Neo Foundation Hinted At Potential Neo3 Updates, Including File Storage And Digital Identity

By Mary T. | October 19, 2020

The NEO Foundation has reportedly issued a reflection letter, reviewing 4-year long activity, and giving hints of future plans – Neo3, the 3rd iteration of the blockchain-based upon smart contracts

Specifically, its Neo3 project will reportedly feature different functions, nominally file storage support and D-ID (Digital or Decentralized Identity) features. 

Neo, the 22nd biggest crypto coin market cap-wise, has reportedly experienced a good year, with the release of a cross-chain interoperability project – a collaborative initiative with Ontology and Switcheo – finalized. 

Moreover, the self-styled “smart economy” platform’s foray into the summer DeFi craze reportedly achieved the same level of success as the above – the project receiving assistance in the developing process from Binance and Flamingo Finance hit more than $1.5 billion TVL in their Mint Rush yield farming vault product. 

Despite the recent success achieved in the field of interoperability and DeFi, its hints of Neo3 took a surprise turn, stepping into new directions – file storage and decentralized identity developments, publicly referred to as NeoFS and NeoID. 

The market has reportedly shown a wide range of preference when it comes to blockchain-based file storage. Filecoin – a different data storage-focused solution whose FIL token went live October 15th – had an intense rally of up to 118%, before a dump just as violent of approximately 80% from record highs.

“Together with vast new features and enhancements in system security and performance, Neo3 will surely become the ideal next-gen internet infrastructure for mass adoption.” The Neo Foundation reportedly said innovations will contribute to an enhanced adoption rate across the sector.

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