NEO and Ontology (ONT) have been cooperating since the announcement that was brought back in May, working on what was set to be a solution for making the world of blockchain technology a bit more functional, and “better” as stated by the teams behind NEO and ONT. With the new announcement on June 5th, several days ago, the team behind NEO has published a release on Medium where they provided the details for the upcoming project that should in many ways show how valuable the collaboration between ONT and NEO is.
NEO and ONT Working on NeoVM and NeoContract
Back in May, The team behind NEO and the Ontology team signed an agreement called MoU Concerning Strategy and Technology. Within this agreement, the two parties have agreed to collaborate on the development of a smart contract ecosystem while also working on open standards for smart contract technology.
Within the agreement, ONT and NEO have also come to an agreement of working on the overall development and general adoption of NeoVM and NeoContract.
The two mentioned fractions of the network, NeoVM, which is an abbreviation for Neo Virtual Machine, as well as NeoContract, are crucial parts of the Neo ecosystem, and as such is said to be the favorite among the wide circles of developers.
To understand the significance of these two components, we first need to understand exactly what NeoContract and Neo Virtual Machine represent.
The Importance of NeoContract Development
NeoContract makes up for a crucial part of the NEO network as it represents a smart contract ecosystem. This component consists of APIs, software development kit, as well as Neo Virtual Machine (NeoVM).
The reason why NeoContract makes up for an integral part of NEO ecosystem is the fact that all operations like validating transactions, developing decentralized applications, operating smart contracts, as well as token sale, are performed thanks to NeoContract.
Containing NeoVM as a crucial part of the mentioned system means that the need for the development of this component is crucially needed as well.
Thanks to the existence of Neo Virtual Machine, the execution of smart contracts is made possible, which is the main factor of determination when it comes to its importance to the NEO system.
Moreover, NeoVM is designed to have what is called a low-coupling architecture, which means that this component is created to be compatible with various systems outside the blockchain technology, as well as outside NEO ecosystem.
That means that the NEO and ONT teams could find it a purpose beyond the blockchain ecosystems, but only conditioned with the case of having appropriate API, without which the execution of smart contracts as well as other operations and services, wouldn’t be possible.
With NeoVM, NEO can be buying a ticket to mass adoption; however, there are more components within NeoContract seeking for attention, like development kit and the APIs.
The APIs support the function of having different features for enriching the experience of using smart contracts, while the development kit contains tools for making the creation of decentralized applications and use of smart contracts user-friendly and extremely functional.
With further developing these features, the teams behind Neo and Ontology are planning on perfecting a smart contract ecosystem that would make up for the final product of this collaboration.
What Would the Final Product of Ontology (ONT) and NEO Collaboration Be?
After developing the mentioned components of NEO ecosystem, the dev teams should get a final product, currently named as NeoContract 2.0, which will be the second version of the NEO smart contract system.
Within the final stage of the development, NeoContract version 2.0 will have new features as planned by the team. The new system for smart contracts should have Storage Iterator, Stack Isolation, Serialization, Exception Handling, Dynamic Sharding and NeoX.
With the new features on board, it is expected to have the teams creating a cross-chain smart contract execution and implementing it successfully into the new NeoContract system that should in many ways represent a crossover for NEO, Ontology and smart contract technology in general.
Currently ranked as the 11th-best digital asset on the global coin ranking list, NEO is more likely to gain on popularity in the following months due to the most recently announced development as agreed in their collaboration with Ontology (ONT).
At this moment, it can be said that this asset has seen better days as we can see it dropping by -2.50% with a new price of 52.83$ per one NEO on June 8th.