15 May 2018
On the 14th of May, 2018 a memorandum of understanding (MOU) was signed between the Ontology Foundation and the NEO Foundation. The reason behind the MOU by these two decentralised distributed networks powered by blockchain technology was to foster a more long lasting relations and provide a viable leadway for the future of blockchain technology through the integration of strategy and technology.
To insiders the collaborative drive by the two giants in blockchain technology is a massive step in the right direction and some would even argue that it is long overdue. However, for anyone who is not familiar with what these two blockchain powered networks are all about, this is a good opportunity to get an insight into their operations.
Starting with Ontology, they can be described as a distributed decentralised trust network with their primary objective being to improve trust-related activities on the blockchain. Two of these activities include data exchange and digital identity amongst other similar activities. On the other hand, NEO is fully focused on developing a distributed network geared towards promoting the NEO Smart Economy.
In truth, the two networks are driven by a vision and technical knowledge that is quite similar, with the ultimate goal of enhancing the value of blockchain technology to users and promoting it’s application and use.
Individually Ontology and NEO are strong in their drive towards achieving their respective goals and objectives, but together they are a totally new animal. By integrating strategy and technology both decentralised networks will offer network protocols to developers on a global scale. These protocols will be both subject to regulation as well as being compliance-ready. What’s more, the protocols will have NeoVM support and will come with a smart contract mechanism that runs on a dynamic yet consistent infrastructure-based network.
The MOU between Ontology Foundation and the NEO Foundation is aimed at boosting bilateral cooperation in key strategy and technology based areas. The key points for the bilateral cooperation include the following;
NEO Foundation and Ontology Foundation will look to engage in two key initiatives, these are;
Funding will also be accepted from individuals and corporate entities that are interested in the initiative for the advancement in blockchain protocols.
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