Procivis, the company behind the Valid project, has entered a collaboration with Neo to incorporate NEO’s native digital identity layer, NeoID, for the development of Valid’s agnostic e-Identity layer. The startup has also confirmed NEO Council as a key strategic investor in Valid.
Valid is a user-controlled digital identity solution allowing people to transact online securely and seamlessly while safeguarding all their sensitive personal data. Furthermore, 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 directly and easily start monetizing their personal data in a fully secure and controlled fashion on the Valid marketplace. In return, data consumers gain direct access to reliable, anonymized data in a compliant and cost-efficient way.
Procivis is now taking personal data management to the next level by integrating NEO’s digital identity protocol, NeoID, with Valid. NEO is a non-profit community-based blockchain project that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a “smart economy” with a distributed network.
Along with the integration comes a strategic investment from the NEO Council, a committee responsible for NEO's long-term development, operation and maintenance and ecosystem. The NEO Council consists of the founding members of the NEO project, under which the management committee, technical committee and the secretariat, respectively, are responsible for strategic decision-making, technical decision-making and specific implementation.
Neo as a better fit for Valid
NEO’s blockchain infrastructure provides several advantages over existing platforms. For instance, 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 in an energy efficient manner.
Valid's CTO Giorgio Zinetti comments: “We believe that blockchain-enabled digital identity solutions need to become a public utility in the future. The underlying infrastructure needs to be able to handle an extensive number of transactions in a cost-efficient way and NEO is already achieving this. However, we need to build a standard that allows projects such as Valid to integrate easily with NEO. Therefore, we look forward to collaborating with the NEO community to establish a respective NEP standard.”
Valid is continuously exploring new technologies that could support this vision. The number of blockchains that support smart contracts and are operational still remain 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. But Valid remains agnostic with regards to the identity protocols supported by its platform and the above reasons make NeoID a highly attractive proposition for Valid.
(Press release/ran)
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