NEO & Ontology (ONT) Form Powerhouse Partnership, MoU Signed

Businessmen shaking hands in meeting room

A Medium post today announced a deal struck between two Chinese heavyweight blockchains. Ontology & NEO have signed a Memorandum of Understanding (MoU).

The Memorandum concerns strategic and technological integration between the two foundations.

Ontology is a distributed trust network with focus on digital identity, data exchange and other trust management services.

Partnering with NEO, Ontology will provide global developers with compliance-ready, regulatable protocols. These protocols will be further supported by Neo Virtual Machine (NeoVM) functionality, allowing for the migration of NEO dApps onto the Ontology network.

Outlined in the MoU is development of a shared smart contract ecosystem through mutual support of NeoVM and NeoContract.

Both foundations will be working closely on data integration for APIs and SDKs as well as cross-chain research focused on delivering integrable mainnets.

Ontology and NEO have pledged to set up a joint taskforce in order to deal with the points highlighted by the MOU.

The agreement also sees both sides dedicating funds to relevant research institutions in order to boost progress of academic research into blockchain technology.

Such co-ordinated development puts any dApp developed on either blockchain on track for being compliant with any strict local regulations.

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