On Thursday, July 18, the major Chinese blockchains, Neo and Ontology, have made public their joint project aimed at creating a new cross-chain platform which would become a start of the next generation Internet.
The two companies plan to combine their efforts to create a new type of interoperability protocol.
NEO and Ontology split up roles
To make the maximum of the collaboration and use the possibilities of both firms in the most efficient manner, NEO and Ontology have split up their roles in the new DLT project. The former will deal with making the infrastructure to work with crypto assets and the latter will keep working on the construction of the Internet of the new generation.
The new protocol based on the interoperability between multiple chains will have some new features, which include a low barrier for entry, transaction atomicity, friendly approach to the ecosystems that will join in and will also have a high level of security.
When the project goes live
The CEOs of NEO and Ontology have both commented on their new project as follows:
They also plan to encourage other blockchain platforms to join their ambitious project in creating the Internet of the new generation.
The whitepaper of the project will come out in the Q3 this year and the platform itself is due to kick off in Q4.