NEM And Oath Protocol Partner For Blockchain Dispute Resolution Governance
This week, Oath Protocol and NEM established a strategic partnership. Oath Protocol’s position is to provide standard blockchain governance protocol to ensure secure payments, smart asset management, and dynamic services. Disputes that occur on the NEM blockchain will be resolved by OATH in a decentralized and fair manner.
For those who are unaware, OATH protocol is a level 2 protocol that promotes fair, robust, and transparent dispute resolution on the blockchain. OATH is currently working to establish a security layer to facilitate community decision making. The partnership with NEM will enhance the blockchain’s security mechanisms for NEM users and it may even lead to faster dispute resolution.
On the other hand, NEM is a smart-asset management blockchain that provides users with a platform whereby they can manage their assets, such as currency, supply chain, notary, ownership records, and so much more. The smart asset system allows users to fully customize the blockchain based on their requirements and needs. The interface itself is simple and secure and anyone can apply their customized blockchain solution.
As for comments, Yin Xu, Co-Founder and CEO of Oath Protocol stated:
NEM is a world-class smart asset management project in the blockchain sphere. Its unique Proof-of-Importance (POL) consensus algorithm and peer-to-peer payment methods have already led to widespread response and are hosting several dApps. The variety of NEM use cases will allow us to increase the robustness of OATH protocol and its features, while OATH will provide reliable support to NEM’s existing and future participants. We expect to resolve disputes relating to payments and branch out into additional possibilities for OATH use cases.
Flora Fang, Leader NEM Taiwan, stated:
OATH protocol provides the most important and missing link in blockchain security — dispute resolution and governance mechanism — that is crucial to our chain. We are committed to the management of smart asset allocation on the blockchain, and its use symbolizes full fairness and equality. The decentralized reward mechanism provides a safe and easy-to-use solution and application portal for peer-to-peer payments. On our chain, OATH will serve as a backbone to provide fair and efficient dispute resolution. We are excited about and look forward to our cooperation.