Cryptocurrency

Neo Joins Hands with Ontology to Develop an Open Global Cross-chain Platform

According to the official announcement, Neo has joined hands with Ontology to build the roots of the next-generation Internet. Both these Chinese blockchain platforms have collaborated to form an open international cross-chain platform. Apart from releasing official blog posts on their respective blogs, Neo also took to Twitter today to update the crypto community about this latest endeavor.

This new collaboration is believed to boost the industry’s growth significantly as both the entities would be optimally using their strengths to establish an inclusive and efficient interoperability protocol.

While Ontology will contribute by building a decentralized and future-proofed identity framework, NEO will be taking on the responsibility of creating components and protocols to seamlessly support digital assets, as disclosed in the blog post.

Important Features of the Partnership

Divulging further insights, the announcement also included four vital features of the interoperability protocol.

  1. Eco-friendly approach: The protocol won’t be issuing tokens or including any dedicated smart contract system for protecting member chains from the so-called cannibalization.
  2. Low entry barrier: Ongoing blockchain projects don’t require to build newer or modify the protocol layers in order to streamline technical integration.
  3. Transactional atomicity: This protocol targets to attain atomicity and finality in the cross-chain transactions. The primary focus will be to broaden the horizon of dApps by extending support to cross-chain smart contract interactions.
  4. Improved security: The protocol will concentrate on offering optimized security for all the cross-chain interactions and transactions. For that, the companies plan to build a rich set of operational and technical security mechanisms, details of which, are not revealed yet.

Da Hongfei, NEO’s Founder and Onchain’s Founder-CEO, stated that by forming the basis of an international cross-chain platform, they are looking to deliver real-life blockchain uses and solutions by overcoming issues and challenges together.

Ontology’s Founder Li Jun also came forward to express his opinions on the partnership. Jun said that they are aiming to boost the blockchain applications’ development for a variety of industries to offer varied authentic use cases.

The announcement also revealed that the firms would release an official white paper in Q3 on the interoperability solution before making the platform live in the 4th quarter.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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