Ontology said via Medium that under the partnership, the two blockchain networks will take advantage of their combined strengths to create an interoperability protocol.
In order to fully utilize interoperability protocols, NEO determined that it will focus on developing protocols and components to support various digital assets, while Ontology will continue to build a future-proofed, decentralized identity framework.
The proposed interoperability protocol will be programmed to employ an eco-friendly approach to member chains, implement a low barrier of entry, achieve finality and atomicity in cross-chain transactions, and use modern mechanisms to optimize security for cross-chain transactions and interactions.
“By building an open and global cross-chain system, NEO and Ontology will promote cross-chain value exchange as well as business collaboration to establish the foundational infrastructure for the next-gen internet,” Ontology founder Li Jun said.
He added that NEO and Ontology will further strengthen their technology and community to accelerate the development of various blockchain applications to deliver diverse real-use cases.
“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,” Da Hongfei, founder of NEO and CEO and founder of Onchain, noted.
NEO and Ontology plan to publish in the third quarter of the year a white paper regarding the interoperability solution, then launch the open cross-chain platform in the fourth quarter of 2019.