NEO is a decentralized blockchain platform that has been designed to facilitate the development of smart contracts and decentralized applications (dApps). NEO is considered to be a third-generation blockchain technology that aims to address the limitations of previous blockchain platforms, such as scalability, interoperability, and security.

One of the key features of NEO's blockchain platform is its consensus algorithm. A consensus algorithm is a mechanism that ensures that all nodes in a network agree on the current state of the blockchain. In other words, it is the process through which new blocks are added to the blockchain.

NEO uses a consensus algorithm called Delegated Byzantine Fault Tolerance (dBFT), which is a modification of the original Byzantine Fault Tolerance (BFT) algorithm. The Byzantine Fault Tolerance algorithm was first introduced by Lamport, Shostak, and Pease in 1982 and is designed to ensure that a distributed system can continue to function correctly even if some of its nodes fail or act maliciously.

dBFT is a consensus algorithm that is designed to be more efficient and scalable than the original BFT algorithm. In dBFT, the blockchain network is divided into two types of nodes: consensus nodes and ordinary nodes. Consensus nodes are responsible for validating transactions and adding new blocks to the blockchain, while ordinary nodes are simply used to receive and store the blockchain data.

To become a consensus node in the NEO network, a node must be elected by the NEO token holders. Token holders can vote for candidates to become consensus nodes, and the top-ranked candidates become the consensus nodes. This process is called a "delegated" consensus algorithm because token holders delegate the task of validating transactions and adding new blocks to the blockchain to the elected consensus nodes.

Once a consensus node is elected, it participates in a round-robin process where it takes turns proposing new blocks to the network. The other consensus nodes then verify the proposed block and if a sufficient number of nodes agree on the validity of the block, it is added to the blockchain. This process is repeated for each new block that is added to the blockchain.

One of the advantages of dBFT is that it is a fast and efficient consensus algorithm. Because the blockchain network is divided into two types of nodes, ordinary nodes do not need to participate in the consensus process, which reduces the processing load on the network. Additionally, because consensus nodes are elected by token holders, there is less incentive for nodes to act maliciously, which increases the security of the network.

In conclusion, NEO's dBFT consensus algorithm is a significant improvement over previous consensus algorithms, such as Proof-of-Work and Proof-of-Stake. It is designed to be more efficient, scalable, and secure, which makes it an ideal platform for building smart contracts and decentralized applications. As the blockchain industry continues to grow, it will be exciting to see how NEO's dBFT consensus algorithm evolves to meet the needs of developers and users.