In a town hall meeting, China’s leading public blockchain projects Neo and Ontology revealed plans about their partnership to establish a foundation for the next-gen internet by building an open cross-chain blockchain platform. This partnership will aid both parties in leveraging their strengths to introduce an inclusive and efficient interoperability protocol. This partnership will facilitate the industry’s accelerated growth and help create an industry-wide milestone.
Neo is an open-source blockchain platform which is designed to build a scalable network of decentralized applications. It is a community-driven project which utilizes digital identities and blockchain technology to digitize assets and automate the management of digital assets through smart contracts. It aims to create a ‘smart economy’ by using a distributed network. Neo is often regarded as the ‘Ethereum of China’ due to its close similarities with the Ethereum blockchain.
To reorient the focus of their strategies to the task of full-fledged interoperability, Neo will work towards developing protocols and components to support a full spectrum of digital assets. Ontology will focus on building out its decentralized identity framework. This will help in the full deployment of the capabilities of interoperability protocols. The press release revealed four fundamental aspects of the interoperability protocol, which are:
An Eco-Friendly Approach To Member Chains
Designed primarily for cross-chain synchronization, the protocol will not issue tokens and will not include a dedicated smart contract system for protecting member chains from cannibalization.
Low Barriers To Entry
Existing blockchain projects do not need protocol layer development or modification as they are built to facilitate seamless technical integration.
Transactional Finality And Atomicity
This protocol will strive to achieve finality and atomicity in cross-chain transactions with a specific focus on cross-chain smart contract interactions. This will help widen the scope of decentralized applications.
Neo and Ontology will focus on optimizing security for cross-chain transactions and interactions. A sophisticated set of mechanisms built on the operational and technical levels will be carefully implemented to enhance security levels.
Ontology is a distributed trust collaboration platform and a high-performance public blockchain project. Its framework allows to customize public blockchains for applications and supports public blockchain systems. It also supports collaboration of chain networks with protocol groups. Ontology provides interoperability between blockchains. As enterprises would not prefer to store all their information on a public blockchain, Ontology enables them to protect information and choose the information they want to keep private and those they would like to share with competitors. Ontology was born in 2017 and was launched by the Chinese firm OnChain which was co-founded by Erik Zhang and Da Hongfei.
In the words of Li Jun, the founder of Ontology, “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 the next-gen internet. By continuously bolstering our technology and community, we aim to accelerate the development of blockchain applications for various industries to deliver diverse real-use cases.”
As Neo and Ontology take a step further to deepen their cooperation, both parties are looking to usher in a new era of blockchain development through this partnership. The platform will be going live in Q4 before which the white paper of the interoperability solution will be released in Q3. As the platform develops, Neo and Ontology will realize their smart economy vision through their collaborative approach.