In an open letter today to members of the Neo community, the Neo Foundation reflected on the past four years of activity and teased its plans for the future: Neo3, the third iteration of their contract-compatible smart blockchain. , which will include file storage and D- Identification functions (digital or decentralized identity).
Neo, the 22nd largest cryptocurrency by marketcap, has had a solid year, having successfully launched a cross-chain interoperability product in collaboration with Ontology and Switcheo.
Additionally, the self-proclaimed ‘smart economy’ platform’s foray into the summer DeFi craze has been a similar success – Binance and Neo’s joint effort, Flamingo Finance, peaked at over $ 1.5 billion. TVL in their TBEN Rush Yield Farm Safe product.
Despite their success with interoperability and DeFi, as the Foundation letter turned to future developments, they teased upcoming features that would take Neo3 in a pair of surprising new directions: file storage and decentralized identity features named NeoFS and NeoID.
The market has shown a decidedly mixed appetite for blockchain file storage. Filecoin, another data storage-centric product whose FIL token went live on October 15, rallied violently at 118%, before an equally wild dump of almost 80% from highs all time.
Digital (or decentralized) identity blockchain products have also seen their adoption hampered. While identity on the blockchain presents a clear use case, no project has yet broken the mainstream.
While not in vogue, the Neo Foundation wrote that it hopes these features will lead to greater adoption across the space:
“With vast new features and improvements in system security and performance, Neo3 is sure to become the ideal next-generation Internet infrastructure for mass adoption.”