NEO on Decentralized Data Storage and Partnership with MadanaJune 11, 2020
Da Hongfei expressed that the total value locked in DeFi is more than $1B once again, after “Black Thursday.” He stated that the market is recovering and was contemplating on what next for DeFi? A lot of expectations are brewing around NEO3.
One of the commentators impressed by Da Hongfei stated that they can feel the buzz when DaHong Fei put out the teaser of the tweet. NEO is progressing towards great things. The community is awaiting a lot of updates regarding file storage, oracles, web connections, and DeFi. The community are firmly believing in that big things are coming.
Neo Smart Economy published the highlights of May like the Preview of Neo3 governance and economic model; Demo of Time Travel Debugging and Visual Token Designer; Test Net upgrade readied for Interop implementation; Events and partnerships. They have published a full report in this regard.
Sydney Ifergan, the crypto expert, tweeted: “The NEO community is gaining widespread recognition these days. They are undeniably making a mark in DeFi.”
NEO and Decentralized Data Storage
The very strength of Web 3.0 is Decentralized storage. It is very important for Web 3.0 to have an incentive structure which will assure its users that data will be made available and delivered promptly when required. While this is difficult, there is a potential with decentralized storage to make things possible, promising a truly decentralized environment.
NEO News recently tweeted on decentralized storage comparison: “The recent juncture between blockchain and distributed storage has resulted in the creation of several promising decentralized storage networks. Learn about the differences between NeoFS, Sia, Filecoin, and Swarm, each with their own specificities.”
There are centralized storage solutions already available; however, the focus is on ensuring data storage in a decentralized manner.
NEO and Madana
Madana is a platform for data analysis that makes use of blockchain technology and PrivTech to help bridge the gap between data and insights.
The NEO and Madana Partnership is about confidential computing and blockchain technology. Their partnership is set to benefit the general public and the global blockchain industry as a joint effort to synergize the technological bulk of data.
This partnership is set to explore the benefits of confidential computing methods like the Trust Executing Environments (TEE). MADANA specializes and has also patented an automated process for protecting electronic data for data processing.
Madana considers the patented to be a milestone for all data-driven businesses, which need privacy-preserving.