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NEO Foundation and Ontology [ONT] Foundation are now Co-Funders

Simran Alphonso

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NEO Foundation and Ontology [ONT] Foundation are now Co-Funders
Source: PxHere

NEO Foundation and Ontology Foundation contributed RMB 4 million for the co-funding event of their Joint Task Force, after signing a Memorandum of understanding [MoU]. The Joint Task Force will ace the development of API standardization, a sharing ecosystem of smart contract, building open standards for the smart contract, and cross-chain technology innovation.

Ontology is a different entity from both Onchain and NEO. Ontology is a network of blockchains, rather than one single blockchain, and it has been designed to help migration of proprietary enterprise platforms onto a distributed ledger model without compromising them.

NEO Smart Economy, @NEO_Blockchain tweeted today:

“NEO Foundation and Ontology Foundation to Co-Fund a Joint Task Force”

NEO, along with the caption attached to the article of their page, also gives a brief introduction to their joint venture.

VG, a Twitterati commented on the tweet saying:

“Keep doing reorganizations….how about ur share holders….price of NEO keeps hitting a new low everyday…”

The main work of the joint working group will focus on the standardized technology interface. They will work on the unification of the NEO and Ontology underlying data interfaces and network protocols. This is the cornerstone of the co-construction of a large ecosystem.

The Joint working group will provide a unified API interface, share some SDKs and development tools, and be more friendly to application developers. The group will also explore and implement a variety of encryption algorithms in blockchain applications. The goal is to achieve a unified account address encoding method that is more friendly to end users.

The Joint Task Force is made up of over 10 people, most of whom are core developers from NEO Global Development [NGD] and Ontology, along with some selected community members. Senior blockchain developers at NEO like Weng Junjie, Tan Yuan, and Peter Lin will also be joining.



In the future, the joint working group will run normally and carry out more cooperation and exploration in the bottom of the blockchain and applications.

At the time of writing, NEO is ranked #11 on the CoinMarketCap with a market cap of $3.3 billion and is trading at a price of $51.81 to a token. It has seen a fall of 3.80% in the past 24 hours.





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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Guest Author

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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