Neo3 promises to provide file storage and digital identity, though the demand is questionable
In an open letter today to Neo community members, 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, which will sport file storage and D-ID (Digital or Decentralized Identity) features.
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.
Additionally 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.
In spite of their success with interoperability and DeFi, as the Foundation’s letter turned to future developments they teased forthcoming features which would take Neo3 in a pair of surprising new directions: file storage and decentralized identity features named NeoFS and NeoID.
The market has demonstrated a decidedly mixed appetite for file storage on the blockchain.