Neo and Ontology had since May 2018 collaborated in an MoU Concerning Strategy and Technology where a joint force between the two Cryptocurrencies was initiated to better the world of blockchain.
In an information similar to that, NEO on its medium page announced that the partnership has been able to aid the adoption and development of NeoVM and NeoContract.
“NEO and Ontology will work together to build a smart contract ecosystem, and will fully support the development and adoption of NeoVM and NeoContract, and will collaborate on developing smart contract open standards.”
According to the statement, the two product are regarded as an integral part of NEO ecosystem, and such will help promote the Cryptocurrency popularity among developers.
Giving more details on NeoContract and NeoVM (NEO Virtual Machine), the statement added that the former is a smart contract system developed on the NEO blockchain, which serves the purpose of transaction validation, token sales and decentralized app development, and it contains NeoVM, NeoContract APIs and software development kit (SDK).
Designed for execution of smart contract on NEO, the decentralized virtual machine, NeoVM was developed with low-coupling architecture which makes its use versatile beyond blockchain industry, as long as there is a suitable interop service API. The virtual machine, on its own, also consist of execution engine, stacks, and interop services.
NeoContract APIs, a component of NeoContract consists of 5 other constituents, and each likewise has its own constituents.
The NeoContract APIs is a set of advanced APIs conglomerated together into the system of NeoContract to handle advanced tasks that are greater in number with higher complexity and such are accessible via interop services of NeoVM. Amongst the APIs include runtime data, ledger data, persistent storage, smart contract management and digital assets.
With the latest development, the blockchain company is aiming to launch a technology that will support cross-chain smart contract execution without compromising the consistency.