This article was first published on Stories by Neo on Medium
On August 18, 2020, Poly Network— a groundbreaking heterogeneous interoperability protocol alliance — was launched. Consisting of leading blockchain platforms such as Neo and Ontology, Poly Network aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Representing both a technical breakthrough and a milestone for blockchain adoption, Poly Network is well positioned to become the pillar of NGI and the smart economy of tomorrow.
Consisting of Neo, Ontology, and Switcheo as its founding members, Poly Network is pioneering heterogeneous rather than homogenous interoperability to overcome scalability challenges and advance mainstream blockchain applications. Reflecting this goal, Poly Network already supports Ethereum, Neo, Ontology, and Cosmos-SDK — with plans to also include Bitcoin to create a truly interoperable future. To achieve its goals of optimized efficiency, value transfer, and privacy, Poly Network will link together platforms to enable interoperability and atomic cross-chain transactions; it will neither issue tokens nor house built-in smart contract.
As a groundbreaking milestone, Poly Network’s protocol offers key advantages to users and developers alike, namely:
· Support for heterogenous and homogeneous chains, including Bitcoin, Ethereum, Neo, Ontology and Cosmos-SDK, along with their respective homogenous chain forks;
· Easily accessible and requiring only one to two additional smart contracts to support cross-chain transactions
· Optimizes the scope of cross chain transactions by enabling the transfer of not only assets, but also arbitrary information
· Operates in an eco-friendly fashion by neither issuing tokens nor smart contracts;
Commenting on the launch of Poly Network, Da Hongfei, Founder of Neo, stated that, “I firmly believe that interoperability is the future of the blockchain industry. Within our current paradigm, both traditional and blockchain platforms exist as effectively isolated data silos — users and developers alike are restricted by each platform’s capabilities and limitations. With Poly Network, we are linking disparate and heterogenous ...
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