On May 14th, 2018, both the NEO foundation and the Ontology foundation came together to sign an agreement called the Memorandum of Understanding (MOU). This understanding is in regard to both strategy and the integration of different technology.
Investors that participate with Ontology prefer to have the distributed trust network that only they provide. They highlight the importance of digital identity, data exchange, and other scenarios that allow consumers to have privacy. In that sense, NEO and Ontology have similar visions for their technological advancement, as they both want to promote better blockchain technology and how it is applied for investors. As they combine their forces, they will have compliance-ready, regulatable protocols, which can span the entire globe.
All of the protocols that the two foundations establish will support compliance and regulations with NeoVM, while balancing a smart contract system for the infrastructure and network. As a result, they have a few areas that have been agreed upon:
- NEO will have a smart contact platform with a distributed network and infrastructure services. In exchange, Ontology will contribute various customized services, like digital identity and data exchange services.
- NEO and Ontology will both support smart contracts that collaborate between others.
- Both NEO and Ontology will offer interfaces like APIs, SDKs, and similar platforms to communicate results in research and development achievements.
- Both NEO and Ontology will use cross-chain research to end up creating integrable mainnets.
There will also be shared resources between the foundations, which brings the two forms of support closer together. There will be a joint task force established, which features representatives from both NEO and Ontology, which helps the individuals to set and reach their goals. Additionally, both efforts will be contributing funds to the projects to support research, development of algorithms, encryption, integration of protocols, and better identity verification.
To expand the development of this partnership, other investors and communities with this interest are encouraged to join in the funding of this project.