Valid to add NeoID to its digital identity layer

Monday 19 February 2018 00:56 CET | News

Procivis, the company behind the VALID project, has announced that it will seek to incorporate NEO`s native digital identity layer, NeoID, for the development of VALID’s digital identity layer.

The VALID marketplace can directly connect users with data consumers such as product and service companies, brands, researchers and advertisers. With the VALID wallet, users can start monetizing their personal data in a secure and controlled fashion on the VALID marketplace. In return, data consumers gain direct access to reliable, anonymized data in a compliant way.

The NEO project utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts. NEO’s consensus protocol, Delegated Byzantine Fault Tolerance currently permits the network to process up to 1,000 transactions per second with the potential to scale up to 10,000 transactions per second. VALID is continuously exploring new technologies that could support this vision. The number of blockchains that support smart contracts and are operational remains limited. The VALID token is currently based on Ethereum’s ERC 20 standard and the identity layer would support Ethereum’s ERC725 and ERC735 protocols.

As such, VALID is looking forward to exploring the potential to implement a NEO based identity smart contract, allowing VALID to expand its reach beyond the Ethereum world.

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Keywords: digital identity, NeoID, NEO, blockchain, VALid, security, Ethereum
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions