NEO FUD-It’s Not What You Think!
NEO, it’s hard for me to explain my passion I have for this project. Not only has it given me the financial freedom that I have longed for, but the fundamentals and vision of not only the technology behind it, but the NEO ecosystem as a whole is unlike any other in the entire cryptocurrency sphere. If you’ve been involved in crypto as long as I have, the community that grows as a side effect of the crypto is what set’s itself up for future success.
City of Zion is spearheading development and education in the west, and NEL has taken to the east. What’s beautiful is these two teams even work together to come up with solutions, an example of this is NEO Link which can be described as the metamask of NEO. The two sides are coming together to develop this and get it out for community use. As of right now it’s only available on the testnet, but with collaboration on both sides I believe they will have it ready very very soon…. roadmap says version 1.0 release will happen in quarter 1 of 2018.
How The NEO FUD Began
The main reason of tody’s article, besides some of the best crypto news around, is to calm everyone’s tits regarding NEO. So, NEO FUD storm number 10, possibly even 15 has made landing. It all started with a single article written on Febuary 25th by a small cryptocurrency blog called Store of Value. It’s title, NEO is a multi-billion dollar disaster. In the article the author says Single ICOs are bringing the network to a complete halt, citing the Red Pulse ICO and Trinity as examples. Then they go on to state that NEO experiences major outages even without an ICO.
Well this isn’t the first time homeboy from Store of Value has unleashed NEO Fud. The first big one was way back in November 18th 2017 just after NEO had a substantial rise from 29 dollars USD to 46 dollars USD, then homeboy publishes his article and causes a wave of panic in the NEO space and over the course of a week neo’s price bled back down to lower than 35 dollars USD. Well what happened after? Well everyone knows the story, and if we take a step back we can see the that NEO was able to withstand the adversity and make a steady climb to where we are today, facing another Round of this guys ignorant thoughts, but this time he has back up in the form of a developer names Erick Wall a cryptocurrency developer and writer for Bitcoin.com.
NEO FUD Attack Continues
His series of tweets which basically say that NEO’s consensus is not fault tolerant because when one of the NEO nodes goes down the whole blockchain shut’s down. The tweets then went viral, being retweeted by Charlie Lee creator of Litecoin and even Vlad Zhamfir working on Casper and Sharding for Ethereum. Well all I have to say to Charlie is creating a bitcoin clone take no development talent, the pure genius comes from creating a new consensus model. And Vlad, this is just the beginning, we know Ethereum is scared of what is to come in the future, NEO will overtake Eth, mark my words.
Well the smackdown was left by Fabio of the City of Zion, he directly responded to to Eric’s series of tweets with a video of a NEO testnet and one node completely shutting down. Let’s watch and see what happens. Of course the network keeps producing blocks, because the issue isn’t with NEO’s consensus. Fabio tweet’s that Erick needs to go back and get his masters hahah can you say spicy??
Well what is the issue then? The blog Store of Value isn’t completely wrong, NEOs blockchain has had block delays as evidenced by the Red Pulse ICO where for a time it took 4 minutes to generate a new block and even worse during the Trinity ICO it took 25 minutes for the Network to create a block.
Today, the beloved Eric Zhang responded on Twitter saying that there is connection problems in NEO’s P2P protocol which cause temporary communication pauses after long runs of the consensus nodes. This automatically recovers after an amount of time. It has been released and tested on the testnet, and will deploy on the NEO mainnet this week.
What people don’t understand is this happens in crypto. Literally just last months researchers detailed a plan to carry out an eclipse attack on the Ethereum Network. This is a network level attack where an attacker essentially takes control of the network obscuring a nodes view of the blockchain. And guess what a patch was released only 15 days ago. This isn’t the first time vulnerabilities and upgrades have come to Ether. The project is a work-in-progress just like NEO. Where was the FUD article titled Ethereum the multi-billion dollar disaster?
I just feel plain out sorry for the people who succumbed to the FUD, because just a moment ago, a picture of the City of Zion testnet was released showing a stress test. And guess what? The NEO testnet blockchain was capable of handling 5000 transactions per second. There isn’t a blockchain out there capable of processing this, and I can guarantee this FUD storm has lit a fire under Hongfei, Zhangs, the City of ZION and NEL, and the NEO blockchain development will be in full force. As a long-time NEO holder, I have seen NEO FUD storm after NEO FUD storm, and I say this with confidence, we will never get to NEO prices this LOW again.
The final thing I want to go into is the decentralization of NEO, since that has been such a hot topic lately. NEO is highly centralized at this time with only 7 consensus nodes controlled by the council and COZ. Decentralization is in the works though, with KPN and Fenbushi Capital deploying their own consensus nodes. Will NEO ever be a as decentralized as a pure, distributed Proof of Stake System, no because it was never designed to be. NEO was designed for the Smart Economy and uses dbft consensus for number 1: much higher onchain tps 2. Higher offchain scalability 3. Governance by trusted nodes
To become a consensus node you need to go through a rigorous identification process including providing identification that can hold the owners legally liable. Each node also requires two managing legal entities that are responsible for the nodes maintance and patching. This bring NEO way closer to existing business and enterprises. You have identified and trusted nodes, high transactions per second, and a unforkable blockchain. This is what business likes and will gravitate towards.
Of course it will never be truly 100 percent decentralized. You could even argue that once NEO reaches 22 nodes it will be more decentralized than both Bitcoin and Ethereum. In bitcoin the top 4 mining pools control over 50 percent of the hashrate, and it’s even worse with Ethereum with just 3 mining pools controlling over 50 percent of the hashrate.
The strong hands have and will continue to hold through this FUD storm. Literally you will have to pry my NEO from my cold dead hands if you wan’t to get them from me. I’ve been through this “bloggers” NEO FUD before, and through even worse such as the CHINA ban….now that was a real shit storm. And I can guarantee you this won’t be the last time we are faced with it, but that is why NEO holders are some of the strongest in the space. Until next time, peace!