Neo3 promises to provide file storage and digital identity, Neo Foundation says

The Neo Foundation has published an open letter to Neo community members, that 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 Ethereum blockchain of Chinese has enjoyed a strong year, having successfully launched a cross-chain interoperability product in collaboration with Ontology and Switcheo.

“Neo3 will be a future-proof full-stack blockchain solution comprising a decentralized files storage system – NeoFS and a DID solution – NeoID (both are community-developed), as well as a built-in Oracle […] We target to invite everyone to experience Neo3 on the TestNet by the end of the year – with Neo3 MainNet set to launch in the first quarter of 2021,” said open letter.

Digital (or decentralized) identity blockchain products have also seen stymied adoption. While identity on the blockchain presents a clear use case, no one project has yet broken mainstream.

Despite not being in vogue, the Neo Foundation wrote that they hope these features will lead to greater adoption across the space:

“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.”

Formerly known as AntShares, NEO is a China-based blockchain platform capable of running smart contracts and deploying DApps. As part of a non-profit project, NEO functions as an open blockchain network to achieve a smart economy.

Neo’s vision of a smart economy is based on digital assets, digital identity, and smart contracts. For digital assets, NEO uses two cryptocurrencies: NEO and GAS. In future, the project also aims to enable the development of native digital assets, including tokenized traditional assets.

While Ethereum can scale up to 20 transactions per second (TPS), NEO’s transactions throughput is around 1,000 TPS, with the potential to reach 10,000 TPS with proper optimization.

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