Neo3 promises to provide file storage and digital identity, although the demand is currently questionable.
In an open letter today to members of the Neo community, the Neo Foundation reflected on the last four years of activity and advanced its plans for the future: Neo3, the third iteration of its contract enabled intelligent blockchain, which will have file storage and D-ID (Digital Identity or Decentralised) features.
Neo, the 22nd largest crypto currency by market capitalisation, has enjoyed a good year, having successfully launched a cross-chain interoperability product in collaboration with Ontology and Switcheo.
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In addition, the self-styled „smart economy“ platform’s foray into the DeFi summer madness was similarly successful: Flamingo Finance, the joint effort of Binance and Neo, reached a peak of over $1.5 billion in its Mint Rush product for yield farming vault.
Despite its success with interoperability and DeFi, as the Foundation’s charter focused on future developments, it announced the next features that would take Neo3 in a couple of surprising new directions: file storage and decentralised identity features, called NeoFS and NeoID respectively.
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The market has shown a decidedly mixed appetite for file storage in the blockchain. Filecoin, another product focused on data storage, whose FIL token was launched on 15 October, rose rapidly to 118%, before showing an equally wild download of almost 80% from historical highs.
Digital identity (or decentralised) blockchain products have also been hampered in their adoption. Although blockchain identity has a clear use case, no project has yet achieved mass adoption.
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Although not in vogue, the Neo Foundation wrote that they hope these features will lead to greater adoption throughout space:
„Along with new features and improvements in security and system performance, Neo3 will undoubtedly become the ideal next-generation Internet infrastructure for mass adoption.