China’s NEO And Ontology Partner In Developing An Interoperability Feature For Next-Gen Blockchains
Blockchain technology is moving to a new generation and two of the largest blockchain companies – Ontology (ONT) and Neo (NEO) – are moving with it. The two blockchain firms released a press report earlier on Thursday, July 18 announcing the new interoperable blockchain system between the two platforms.
Major improvements are to come with the interoperable blockchain including an eco-friendly connection between chains, low barrier of entry, optimizing security and supporting cross chain decentralized applications.
NEO-Ontology Interoperable Blockchain
In an official press release from the NEO Blockchain Council, NEO and Ontology are planning to build an interoperable blockchain to promote the next generation of blockchains. In a bid to follow through with deploying the capabilities of the protocols, the companies will restructure their strategic blueprint to accommodate the interoperability feature.
“China’s leading public blockchain projects NEO and Ontology announced a partnership to build an open cross-chain platform and establish the foundation for next-gen Internet.” – NEO Blockchain Council
NEO development’s team is tasked with developing the core protocols to enable the connectivity and utilization of the blockchains is simplified. Ontology dev team on its part is tasked with building its decentralized network.
Speaking on the partnership, the founder of Ontology, Li Jun said the partnership is set to improve the blockchain ecosystem across various industries and help them deliver their real use cases. He further said,
“By building an open and global cross-chain system, NEO and Ontology will promote cross-chain value exchange as well as business collaboration to establish the foundational infrastructure for next-gen Internet.”
Neo, the Chinese Ethereum, and Ontology can boast to have the largest following in China and the partnership is set to boost growth not only across the NEO and Ontology blockchains but the wider ecosystem.
Fundamental Features of The NEO-Ontology Blockchain
The first feature is the low barrier for entry for other blockchains to join the interoperable platform. The platform provides seamless technical whereby blockchain projects will not need to build and develop new protocol layers or modify the system in the integration process.
While the concept of interoperability is not a totally new concept discovered by the two Chinese blockchain firms, they aim to provide the first “eco-friendly approach to member chains.” This means that the platform will not be issuing tokens nor will they offer a standard smart contract platform. .
Thirdly, security is a key component in the new system set to be developed by the end of the year. The two firms will optimize security for any cross chain transaction and interaction using a sophisticated set of mechanisms built in to the interoperable blockchain.
Finally, the new interoperable blockchain is set to introduce transactional atomicity while improving the dApp development capabilities by introducing cross chain smart contract interactions and execution.
NEO’s And Ontology’s Long Standing Relationship
The two companies have partnered in a number of projects given that Da Hongfei, the founder of NEO doubles up as the founder and CEO of OnChain, the parent company of Ontology. In mid-2018, the two companies signed off a MoU on strategy and technology integration followed by the launch of NeoVM through a partnership between the sister companies.
Da Hongfei spoke on the partnership to launch the cross chain network praising the partnership and the capabilities that the platform holds for the future blockchain platforms. He further says,
“By building the foundation for a global cross-chain platform, we look forward to delivering real life solutions and uses for blockchain by surmounting challenges and issues together.”