Copy link
Increase text size
Decrease text size
Link copied

Neo, Ontology partner to develop blockchain interoperability protocol

Fri, 19 Jul 2019, 09:21 am UTC

The internet has existed for decades now and many have tried to overhaul it in a revolutionary manner. A new attempt to do this was recently announced via a partnership between Chinese public blockchain projects, Neo and Ontology.

Both blockchain platforms are looking to develop an open cross-chain platform as part of efforts to establish the foundation for the next-generation internet.

Towards this goal of introducing an interoperability protocol, Neo and Ontology will leverage their respective strengths – a NEO will focus on building protocols and components to support a full spectrum of digital assets, while Ontology will continue developing a future-proofed, decentralized identity framework.

According to a press release, the key features of this interoperability protocol include a low barrier of entry meaning that existing blockchain projects would not require protocol layer development or modification, and finality and atomicity in cross-chain transactions with a particular focus on cross-chain smart contract interactions to expand the scope of decentralized applications.

In addition, in order to protect member chains from cannibalization, the protocol will not issue tokens and would not include a dedicated smart contract system. The protocol will be so designed as to optimize security for cross-chain transactions and interactions.

“By building the foundation for a global cross-chain platform, we look forward to delivering real life solutions and uses for blockchain by surmounting challenges and issues together,” Da Hongfei, Founder of NEO and CEO and Founder of Onchain, said. “As we enter our next development phase, we hope to further accelerate industry growth by synergizing our strengths as China's top two blockchain projects while also encouraging more projects and companies to join us in building the foundation for next-gen Internet."

It’s worth pointing out that this is not the first time that the two companies have collaborated. In May 2018, the Ontology Foundation and the NEO Foundation announced to co-fund a Joint Task Force, which will focus on the development of API standardization, a shared smart contract ecosystem, building open standards for smart contracts, and cross-chain technology innovation.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,338.86 (+0.03%)
  • Ethereum (ETH) $160.43 (+0.55%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $309.56 (-0.61%)
  • Bitcoin SV (BSV) $260.57 (+1.50%)
  • Bitcoin (BTC) $8,338.86 (+0.03%)
Jan 24, 2020 (Friday)
12:24
Ripple CEO Brad Garlinghouse hints at the possibility of IPO
11:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:50
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:37
Japan ruling party lawmakers to propose digital yen in February: Report
11:00
Hackers becoming more sophisticated as crypto exchanges bolster security measures: Chainalysis
10:24
Crypto Technicals: XRP/USD slips below 21-EMA, more weakness to follow
10:23
Tether launches new stablecoin backed by physical gold
09:49
Crypto exchange ErisX partners with Etale to offer new trading features
09:23
World Economic Forum launches blockchain-based supply chain traceability platform
08:17
Crypto Technicals: LTC/USD holds above 51 mark, finds strong support at daily cloud
07:36
Liechtenstein's Financial Market Authority approves ethereum-based real estate tokenized fund
06:57
Greece to extradite alleged BTC-e operator Alexander Vinnik to France after supreme court ruling
05:26
Agribusiness blockchain initiative Covantis selects ConsenSys as technology partner
04:44
Crypto exchange Binance invests in blockchain startup Numbers
04:24
Crypto Technicals: ETH/USD holds above 21-EMA and cloud support, further weakness on charts
04:23
Indian IT firm Mphasis to develop blockchain privacy-enhancing tech solutions with QEDIT
04:04
Crypto Technicals: BTC/USD extends weakness, eyes next major support at 110-EMA (8134)
Jan 23, 2020 (Thursday)
13:26
Amun lists inverse bitcoin ETP on SIX Swiss Exchange
12:32
World Economic Forum creates framework to help central banks design and deploy CBDC
11:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft