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file storage and digital identity

file storage and digital identity

In an open letter at the moment to Neo group 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 Identification) options. 

Neo, the 22nd largest cryptocurrency by marketcap, has loved a powerful yr, having efficiently launched a cross-chain interoperability product in collaboration with Ontology and Switcheo. 

Moreover the self-styled “sensible financial system” platform’s foray into the summer time 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 peculiar new instructions: file storage and decentralized identification options named NeoFS and NeoID. 

The market has demonstrated a decidedly blended urge for food for file storage on the blockchain. Filecoin, one other information storage-centered product whose FIL token went reside 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 transparent use case, nobody undertaking has but damaged mainstream. 

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

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

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