Yesterday afternoon, we saw reports of a huge partnership between Ontology and NEO hit the headlines. We are seeing quite a lot of this lately, with cryptocurrencies joining forces, mainly for research purposes. Of course, it makes sense, why not work with other teams who are heading in a similar direction.
For cryptocurrency adoption to really take over, brands and movements need to start working together, power in numbers an all that. Drop the opposition, forget the competition and things could become very interesting indeed.
In a post on the Ontology Medium page, Ontology have stated that they have established a joint task force with NEO, a task force that will see the development of API standards, a shared smart contract ecosystem and cross-chain technology innovation. According to Ontology:
“The Joint Task Force is made up of over 10 people, most of whom are core developers from Ontology and NEO Global Development (NGD), along with some select community members. Senior blockchain developers including Weng Junjie Weng, Yuan Tan, and Peter Lin will also be joining.”
“In future, the Joint Task Force will run on a regular basis to explore and seek more cooperation on the development of the protocol layer and application layer of blockchain.”
This is a very exciting development for both parties and shows that here we have two different communities, wanting to work together to benefit each other’s services, that’s the most important thing to take from this.
The news has had a very positive impact on Ontology as a currency. With the markets in a downward spiral, any upward waves are easy to spot, meaning as it stands, Ontology is really standing out. At the time of writing, Ontology is valued at $6.67, up 1.51%. The neighbours of Ontology, Zilliqa and Bitcoin Gold are both down 6.69% and 4.54% respectively, therefore, you can see evidence that this announcement has at least benefitted the value of Ontology, even slightly.
Strangely though, this has had less of an impact on NEO. At the time of writing, NEO is valued at $53.31, down 5.04%. NEO is actually down significantly more than its neighbours IOTA and Dash. Interestingly, NEO have made an official announcement too, so I’m a little confused as to why this is the case. Who knows?
— Ontology (@OntologyNetwork) May 24, 2018