Based on a recent report, leading public blockchain initiatives in China- Ontology and NEO have made it known that they will be collaborating to create the bedrock for next-gen internet. They will be focusing on the establishment of an open cross-chain platform.
A statement issued by the firm revealed that the companies intend to leverage both parties’ strengths to build an efficient and inclusive interoperability protocol. The founder of NEO and Chief Executive Officer of OnChain Day Hongfei stated that the firm is looking forward to working with Ontology to deliver real-life solutions and functions for blockchain.
Also, Li Jun the founder of Ontology repeated the same thing, he added that the partnership will be of benefit to both firms’ community and technology, and speed the development of blockchain in general.
The firms’ interoperability protocol is expected to be “groundbreaking” as it will possess characters such as a low barrier of entry and enhanced security. The focus of the protocol will also be on cross-chain smart contract interactions to grow the scope of dApps been hosted on the network. The protocol will however not issue tokens and will not have a dedicated smart contract system to ensure an eco-friendly approach to member chains.
Both Ontology and NEO will be required to introduce changes to their focuses so as to ensure the full deployment of their capabilities. NEO will have to switch its focus exclusively on developing protocols and components that support a full spectrum of cryptocurrencies. In addition, Ontology will proceed with its work of creating a future-proofed, decentralised identity framework.
Not the First Time Working Together
Meanwhile, this will not be the first time the two companies will be working together. The NEO Foundation and Ontology Foundation have partnered up in 2018 to enhance the growth of API standardisation which is a sharing ecosystem of smart contract, cross-chain technology innovation, and building open standards.