Neo, Ontology partner to develop blockchain interoperability protocol

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.