file storage and digital identification

In an open letter at present to Neo neighborhood members, the Neo Basis mirrored on the previous 4 years of exercise and teased their plans for the longer term: Neo3, the third iteration of their sensible contract-enabled blockchain, which can sport file storage and D-ID (Digital or Decentralized Id) options. 

Neo, the 22nd largest cryptocurrency by marketcap, has loved a robust 12 months, having successfully launched a cross-chain interoperability product in collaboration with Ontology and Switcheo. 

Moreover the self-styled “sensible economic system” platform’s foray into the summer season DeFi craze was equally profitable — the joint Binance and Neo effort Flamingo Finance peaked at over $1.5 billion TVL of their Mint Rush yield farming vault product. 

Despite their success with interoperability and DeFi, because the Basis’s letter turned to future developments they teased forthcoming options which might take Neo3 in a pair of unusual new instructions: file storage and decentralized identification options named NeoFS and NeoID. 

The market has demonstrated a decidedly combined urge for food for file storage on the blockchain. Filecoin, one other information storage-centered product whose FIL token went stay October 15th, rallied violently to the tune of 118%, previous to an equally savage dump of practically 80% from all-time highs. 

Digital (or decentralized) identification blockchain merchandise have additionally seen stymied adoption. Whereas identification on the blockchain presents a clear use case, nobody venture has but damaged mainstream. 

Regardless of not being in vogue, the Neo Basis wrote that they hope these options will result in higher adoption throughout the area:

“Along with huge new options and enhancements in system safety and efficiency, Neo3 will certainly grow to be the perfect next-gen web infrastructure for mass adoption.”

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