Ontology (ONT) Set To Partake With Other Projects In Migrating From The NEO Blockchain Network


Ontology (ONT) Set To Join Other Projects In Migrating From The Neo Network

Top figures at ONT (Ontology) are considering a future away from the NEO network.

Ontology's United States Ecosystem partner, Erick Pinos, stated that though currently integrated on the NEO network, they have begun preparations for commitments elsewhere. He said

“we're preparing on a technical level to integrate with them (other blockchain platforms)”

Cross Chain Swaps

According to Pinos, development of cross chain swaps are already underway, which enables the movement of assets across blockchains. Specifically, swaps with Ethereum (ETH) and EOS.IO (EOS) are being developed already.

Ontology was launched in 2017 by Shanghai-based R&D firm, Onchain, which was founded by the creators of the NEO project, DA Hongfei, and Erick Zhang.

In spite of the ONT / NEO team overlap, they still are very independent of each other. After starting as a NEP-5 token, last summer, ONT migrated to its own blockchain.

Ontology And Neo Collaboration

However, Ontology still executes smart contracts on the NEO virtual machine.

In spite having different ledgers, both NEO and ONT have worked in close relations, in May 2018, they signed an “MOU Concerning Strategy and Technology” to jointly build and promote a smart contract ecosystem based on NEO.

Erick Pinos stated that ONT is still vested in collaborations with NEO, he said:

“NEO is one of the first projects we worked with.., and we continue to support them”

He also said that there is a possibility that Ontology could go elsewhere “if NEO doesn't succeed, we can integrate with other platforms”. EOS has been considered for this as Pinos said EOS “made sense” to integrate with.

If they would stop the use of NEO or not at the moment is still uncertain.

Jesse Liu, the marketing executive director at Ontology has stated that the pros and cons of working with NEO are currently being evaluated and future plans are in the works.

ONT Not The First To Leave

Ontology would not be the first to leave the NEO network as Effect.AI, one of the most popular decentralized application platforms in terms of its user activity and transactions, in February, announced their migration to EOS.

A spokesperson of Effect.AI expressed

“Disappointment in the performance of the NEO technology and concerns about the lack of direction of NEO’s future.”

Neoecoboost Fund

This news comes following Da Hongfei's last week's announcement of ‘NeoEcoBoost', a 100 million dollar fund for further development on the NEO network. Such developments include the newly scaled blockchain network NEO 3.0 set to be launched in the second quarter of 2020.

This kind of investment is not particularly new on the NEO network, however, if projects are dissatisfied and migrating from the NEO network, this investment might simply be seen as a way to improve attraction to the network. Whether the 100 million dollar NeoEcoBoost is enough to convince these projects is still unknown.

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