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.
Ontology And NEO A Perfect Collaboration
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.
What Makes This Holy Alliance Worthy Of Accolades!
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.
Major Areas Of Bilateral Cooperation
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 will provide the infrastructure for a decentralised distributed network as well as a complete, seasoned, well-trusted and reliable smart contract mechanism. Ontology on the other hand will bring to the table data exchange services, digital identity and many other specialised services.
- On the issue of smart contracts both Ontology and NEO will work hand-in-hand with the objective of building a competent and relaible smart contract ecosystem. They will also give 100% support to the building as well as ultimate adoption of NeoContract and NeoVM. It must be said that Ontology and NEO will work closely together in developing open standards for smart contracts.
- With regards to data integration both the NEO Foundation and Ontology Foundation will bring forward technology interfaces that are standardized such as SDKs and APIs. They will also keep users and the blockchain community up-to-date on any developmental milestones and results from their research.
- These two decentralised distributed networks will forge ahead in cross-chain related research. The target for these cross-chain research is to develop “MAINNETS” that can be integrated.
NEO Foundation and Ontology Foundation will look to engage in two key initiatives, these are;
- A joint taskforce that comprises of members of both teams will be established with the main goal of achieving all the objectives stated under the “Major Areas Of Bilateral Cooperation” sub-section of this article. They will also focused on other projects that are absolutely relevant to the bilateral cooperation.
- NEO and Ontology will both provide funds for the relevant research projects. The funding will be designated to academic research. It will be used to develop blockchain technology and this includes the following;
- Development of cross-chain protocols.
- Development of encryption algorithms.
- Development of consensus algorithms.
- Improvements in the official digital identity verification process.
Funding will also be accepted from individuals and corporate entities that are interested in the initiative for the advancement in blockchain protocols.