China's most popular public blockchain projects, NEO and Ontology are collaborating to build an interoperable protocol in a bid to encourage the development of next-gen internet. As per the press release, both the firms said that the collaboration would focus on developing an open, global cross-chain platform.
Leading Blockchain Giants to Work Together
Development of Blockchain industry is just started in China, where the two leading blockchain platforms, NEO and Ontology declared that they have entered into a new partnership.
Both the firms' main purpose here is to utilize their strengths to form an efficient and universal interoperability protocol. Founder of NEO, Da Hongfei stated that the firm is planning to work with Ontology to provide real-life solutions and uses of blockchain.
Main Features of Interoperability Protocol
In the press release, the company introduced four essential aspects regarding the interoperability protocol. Firstly, the development work will try to build an "eco-friendly approach for member-chains." This indicates that in order to defend member-chains from cannibalization, the protocol will not offer tokens or not consists of a dedicated smart contract system.
Secondly, it aims to achieve a low barrier for entry. This means there is no need for protocol layer development and alternation in the current blockchain projects to support their persistent technical integration.
Third, the protocol purpose is to attain finality and atomicity in cross-chain transactions with a specific focus on cross-chain smart contracts interactions to increase the scope of decentralized apps (DApps).
Fourth, in a bid to improve security for cross-chain transactions and interactions, the protocol will implement a complex set of mechanisms developed on a technical and operational level.
Founder of both the firms highlighted in their respective statements that a joint approach is the first step needed for developing the base of an open and global cross-chain system. This approach will further help to speed up the development of blockchain applications in different industries to offer diverse real-life cases.
In 2018, NEO and Ontology worked together to enhance the development of API standardization, a sharing ecosystem for smart contracts, developing open standards for smart contracts, and cross-chain technology innovation.
Lastly, the whitepaper about the interoperability protocol will be available in Q3 2019; however, the platform is expected to go live in Q4 2019.