In a bid to lay the groundwork for a more collaborative and transparent decentralized ecosystem, three leading global blockchain projects, Ontology, Neo, and Switcheo, have announced the launch of Poly Network, a heterogeneous interoperability protocol alliance.
In what is a major milestone for the Distributed Ledger Technology (DLT) industry, Poly Network will permit cross-platform interoperability, greatly increasing transparency and accessibility. Enterprises leveraging diverging systems can connect to Poly Network, and collaborate and interact with each other through an open, transparent admission mechanism.
Andy Ji, Co-founder of Ontology, the high performance, open source blockchain specializing in digital identity and data said, “By combining the highest standards of expertise and platform capabilities, Poly Network will have unprecedented benefits for blockchain developers, propelling the building of the decentralized ecosystem through a range of platform offerings that make the user experience easier.
“For a time now, the Ontology community has enjoyed the benefits of cross-chain functionalities with Ethereum. Now, through Poly Network, an enterprise leveraging the Ontology blockchain will be able to seamlessly interact with an enterprise leveraging Ethereum, Cosmos, or Neo, helping these platforms overcome challenges to scalability, mainstream adoption, and collaboration. To make it happen, Ontology has invested high levels of technical research, development, and financial support.”
Prioritizing key characteristics of efficiency, value transfer, privacy, and security, Poly Network’s core function is to enable cross-platform interoperability and atomic cross-chain transactions, such as the swapping of digital currency for other tokenized assets. Poly Network will:
Provide DeFi developers with new infrastructure for creating cross-chain compatible dApps
Support both heterogeneous and homogeneous chains including Ethereum, Neo, Ontology, and Cosmos, along with each platform’s homogenous chain forks, with future plans to support the Bitcoin network
Permit easy, eco-friendly access to cross-chain transactions, by requiring less smart contracts
Increase scalability of cross-chain transactions by enabling the transfer of both assets and information
Da Hongfei, Founder of Neo, an open-source, community-driven platform, said, “I firmly believe that interoperability is the future of the blockchain industry. Within our current paradigm, both traditional and blockchain platforms exist as effectively isolated data silos — users and developers alike are restricted by each platform’s capabilities and limitations. With Poly Network, we are linking disparate and heterogeneous platforms to build a global cross-chain platform with the aim of realizing blockchain’s potential while overcoming its challenges — together. Moving forward, I encourage all interested projects and companies to join us in building the foundation for NGI.”
Ji concluded, “Cross-chain interoperability is becoming increasingly important as we focus on moving away from a siloed way of working. Ontology is committed to fostering an open and transparent blockchain ecosystem and we are proud to partner with Neo and Switcheo to deliver true cross-blockchain interoperability. We look forward to playing our part through this groundbreaking alliance.”
Why Should This News Concern You?
This news might seem too complex for the average Joe or Jane, but this should actually encourage you to learn about crypto as it can improve your life in many ways. Transactions done with cryptocurrency, such as bitcoin, can help you save money as you get to enjoy cheaper transaction fees for international payments and eliminate local banking fees.
When you utilize cryptocurrencies, you’ll also have to familiarize yourself with blockchain as this works as a bitcoin block explorer service wherein you can exchange and collect different cryptocurrencies. You can also acquire data, stats, and market information on cryptocurrency through Blockchain.
Businesses and individuals worldwide can greatly benefit from the new interoperability network introduced by Ontology, Neo, and Switcheo. For one, this technology allows better and more transparency among its users. This works because transaction ledgers will be open for viewing, adding accountability to businesses because sectors can easily monitor progress. Moreover, this tech also provides better security as it uses systems that are encrypted.
Most importantly, an interoperability network can also improve the traceability of transactions because an audit trail is available to trace where certain goods come from. This will save businesses a lot of time from checking the history of their transactions.
As mentioned in the news article, the new interoperability network is centralized in nature, which means you don’t have to utilize any middlemen to complete processes. The lesser people involved, the faster you can complete transactions. With all of the benefits blockchain technology has to offer, you can expect that using this tech in your daily tasks and business operations can increase your efficiency.
You can enjoy many benefits when you utilize cryptocurrency and stay updated with the trends concerning this industry. These are just some of the reasons you should learn to use and trade cryptocurrency!