We have recently seen reports coming from NEO, that describe some new movements within NEO and Ontology, that pair the two currencies up, in preparation for moving in a new, common direction. This isn’t a partnership as such, nor is it a merger, but it could indeed lead to some quite exciting developments in both the future of NEO and Ontology.
How does NEO look at the moment?
At the time of writing, NEO is valued at $60.86 and is up 0.25%, nothing spectacular, but given the state of the markets recently, and positive climb should be welcomed with open arms.
How does Ontology look at the moment?
At the time of writing, Ontology is valued at $7.39 and is up 1.57%. Again, this currency has suffered in a negative market recently, although current movements suggest that finally, a recovery could be underway here.
So, where is this merger coming from?
NEO and Ontology have recently signed a ‘Memorandum of Understanding’ this is a formal agreement that can be used to establish a formal partnership. It is not a legally binding contract as such but does signify that the two parties do have serious intent towards working together, something that could eventually lead to an official partnership between the two currencies.
NEO and Ontology signed MOU concerning strategy and technology.https://t.co/wfCoUtojDG
— NEO Smart Economy (@NEO_Blockchain) May 14, 2018
According to a press release on the NEO website by an author named Chris:
“NEO and Ontology together provide compliance-ready, regulatable protocols to global developers. These protocols are supported by NeoVM with exceptional finality and a smart contract system with a robust and stable infrastructure-level network.”
The two factions aim to work together to bring a complete smart contract platform to both NEO and Ontologies ecosystems. The partnership will see the two companies working together to improve smart contract services and develop ‘smart contract open standards’.
Moreover, the partnership will provide:
“Data Integration; Both parties will provide standardized technology interfaces (APIs, SDKs, etc.), and share and communicate development achievements and research results. Cross-chain; Both parties will push forward with cross-chain research, with the eventual goal of producing integrable mainnets.”
Going forward, the two companies are now due to set up a task force that will help fine tune the goals set by each company. Within this they aim to foster a plan that will see the two currencies move forward, together, with one unified ideal. This will encourage research from other research institutions that in turn will be used to provide a better academic understanding of blockchain technology, encryption and formal verification. What’s more, both NEO and Ontology agree to allow other communities, with similar ideologies to get on board.
This partnership between NEO and Ontology might not just end there, with other assets welcome, could this be the start of a smart monopoly?
For further details, check out NEO’s full blog post, here- https://neo.org/blog/details/3079
This is an exciting time for NEO and Ontology. Whilst this news won’t have a big impact yet, as the pair start to work together and realise new aims and objectives, the rate at which they grow, together, should accelerate greatly. Overall, this could be the start of a really exciting new cryptocurrency movement.
For now, let’s see how the pair gel and of course, let’s see if anyone else jumps on board soon. It’s an exciting opportunity that shouldn’t be missed.