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Neo3 To Provide File Storage And Digital Identity

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. 

Neo3 promises to provide file storage and digital identity, though the demand is questionable 🎰👨‍💻🚀#Neo #DID — Global Crypto Agency (@agency_crypto) October 17, 2020

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

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



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