The two giants of the cryptocurrency sector Neo and Ontology join forces to create an interoperable protocol that should stimulate the development of the new generation internet.
Internet and Blockchain go hand-in-hand
Neo and Ontology are in talks to develop an inter-blockchain open-source platform, based on an interoperability protocol.
Da Hongfei, the founder of Neo, wants to make NEO 3.0 the largest blockchain platform in the world within a year.
With the new generation of internet, a whole new platform will emerge, propelling NEO to a higher level in terms of technology. As for Ontology, the platform will benefit from a decentralized identity framework.
Similar to iOS apps that can interact with Android apps or Alipay users with PayPal users, our system will allow dApps […] developers and businesses to access a wider network of business opportunities. growth, “said Da Hongfei.
The features of the new protocol
The desire for interoperability of the two Chinese giants concerns four fundamental aspects.
- First, Neo and Ontology aim to develop “environmentally friendly approach to Blockchain members” . This means that no cryptocurrency will be issued by the partnership protocol. No dedicated intelligent contract system will be implemented as well.
- Second, a basic barrier of entry is required. The development of new protocol layers and the modification of existing protocols do not require the support of the Blockchain project.
- Third, inter-Blockchain transactions must achieve their purpose . In addition, Neo and Ontology are focusing on the growing use of dApps – by supporting intelligent contract interactions between blockchains for example.
- Fourth, both companies need to focus on optimizing the transactional and transactional security between blockchains – being aware of the risks faced by DLT users. Nevertheless, no details have yet been published for the moment. The new technical and operational security mechanism will be implemented in the near future.
Interoperability: a global concern
The spirit of collaboration promotes the development of interoperability according to the founders of Neo and Ontology. Thanks to this, the global inter-blockchain platform will be able to see the day and manage applications in real life.
Other companies are joining the effort, to name only ETC Labs, the Ethereum Classic Incubator.
Blockchain ConsenSys has suggested the introduction of interoperability and scalability standards in Europe given the growing number of companies considering the Internet of the future.
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