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NEO and Ontology Announce “Joint Task Force”

NEO and Ontology

NEO and Ontology: After signing a Memorandum of Understanding (MoU) earlier on May 14, 2018, with the Ontology Foundation, the NEO Foundation announced on Thursday that the two would be co-funding a “Joint Task Force”.

NEO and Ontology: The Task Force

The task force will focus on developing “a sharing ecosystem of smart [contracts], building open standards for smart [contracts], and cross-chain technology innovation.”

According to a recent post from NEO, the Joint Task Force was funded with a total of RMB 4 million, or approximately $627,180 USD in capital, and will be comprised of a total of ten or more developers.

Developers will be from NEO’s Global Development division and the Ontology Foundation and “some selected community members.”

Within the next six months, the Joint Task Force is hoping to achieve several different tasks including “[exploring] and [realizing] multiple use-cases of crypto-algorithms on blockchain and making the “Neo & Ontology networks more friendly to end-users.” 

The task force will also be reconvening on a regular basis in the future in order “to explore and seek more cooperation on the development of blockchain protocol…and application.”

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Social Media Response

After Ontology and NEO signed their MoU, it left some users wondering where this agreement could go and what possible future outcomes and partnerships could come out of it.

 

Coin Update

NEO (NEO) was trading at a value of approximately $53.88 USD, up nearly 1.9%, within the past 24 hours.

Source: CoinMarketCap

Ontology (ONT) was trading at a value of approximately $6.73, up nearly 9.2%, within the past 24 hours.

Source: CoinMarketCap

What do you think this agreement between NEO and Ontology could lead to?

Featured Image: twitter

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