Ontology, Neo and Switcheo have announced the launch of the Poly Network, which will provide inter-network interoperability and hosting of multi-blockchain compatible dApps.
According to the developers, Poly Network will provide transparent and efficient interaction between blockchains. Businesses using different systems will be able to connect to the Poly Network and collaborate and interact with each other through an open and transparent access mechanism.
Ontology co-founder Andy Ji said the Poly Network will provide unprecedented benefits for developers by helping create a decentralized ecosystem through a range of platform offerings that make it easier for users to interact with networks:
“Ontology is already enjoying the benefits of interconnecting with Ethereum. Now, thanks to the Poly Network, businesses using the Ontology blockchain will be able to seamlessly interact with products on Ethereum, Cosmos, or Neo. This will help platforms overcome scalability challenges, accelerate their mass adoption, and foster industry collaboration. Ontology has invested heavily in technical research, development and financial support for the project. ”
According to the developers’ statement, the priority goals of the Poly Network are to ensure interconnection and atomic interconnection transactions, for example, the exchange of cryptocurrencies for tokenized assets. In addition, Poly Network has the following capabilities:
Providing DeFi developers with a new infrastructure to build decentralized applications that are compatible with multiple networks
Support for both heterogeneous and homogeneous networks, including Ethereum, Neo, Ontology and Cosmos, as well as forks of homogeneous networks of each platform. Future plans include support for Bitcoin
Providing easy access to inter-network transactions and reducing the required number of smart contracts
Increase the scalability of interconnected transactions by enabling the transfer of both assets and information.
Ji noted that interconnection is becoming more important as different platforms are now trying to work together. He said:
“Ontology is committed to building an open and transparent blockchain industry and we are proud to partner with Neo and Switcheo to enable true interoperability between blockchains. We look forward to playing our part in this innovative alliance”.
