NEO (NEO), an open-source, community-driven platform for decentralized applications (dApps) has joined forces with Ontology (ONT) to build an open cross-chain platform to serve as a foundation for the next-gen internet, according to a press release on July 18, 2019.
NEO and Ontology Building the Next-Gen Internet
In a bid to accelerate the growth of their respective blockchain ecosystems, NEO and Ontology have come together to build an open cross-chain platform that leverages the strengths of both teams to establish a foundation for the next-gen Internet.
Per the teams, the new alliance which has been touted as an “industry-wide milestone,” is aimed at putting in place an efficient and inclusive interoperability protocol.
To fully reap the dividends of interoperability protocols, NEO and Ontology will recalibrate their strategies.
NEO’s primary area of focus will be on developing protocols and components to support a vast array of digital assets while Ontology will look to create a future-proofed, decentralized identity framework.
Key Features of the Interoperability Protocol
The new NEO-Ontology interoperability protocol comes with several exciting features. The system has a very low barrier of entry, facilitating seamless technical integration without protocol layer development or modification for existing distributed ledgers.
The interoperability protocol is designed in an eco-friendly manner to support cross-chain synchronization. The team says the protocol “neither issues tokens nor use a dedicated smart contract system” to protect member networks from cannibalization.
For the security of cross-chain transactions, the team plans to carefully implement an advanced set of mechanisms built on the technical and operational level.
That’s not all, the protocol also supports transactional atomicity, with a key focus on cross-chain smart contract interactions to expand the scope of decentralized applications (dApps).