The Ontology Team on 16 May shared news about the release of its design for a lightweight, safe multichain system and cross-chain solution.
Ontology commenced by informing that a single blockchain would not suffice for all business requirements. It was for this reason that blockchains with different architectures and features are being developed for different scenarios. The distributed trust collaboration platform also indicated the need for blockchains to interact with other blockchain systems. These are just aspects of a sufficient solution to work under a multichain system.
While expressing on the solution, Ontology noted –
“Ontology has now released its design for a lightweight and safe multichain system and cross-chain solution. The solution uses the Ontology blockchain as the main chain, and supports both side-chains whose architecture is the same as that of the Ontology main chain and side-chains whose architecture is different from that of the Ontology main chain.”
Ontology added that its multichain design rivals competitors like Cosmos, Polkadot, and Plasma. The platform sustained by clarifying that the design would allow for interaction between the main chain and side-chains, and also between side-chains. While informing on the logistics, the main chain manages side-chains using a multichain management contract. The cross-chain interaction between source chain is done through a cross-chain management contract.
Ontology broadly compared other blockchain interoperability platforms with its innovation. While Plasma, Cosmos, and Polkadot do not support sidechain to sidechain cross-chain, Ontology does. Ontology and Polkadot support all information whereas Cosmos/Plasma supports all assets. Ontology’s development team has already launched their cross-chain communication testnet whereas others have not yet released their cross-chain testnet.
In April, Ontology announced about its plans to launch regulated U.S. dollar (USD) stablecoin Paxos Standard on its blockchain. Ontology highlighted that with this development, it would endeavor to explore more use cases on Defi (decentralized finance). Recently, Ontology reported that it has struck a partnership with Shanghai Qingyue, a leading environmental protection NGO in China. The partners would design a trusted solution for environmental information in the area of green finance.
Ontology concluded by stating that it had set up the research institute in order to focus more on the research and development of blockchain technology. There were also goals to strengthen the ability to explore, reflect on, and apply emerging technologies. This would make contributions to the entire industry. Ontology extended an invitation to developers to join the tech community while informing its outreach on various social media channels.