NEO vs Ontology: Battle of Chinese Smart Contract Platforms

Utilizing each other's strengths, NEO and Ontology will create an open cross-chain platform

Blockchain projects NEO and Ontology (ONT) both aim to offer a platform for creating decentralized apps. There are, however, some significant distinctions between the two. Delegated Byzantine Fault Tolerance (dBFT), a novel consensus technique used by NEO, provides for quicker transaction rates and more scalability than conventional proof-of-work or proof-of-stake algorithms. Ontology, on the other hand, has a dual-token architecture, with the ONT token serving as a voting and governance tool and the ONG token serving as a means of paying network gas costs.

Economically speaking, Ontology has a circulating supply of over 600 million tokens, compared to NEO's fixed supply of 100 million tokens. It is challenging to determine which project is superior because they both have merits and drawbacks and could appeal to various user types. Each coin's forecast for the future is also influenced by a number of variables, including market circumstances, acceptance rates, and research and development progress. It is always advised to conduct your own research and make prudent investments.

Leading public blockchain projects from China, NEO and Ontology, together announced a cooperation to create an open cross-chain platform and lay the groundwork for the next-generation Internet during a town hall meeting. By utilizing both sides' capabilities to establish an effective and inclusive interoperability standard, the alliance will support the industry's faster expansion as a new age of blockchain adoption draws near. This alliance represents a turning point for the industry given the dominant positions held by both sides.

NEO and Ontology will adjust their respective strategic foci to fully use interoperability protocols in order to fully implement the potential of these protocols. As a result, NEO will concentrate on creating components and protocols to enable a wide range of digital assets, while Ontology will keep developing a decentralized identity framework that is future-proof.

Key elements of this ground-breaking interoperability standard involve, the protocol, which is created specifically for cross-chain synchronization, will neither create tokens or have a separate smart contract structure to safeguard member chains against cannibalization.  Existing blockchain initiatives don't require any protocol layer creation or change because they are designed to permit smooth technological integration. In order to broaden the range of decentralized applications, the protocol strives to guarantee finality and atomicity in cross-chain transactions with a specific focus on cross-chain smart contract interactions. To maximize security for cross-chain transactions and interactions, a complex combination of operational and technological measures will be carefully put into place.

Speaking on this partnership, Da Hongfei, the founder of NEO and CEO and founder of Onchain, said, "As we pioneer a collaborative approach to tackling challenging challenges, our partnership symbolizes the next step for not just NEO and Ontology, but also the future of the blockchain industry. We look forward to offering practical blockchain solutions and uses by laying the groundwork for a worldwide cross-chain platform and overcoming obstacles as a team. By combining our capabilities as the top two blockchain projects in China as we go into our next phase of development, as well as by encouraging other projects and businesses to join us in laying the groundwork for the next generation of the Internet, we want to further accelerate the growth of the sector." By building an open and global cross-chain system, NEO and Ontology will promote cross-chain value exchange as well as business collaboration to establish the foundational infrastructure for next-gen Internet," said Li Jun, the founder of Ontology. We strive to hasten the creation of blockchain apps for a variety of sectors in order to offer a variety of real-use scenarios.

With their industry-first agreement, NEO and Ontology want to usher in a new age of blockchain development as they strive to intensify their collaboration. The platform will launch in Q4 after a white paper describing the interoperability solution is published in Q3. As the platform matures, both sides are setting the bar for collaboration in the pursuit of their shared goal for the smart economy and next-generation Internet.