China's blockchain giants bond over an innovation

China’s leading blockchain projects NEO and Ontology announced a partnership to build an open platform for the next-gen Internet. This development was on 18 July.

Ontology conveyed that the news arose during a town hall meeting. Ontology shared an insight that as a new era of blockchain adoption approaches, the partnership would facilitate the industry’s accelerated growth. The blockchain project indicated that by leveraging both parties’ strengths to introduce an efficient and inclusive protocol, there is much gain. Ontology stated that based on the parties’ repute, the partnership marked an industry-wide milestone.  

Da Hongfei, Founder of NEO and CEO and Founder of Onchain remarked – 

“This partnership represents the next step for not only NEO and Ontology, but also the future of the blockchain industry as we pioneer a collaborative approach to solving tough problems. By building the foundation for a global cross-chain platform, we look forward to delivering real life solutions and uses for blockchain by surmounting challenges and issues together. As we enter our next development phase, we hope to further accelerate industry growth by synergizing our strengths as China’s top two blockchain projects while also encouraging more projects and companies to join us in building the foundation for next-gen Internet.”

Ontology sustained by adding that in order to fully deploy the capabilities of interoperability protocols, NEO and Ontology would revamp their respective focuses. This would be in a bid to fully utilize interoperability protocols. Ontology noted the roles by highlighting that NEO would focus on developing protocols and components to support a suite of digital assets. Ontology would continue to build a sustainable, decentralized identity framework.

Ontology indicated that by leveraging both parties' strengths to introduce an efficient and inclusive protocol, there is much gain.

Li Jun, Founder of Ontology noted that by building a global cross-chain system, NEO and Ontology would promote cross-chain value exchange. Li opined that there would also be a benefit for business collaboration to establish the core infrastructure for the next-gen Internet. Li summarized by stating that through a strong technology and community, the development of blockchain applications for various industries would be accelerated.

In May, there was news about the Ontology Team’s release of its design for a lightweight, safe multichain system and cross-chain solution. Ontology informed that a single blockchain would not suffice for all business requirements. It was for this reason that blockchains with different architectures and features were being developed for different scenarios.

Ontology concluded on a note indicating that as NEO and Ontology bond, both parties would look forward to welcoming a new era of blockchain development. Ontology remarked that a white paper regarding the interoperability solution will be released before the platform goes live.