Bitcoin, Crypto currency, Blockchain

NEO and Ontology to form a Joint Task Force for cooperation in the future

For a long time it’s been quiet on the crypto-currencies from the Chinese room. NEO and Onology announced last week, to form a Join Task Force to develop an API to work according to pre-defined Standards.

After NEO and the Ontology Foundation have signed last week a Declaration of intent, followed promptly by the announcement of establishing a Joint Task Force. The capital of both companies is to amount to 4 million RMB (approximately 630.000 dollars) and for all further development work will be used.

The NEO Foundation explains that the following objectives of this cooperation shall be pursued (freely translated):

The Joint Task Force will be to drive the development of API standardisation, the Ecosystem of Smart Contracts together, use open Standards for Smart Contracs and cross-industry technological innovation.

The specified period is initially for 6 months. After this time you will meet again and determine what further steps are necessary and what capital is needed for this.

NEO and ontology share many technical similarities. Both platforms use NeoContract and NeoVM, as well as a dual Token-economy model for the operation and control of their networks. Ontology was founded by Onchain, which is a co-founder of the NEO-co-founder Since Hongfei and Erik Zhang.

All further Details and objectives can be found in this blog post.

The course of the two crypto-currencies is moving within the last 24h sideways, as well as the complete Krypotmarkt in total.

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