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.”