Neo3 To Provide File Storage And Digital Identity
Neo3 To Provide File Storage And Digital Identity
October 19, 2020
Neo3 To Provide File Storage And Digital Identity
Neo3 To Provide File Storage And Digital Identity
October 19, 2020

The Neo Foundation reflected on the past four years of activity and teased their plans for the future: Neo3, the third iteration of their smart contract-enabled blockchain, will provide file storage and D-ID (Digital or Decentralized Identity) features. 

It has been reported that Neo, the 22nd largest cryptocurrency by marketcap, has enjoyed a strong year, having successfully launched a cross-chain interoperability product in collaboration with Ontology and Switcheo. 

However, the self-styled “smart economy” platform’s foray into the summer DeFi craze was similarly successful, the joint Binance and Neo effort Flamingo Finance peaked at over $1.5 billion TVL in their Mint Rush yield farming vault product. 

According to the report, in spite of their success with interoperability and DeFi, as the Foundation’s letter turned to future developments, they teased upcoming features that would take Neo3 in a pair of surprising new directions: file storage and decentralized identity features named NeoFS and NeoID

ALSO READ :  China Wants The Members of Communist Party to Pledge Loyalty on Blockchain

As per the report, the market has demonstrated a decidedly mixed appetite for file storage on the blockchain.

Digital (or decentralized) identity blockchain products have also seen stymied adoption. While identity on the blockchain presents a clear use-case, no one project has yet broken mainstream. 

Thus, the Neo Foundation wrote that they hope these features will lead to greater adoption across the space:

“Together with vast new features and enhancements in system security and performance, Neo3 will surely become the ideal next-gen internet infrastructure for mass adoption.”

Source: Cointelegraph


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Colombian Stock Exchange Joins Consorcio Colibrí

Colombian Stock Exchange Joins Consorcio Colibrí

The Colombian Stock Exchange (CSE) has announced that it is joining the Consorcio Colibrí, a private initiative that promotes the adoption of blockchain technology within the finance industry. It has been reported that...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.