There is a lot of excitement regarding the recent NEO price surge. However, it is pertinent to look beyond just the price to figure out what is going. The upcoming Neo N3 upgrade will introduce some crucial changes that will can this blockchain more competitive and appealing.
Decentralized Storage And Neo N3
It would appear there is a genuine interest in decentralized storage solutions leveraging blockchain technology. Numerous projects are exploring this option and NEO wants to throw its hat into the ring soon. With the help of NeoFS, users can always access their encrypted data without problems. More important, users can fully control where data is placed and how to access it. It is a vast improvement over trusting centralized entities with this information, even though this industry remains a bit niche for now.
At its core, NEO wants to position itself as “the most reliable and performant decentralized storage storage”. That is a steep label to live up to, although one that isn’t impossible to attain. With HTTP and S3 gateways, one can integrate existing applications or users with NeoFS conveniently. Moreover, users can share their unused data storage to earn Neo’s GAS Tokens, creating an incentivized network for everyone.
The use of oracles and similar tools has become widespread among blockchain ecosystems over the years. Finding a way to leverage real-world data with smart contracts has been a challenge, yet oracles seem to fill that gap rather well. Neo’s native oracle service will provide similar functionality to enhance their existing and future smart contracts on the blockchain.
The Neo N3 upgrade will give developers access to rich off-chain data sources via HTTPS or NeoFS requests. Not only will this enhance the smart contracts on the blockchain, but it will also allow for building new decentralized services and products. What type of services one can expect remains unclear, but it offers an intriguing prospect either way.
One thing blockchain technology can prove rather useful at is introducing new credentials-based solutions. Neo N3 will let developers add an extra layer of authentication to their applications by using verifiable credentials. Not only is this an extra security layer, but it also introduces new opportunities involving Neo’s blockchain.
One crucial benefit of this approach is how the attribute verification requirements can be customized and adjusted based on the needs of the contract. For those who seek regulatory compliance – or are forced to adhere to such standards – this option can prove worthwhile to explore.
Domain Name Services
Although there is still some debate as to whether blockchain-based domain name services are viable, exploring the concept never hurts. Neo N3 introduces support for domain name services, making it easier for users to interact with decentralized services. Interestingly, this approach will be powered by NFTs to make the trading of NNS aliases more straightforward.
Neo N3 Provides Better Interoperability
The blockchain industry has come at a crossroads of sorts. It was sufficient for developers to focus on their ecosystem and compete with other networks in the past. Today, however, the need for interoperability grows louder every day. The Neo N3 upgrade will allow for the exploration of new opportunities in this segment.
One such opportunity pertains to the Poly Network alliance. By creating bridges to other blockchains and applications, everything that is developed on Neo can gain a much broader appeal and use. Moreover, having the ability to tap into resources from connected networks can yield some exciting use cases and developments over the coming months and years.
The Neo N3 upgrade encompasses some other welcome changes and upgrades to increase the appeal of this ecosystem. All of these changes can positively impact time, although it remains to be seen how the outside world responds to all of these changes. Advancing 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.
Looking to advertise? We will gladly help spread the word about your project, company, or service. CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected]