ONTOLOGY AND NEO PARTNER TO CREATE GLOBAL CROSS-CHAIN BLOCKCHAIN - PowerPoint PPT Presentation

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ONTOLOGY AND NEO PARTNER TO CREATE GLOBAL CROSS-CHAIN BLOCKCHAIN

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In a town hall meeting, China’s leading public blockchain projects Neo and Ontology revealed plans about their partnership to establish a foundation for the next-gen internet by building an open cross-chain blockchain platform – PowerPoint PPT presentation

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Title: ONTOLOGY AND NEO PARTNER TO CREATE GLOBAL CROSS-CHAIN BLOCKCHAIN


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Ontology and NEO Partner to Create Global Cross -
Chain Blockchain
  • In a town hall meeting, Chinas leading public
    blockchain projects Neo and Ontology revealed
    plans about their partnership to establish a
    foundation for the next-gen internet by building
    an open cross-chain blockchain platform. This
    partnership will aid both parties in leveraging
    their strengths to introduce an inclusive and
    efficient interoperability protocol. This
    partnership will facilitate the industrys
    accelerated growth and help create an
    industry-wide milestone.

3
  • Neo is an open-source blockchain platform which
    is designed to build a scalable network of
    decentralized applications. It is a
    community-driven project which utilizes digital
    identities and blockchain technology to digitize
    assets and automate the management of digital
    assets through smart contracts. It aims to create
    a smart economy by using a distributed network.
    Neo is often regarded as the Ethereum of China
    due to its close similarities with the Ethereum
    blockchain.

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  • To reorient the focus of their strategies to the
    task of full-fledged interoperability, Neo will
    work towards developing protocols and components
    to support a full spectrum of digital assets.
    Ontology will focus on building out its
    decentralized identity framework. This will help
    in the full deployment of the capabilities of
    interoperability protocols. The press release
    revealed four fundamental aspects of the
    interoperability protocol, which are

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The Eco-Friend Approach To Member Chains
  • Designed primarily for cross-chain
    synchronization, the protocol will not issue
    tokens and will not include a dedicated smart
    contract system for protecting member chains from
    cannibalization

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Low Barriers To Entry
  • Existing blockchain projects do not need protocol
    layer development or modification as they are
    built to facilitate seamless technical
    integration.

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Transactional Finality and Atomicity
  • This protocol will strive to achieve finality and
    atomicity in cross-chain transactions with a
    specific focus on cross-chain smart contract
    interactions. This will help widen the scope of
    decentralized applications.

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Enhanced Security
  • Neo and Ontology will focus on optimizing
    security for cross-chain transactions and
    interactions. A sophisticated set of mechanisms
    built on the operational and technical levels
    will be carefully implemented to enhance security
    levels.

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  • Ontology is a distributed trust collaboration
    platform and a high-performance public blockchain
    project. Its framework allows to customize public
    blockchains for applications and supports public
    blockchain systems. It also supports
    collaboration of chain networks with protocol
    groups. Ontology provides interoperability
    between blockchains.

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  • As enterprises would not prefer to store all
    their information on a public blockchain,
    Ontology enables them to protect information and
    choose the information they want to keep private
    and those they would like to share with
    competitors. Ontology was born in 2017 and was
    launched by the Chinese firm OnChain which was
    co-founded by Erik Zhang and Da Hongfei.

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  • In the words of Li Jun, the founder of Ontology,
    By building an open and global cross-chain
    system, NEO and Ontology will promote cross-chain
    value exchange as well as business collaboration
    to establish the foundational infrastructure for
    the next-gen internet. By continuously bolstering
    our technology and community, we aim to
    accelerate the development of blockchain
    applications for various industries to deliver
    diverse real-use cases.

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  • As Neo and Ontology take a step further to deepen
    their cooperation, both parties are looking to
    usher in a new era of blockchain development
    through this partnership. The platform will be
    going live in Q4 before which the white paper of
    the interoperability solution will be released in
    Q3. As the platform develops, Neo and Ontology
    will realize their smart economy vision through
    their collaborative approach.

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