NEO Foundation Introduces Neo3 Features: Report

The NEO Foundation introduces the NEO3 features like file storage and digital identity but the demand remains questionable. In our latest NEO  news, we take a closer look at the report.

In an open letter to the community members, the NEO foundation introduces new features while reflecting on the past four years of activity and plans for the future as NEO3 which is the third iteration of the smart contract enabled blockchain will support file storage and digital or decentralized identity features. The 22^nd largest crypto by market cap, enjoyed a strong year after the successful launch of the cross-chain interoperability product in collaboration with Switcheo and Ontology.

Sep 2020, a remarkable month for the #Neo ecosystem with:
🦩The launch of @FlamingoFinance;
🚀 Preparing for #Neo3 Preview4, the final preview version before TestNet;
🧩 Continuous improvement and Neo3 migration of Infrastructure and tools.https://t.co/8tjabwXzII

— Neo Smart Economy (@Neo_Blockchain) October 16, 2020

The self-styled smart economy platform’s entry into the summer Defi craze had similar success as the joint Binance and NEO effort Flamingo Finance hit over $1.5 billion TVL in their mint rush yield farming vault product. In spite of the success with interoperability and Defi, the foundation’s letter turned to future developments and even teased upcoming features that will take NEO3 in a surprising direction like file storage and decentralized ID features named NEOID and NEOFS.

The market demonstrated a mixed appetite for file storage on the blockchain as Filecoin, whose FIL token went live on October 15, rallied violently to 118% before the strong dump of nearly 80% from all-time highs. The digital identity blockchain products saw strong adoption while the ID on the blockchain presents a clear use case but no project broke the mainstream yet. Despite not being in vogue, the foundation wrote that they hope these features will lead to even bigger adoption in the crypto 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.”

Of course to many more projects, contributors, and partners, we have a big THANK YOU for you. and we look forward to another amazing year working with all of you.

— Neo Smart Economy (@Neo_Blockchain) October 17, 2020

In our previous NEO news, we talked about Despite the massive losses, the TD Sequential index presented a buying signal on the daily charts. If the 100-day exponential moving average continues to hold, the cryptocurrency has a shot of increasing to $18.5 or even higher. While most cryptocurrencies continued suffering from the September Effect, NEO flashed buy signals that could allow it to regain the lost control. The cryptocurrency endured a huge correction period after making a new yearly high but since then, the token dropped by more than 40%. It went from trading at $26 to a low of $15.9.