NEO Partners With Ontology To Create Global Cross-Chain Blockchain Platform
Two of the popular Chinese blockchain platforms Ontology and NEO are working together to develop a mutually compatible covenant to encourage the creation of new generation internet.
Leveraging their individual expertise, both blockchain companies plan to develop an easily accessible, international cross-chain system centered on a covenant of interoperability.
In realigning their individual approaches toward the challenge of achieving total compatibility (interoperability), NEO will put its efforts to build covenants and modules that can back an entire spectrum of digital assets, and Ontology will keep building its decentralized infrastructure for identity.
The company has revealed four basic parts in the company’s interoperability drive, with the first step pointing out that the development effort will strive to create an “eco-friendly strategy to member chains,” implying that the covenant will not award tokens or include a devoted smart contract mechanism to safeguard member chains from so-called cannibalization.
The second step is to create a limited access barrier— that is, not to push current blockchain initiatives to create fresh levels of protocols or other changes in an attempt to simplify their strategy incorporation.
The third step calls for striving to achieve certainty and atomicity in cross-chain dealings and extending the range of decentralized apps (DApps) by promoting interaction of smart contracts across various blockchains.
Finally, the two businesses pledge to concentrate on optimizing safety for cross-chain activities and interactions but refrained from providing specific information of the technical and operational safety systems intended for deployment.
The founders of both firms asserted that a cooperative strategy is the first move towards constructing the basis for a worldwide cross-chain system that can carry on a variety of industry initiatives and businesses and solve real-life apps.
Last month, Ethereum Classic (ETC) incubator ETC Labs, in collaboration with Metronome (MET), revealed plans to create an optional Ethereum (ETH)/ETC compatibility. A research conducted by ConsenSys, the blockchain technology firm, and published this March by the European Union Blockchain Observatory and Forum proposed implementing European blockchain interoperability and scalability standards.