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Ontology, NEO and Switcheo Launch New Interoperability Network as Basis for Next-Gen Internet

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Tue, 08/18/2020 - 13:58
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Yuri Molchan
Three major blockchain platforms join forces to launch Poly Network that would allow for cross-platform interoperability as basis for next-generation internet (NGI)
Ontology, NEO and Switcheo Launch New Interoperability Network as Basis for Next-Gen Internet
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Ontology, NEO and Switcheo DLT platforms have together created Poly Network in an attempt to set up a basis for a decentralized system that would be more transparent, allow for better collaboration and be developed into the next-generation internet of the future.

The launch took place on Aug. 18, according to a Medium post.

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Poly Network will bring Ethereum, NEO and Bitcoin together

Poly Network is an interoperability protocol alliance. Its core function is to enable cross-platform interoperability and implementation of atomic transactions between various blockchains, e.g., swapping cryptocurrencies for various assets that have been tokenized.

The Poly Network made for cross-chain interoperability will provide a new infrastructure so that DeFi dev teams can create new cross-chain compatible dapps. Further, Poly Network will support such heterogeneous and homogeneous platforms as NEO, Ethereum, Cosmos and Ontology.

It will also support homogeneous chain forks and, in the future, devs intend for it to be compatible with Bitcoin's chain. In order to ensure eco-friendly cross-chain transfers of assets and data, Poly Network will require fewer smart contracts.

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Next-generation internet with Poly Network

NEO founder Da Hongfei believes that the future of the blockchain industry largely lies with interoperability.

So far, he wrote in his Medium post, platforms and their users are strictly limited in what they can and cannot do using a particular blockchain.

However, a platform like Poly Networkwhich allows for cross-chain workwill enable various platforms to join into a single major network (a global cross-chain platform) in order to realize the full potential of blockchain technology and lay the foundation for the next-generation internet.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.