Ontology and NEO, the two blockchain platforms of China are teaming up to build a blockchain-based global cross-chain platform. The firms intend to develop an interoperable protocol for the next-generation internet. It will also reinforce the strength of both companies.
To achieve interoperability, NEO will focus on making protocols and supporting components for various digital assets. On the other side, Ontology will look after the development of its decentralized identity framework.
The interoperability protocol is associated with some key features. Firstly, this development will create a supportive environment for member chains. To assure the safety of member chains it will not issue any tokens or any dedicated smart contact system. Secondly, it will create a low barrier entrance. It will ensure that the existing blockchain projects will not need any new protocols to facilitate their integration.
The third point is to attain finality and atomicity in global cross-chain transactions. It will work on extending the reach of DApps with cross-chain smart contracts. The last one is to establish an efficient security mechanism for cross-chain transactions globally.
This collaboration is the first step towards the development of a global cross-chain platform. Slowly but surely it will enter in various projects and companies to resolve real-life applications.