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File storage and digital identity

October 17, 2020

In an open letter to the members of the Neo-Community today, the Neo Foundation reflected on the past four years of its activity and pushed ahead with its plans for the future: Neo3, the third iteration of its contractable smart blockchain, which has file storage and D-ID (digital or decentralized identity) functions.

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

The excursion of the so-called “Smart Economy” platform into the DeFi summer craze was just as successful: Flamingo Finance, the joint effort between Binance and Neo, hit a high of over $ 1.5 billion with its Mint Rush product for productive agriculture.

File storage and digital identity
File storage and digital identity

Despite the success with interoperability and DeFi, the foundation’s writing, which focused on future developments, announced the Upcoming features that would take Neo3 in some amazing new directions: decentralized file storage and identity features called NeoFS and NeoID, respectively.

The market has shown a decidedly mixed appetite for file storage on the blockchain. Another data warehousing-focused product, Filecoin, whose FIL token went online on October 15, quickly soared to 118% before seeing an equally wild dump of nearly 80% from all-time highs.

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

Though out of fashion The Neo Foundation wrote that they hope these features will lead to greater adoption across the room.::

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

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