There’s a lot of excitement over the recent NEO price hike. However, it’s important to look past the price to find out what’s going on. The upcoming Neo N3 upgrade will introduce some important changes that can make this blockchain more competitive and responsive.
Decentralized storage and Neo N3
There seems to be a real interest in decentralized storage solutions that use blockchain technology. Numerous projects are examining this option and NEO would like to throw its hat in the ring soon. With the help of NeoFS, users can easily access their encrypted data at any time. More importantly, users have complete control over where data is placed and how they access it. This is a huge improvement on the trust central companies have in this information, even if this industry is still a niche for now.
In essence, NEO wants to position itself as “the most reliable and powerful decentralized storage”. This is a steep label to live up to, although it’s not impossible to hit. With HTTP and S3 gateways, existing applications or users can be easily integrated into NeoFS. In addition, users can share their unused data store to receive the GAS tokens from Neo, creating a network of incentives for everyone.
The use of oracles and similar tools has spread among blockchain ecosystems over the years. Finding a way to use real data with smart contracts has been challenging, but oracles seem to fill that gap pretty well. Neo’s native Oracle service offers similar functionality to enhance existing and future smart contracts on the blockchain.
The Neo N3 upgrade gives developers access to large, off-chain data sources via HTTPS or NeoFS requests. This will not only improve the smart contracts in the blockchain, it will also enable the creation of new decentralized services and products. What kind of services one can expect remains unclear, but in both cases offers a fascinating perspective.
One thing where blockchain technology can prove to be quite useful is introducing new credential-based solutions. With Neo N3, developers can add an additional layer of authentication to their applications using verifiable credentials. Not only is this an extra layer of security, but it also opens up new possibilities for Neo’s blockchain.
A key benefit of this approach is how the attribute verification requirements can be tailored and tailored to the requirements of the contract. For those seeking regulatory compliance or forced to adhere to such standards, this option can prove worthwhile.
Domain Name Services
While there is still some debate about whether blockchain-based domain name services are profitable, it never hurts to examine the concept. Neo N3 provides support for domain name services and makes it easier for users to interact with decentralized services. Interestingly, this approach is supported by NFTs to make trading NNS aliases easier.
Neo N3 offers better interoperability
The blockchain industry is at a crossroads. In the past it was enough for developers to focus on their ecosystem and compete with other networks. Today, however, the need for interoperability is increasing day by day. The Neo N3 upgrade enables the exploration of new possibilities in this segment.
One such possibility concerns the Poly Network Alliance. By building bridges to other blockchains and applications, anything developed on Neo can have a much wider appeal and use. In addition, the ability to leverage resources from connected networks can result in some exciting use cases and developments in the months and years to come.
The Neo N3 upgrade includes a few other welcome changes and upgrades to make this ecosystem more attractive. All of these changes can have a positive effect on time, although it remains to be seen how the outside world will react to all of these changes. The advancement of a blockchain ecosystem is always beneficial to the broader industry, and the Neo team intends to become more visible as an alternative to existing blockchain solutions.
Would you like to advertise? We would be happy to help you publicize your project, company or service. CryptoMode produces high quality content for cryptocurrency companies. So far, we’ve branded dozens of companies and you can be one of them. All of our customers appreciate our price-performance ratio. Contact us if you have any questions: [email protected]