NEO and Ontology Partnership Eyes Global Cross-Chain Blockchain Platform

Published at: July 18, 2019

Chinese blockchain platforms Ontology and NEO are partnering to create an interoperable protocol in a bid to spur development of the next-generation internet.

A press release shared with Cointelegraph on July 18 revealed that the two blockchain firms intend to build an open, global cross-chain platform based on an interoperability protocol that would harness both companies’ strengths. 

In reorienting the focus of their respective strategies to the task of full-fledged interoperability, NEO will work to develop protocols and components that can support a full spectrum of digital assets and Ontology will continue to build out its decentralized identity framework. 

Key Features of NEO and Ontology’s interoperability protocol

The press release reveals four fundamental aspects of the firms’ interoperability push, noting first that the development work will aim to establish an “eco-friendly approach to member chains.” This means that — in order to protect member chains from so-dubbed cannibalization — the protocol will not issue tokens, nor will it include a dedicated smart contract system.

A second point is an ambition to establish a low barrier for entry — i.e. to not require existing blockchain projects to develop new protocol layers or other modifications in a bid to streamline their perspective integration. 

Third, the protocol will seek to achieve finality and atomicity in cross-chain transactions and will focus on expanding the scope of decentralized applications (DApps) by supporting cross-chain smart contract interactions.

Last, the two firms pledge to focus on optimizing security for cross-chain transactions and interactions but have not yet revealed specific details of the technical and operational security mechanisms that are planned for implementation.

The global push for blockchain interoperability

Both companies’ founders have underscored in their respective statements that a collaborative approach is the first step to building the foundation for a global cross-chain platform that can onboard diverse projects and companies in the sector and tackle real-life applications.

Last month, Ethereum Classic (ETC) incubator ETC Labs revealed plans to create a solution for Ethereum (ETH)/ETC interoperability in collaboration with Metronome (MET).

A report prepared by blockchain tech firm ConsenSys and published by the European Union Blockchain Observatory and Forum this March had recommended the introduction of interoperability and scalability standards for the European blockchain sector.

Tags
Adoption
Blockchain
China
Ontology
Neo
Related Posts
'China's crypto ban had little impact on Neo,' says organization's developers
Once hailed as the "Ethereum of China," Neo's token price has fallen on hard times ever since the world's most populous nation introduced a series of acute bans on cryptocurrency operations last year. In an exclusive interview with Cointelegraph, Neo's developers — who wished to remain anonymous — explained that partners run most projects sponsored by Neo Global Development, or NGD, from a wide range of countries outside China that serve users all over the world. In addition, Neo continues to expand inside China. It is currently one of seven open permission blockchains servicing the nation's Blockchain-based Service Network, or …
Adoption / Feb. 8, 2022
Neo users explain why they've held on to the project despite China's heavy crypto crackdown
It's been a wild ride for Neo (dubbed "Ethereum of China") investors in the past few years, especially as China began to incrementally introduce harsher crypto regulations. But despite the odds, the community appears to be resilient, with a dedicated society of developers worldwide and a bourgeoning decentralized finance, or DeFi, hub that came into prominence via the launch of Neo N3 mainnet last year. As told by Neo investors Lucas and Jiří, who spoke to Cointelegraph, they were not expecting such a "huge drop in price" for Neo. Still, they nevertheless decided to hold their Neo tokens through all …
Decentralization / Feb. 28, 2022
Huobi Launches Global DeFi Alliance To Merge East and West
Huobi DeFi Labs has launched a global DeFi alliance, which is set to establish universal protocol standards for the DeFi space and improve communications within the DeFi ecosystem. The alliance will also conduct research on emerging DeFi protocols to help avoid future crises in the community. The alliance’s inaugural members are MakerDAO (MKR), Compound (COM), Nest (NEST), and dYdX (dYdX). In an interview with Cointelegraph, Huobi’s chief investment officer Sharlyn Wu said, “We have to partner with the entire ecosystem. But we want to work with the best of projects out there and make sure our users have access to …
Adoption / Aug. 17, 2020
China’s Forex Regulator Develops Blockchain Trade Finance Solution Pilot
China’s foreign exchange reserve regulator, the State Administration of Foreign Exchange (SAFE), is set to pilot a cross-border trade finance blockchain platform. The news was reported by local financial news agency CNStock on April 24. According to the report, the development of the platform was initiated by SAFE and completed in collaboration with the Hangzhou Blockchain Technology Research Institute. The latter, also known as China Banknote Blockchain Technology Research Institute, has reportedly completed the technical undertaking of the project under the China Banknote Printing and Minting Corporation, which is directly affiliated to the People's Bank of China (PBoC). Being largely …
Adoption / April 24, 2019
Argentina’s Dep. Finance Minister: Crypto Adoption Could Reduce Demand for US Dollar
Huobi Group CEO Leon Li met with senior Argentinian finance officials this week to discuss the role of blockchain and crypto in the country’s economy, according to a press release shared with Cointelegraph on March 29. In a meeting in Beijing, Argentina’s Deputy Minister of Finance, Felix Martin Soto, claimed that the government should address crypto and blockchain tech as a way to promote Argentina’s financial inclusion and reduce state costs. Soto, who leads Argentina’s international financial relations, explained that half of the country’s population does not have bank accounts and operate cash transactions by converting their savings to United …
Adoption / March 29, 2019