file storage and digital identity

In an open letter today to members of the Neo community, the Neo Foundation reflected on the past four years of activity and advancement your plans for the future: Neo3, the third iteration of its contract-enabled smart blockchain, which will feature file storage and D-ID (Digital or Decentralized Identity) features.

Neo, the 22nd largest cryptocurrency by market capitalization, had a good year, having successfully launched a cross-chain interoperability product in collaboration with Ontology and Switcheo.

Furthermore, the so-called “smart economy” platform’s foray into the summer craze DeFi was similarly successful: Flamingo Finance, the joint effort of Binance and Neo, peaked at over $ 1.5 billion on its Mint Rush product for yield farming vault.

Despite its success with interoperability and DeFi, as the Foundation letter focused on future developments, it announced the Upcoming features that would take Neo3 in a couple of surprising new directions: decentralized file storage and identity features, called NeoFS and NeoID respectively.

The market has demonstrated a decidedly mixed appetite for file storage on the blockchain. Filecoin, another product focused on data warehousing, whose FIL token went live on October 15, quickly rose to 118%, before posting an equally savage discharge of nearly 80% from all-time highs.

Blockchain digital identity (or decentralized) products have also seen their adoption hampered. Although the identity in blockchain presents a clear use case, no project has yet achieved mass adoption.

Despite not being in vogue, The Neo Foundation wrote that they hope these features will lead to greater adoption across the space.:

“Along with new features and improvements in system performance and security, Neo3 will undoubtedly become the ideal next-generation Internet infrastructure for mass adoption.”

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