEO developers and kept for the members of the NEO Foundation. Another 10 million tokens will be used for motivating developers of the entire NEO ecosystem. 15 million will be used for cross-investment in other blockchain projects while the last 15 million will be kept for meeting contingencies.

The NEO blockchain depends on both on-chain and off-chain governance methods. However, it expects on-chain governance to be the primary method of governance in the future where NEO token holders manage the network using GAS generated from NEO. Off-chain governance largely rests with the NEO Foundation. It works towards developing core projects on the blockchain, promoting the NEO ecosystem and maintaining the consensus nodes of the network. The Foundation will also be voting for qualified partners who want to run a consensus node on the network.

How to Become a Consensus Node?

The consensus node candidates can either be on-chain or off-chain, due to the difference in governance styles. The former will be selected on the basis of NEO community votes while the latter will forge a strategic partnership with the Foundation. Though consensus nodes will be paid a network fee, new economic models are also being discussed.

To apply for the nodes, an applicant must have a public website, social media accounts, a location, organization name and a list of at least two-thirds of the team with pictures and background qualifications of each member. Additionally, applicants will have to list their contact methods, their solutions to long-term stability, maintenance, safety and security of the node and their failure tolerance/recovery backup options along with budget and plans for potential hardware scaling.

Minimum hardware specifications include a 4 Core GPU, 10M bandwidth, 8 GB Ram and 100G Hard drive.

NEO Details the Process of Becoming a Consensus Node on Its Network was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.