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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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