Chinese companies NEO and Ontology have reportedly entered into partnership striving to develop an open cross-chain network that will lay the foundation for next-generation internet. The press release was published in the company blog by Ontology.
Under the agreement, NEO will focus on the development of protocols and components of the support for a full range of cryptocurrencies. At the same time, Ontology will be responsible for the decentralized identification structure.
The company stated in the report that they target "efficient and inclusive interoperability protocol."
Da Hongfei, Founder of NEO and CEO and Founder of Onchain commented:
“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..."
Among the main features, it should be mentioned that the network will not allow issuing of tokens and application of special smart-contract systems. Along with this, it will offer low entry-level since there will be no need for "protocol layer development or modification for existing blockchain projects."
The companies will unveil the project's White paper in Q3 2019, with the launch date expected in Q4.
Li Jun, Founder of Ontology said:
"By continuously bolstering our technology and community, we aim to accelerate the development of blockchain applications for various industries to deliver diverse real-use cases.”