Procivis AG, the company behind the VALID project, is pleased to announce that it will seek to incorporate NEO’s native digital identity layer, NeoID, for the development of VALID’s agnostic e-Identity layer and is proud to confirm NEO Council as a key strategic investor in VALID.
With VALID, Procivis is taking personal data management to the next level. At the core 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.
When asked about the decision to experiment with NEO’s digital identity protocol, VALID CTO Giorgio Zinetti said, “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.”
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 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 ERC 735 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. 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.
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.
ABOUT PROCIVIS AG
Procivis was founded in 2016 emboldened by a clear mission: to empower individuals everywhere by providing them with trusted and compliant digital identity solutions they can fully own and control. Thanks to its integrated e-government platform eID+, Procivis is already working with governments that are aligned with that mission. But the company is also hard at work preparing for tomorrow’s digital world. With VALID, its blockchain-enabled personal data platform, Procivis is taking the concept of personal data self-sovereignty one step further and aim to become one of the key enablers of the peer-to-peer economy.