|

Neo partners with Ontology and Switcheo to launch cross-chain interoperability protocol

  • Neo, Ontology and Switcheo partner to launch an interoperability protocol alliance - Poly Network. 
  • Devs can now build dapps to run on multiple blockchains without compromise. 
  • Poly Network’s core function will include swapping digital currencies for other tokenized assets.

Neo (NEO), Ontology (ONT) and Switcheo have recently joined forces to unveil the “heterogeneous interoperability” protocol alliance - Poly Network. Additionally, the NEAR project has rolled out the Rainbow Bridge, connecting NEAR and Ethereum.

Ontology co-founder, Andy Ji, said: 

Cross-chain interoperability is becoming increasingly important as we focus on moving away from a siloed way of working.

Maksym Zavershynskyi, NEAR engineering manager, explained that their new protocol will help devs as they don’t have to choose between blockchains or solutions that are not compatible. Ji noted that Ontology was already connected to Ethereum via cross-chain functionality. 

Now, through Poly Network, an enterprise leveraging the Ontology blockchain will be able to seamlessly interact with an enterprise leveraging Ethereum, Cosmos, or Neo, helping these platforms overcome challenges to scalability, mainstream adoption, and collaboration.

Ji added that swapping digital currencies for other tokenized assets is one of the Poly Network's primary functions, which will soon add support for the Bitcoin blockchain. NEAR co-founder, Alex Skidanov, said that devs could avoid paying excess fees on Ethereum by transferring “performance or gas-fee critical parts to NEAR while keeping their Ethereum-native user base.” Currently, the bridge is running in a test environment. 

Several other projects are also trying to solve the interoperability issue. Earlier in 2020, the Tether (USDT) stablecoin was moved onto the OMG network to ease the gas burden on Ethereum. 

NEO/USD daily chart

NEO/USD daily chart

NEO/USD bulls re-entered the market following a bearish Friday as the price went up from $16.39 to $16.49. This Friday, the price faced bearish correction since NEO/USD was trending above the 20-day Bollinger Band, indicating that it was overvalued. The MACD shows sustained bullish momentum, while the RSI is trending next to the overbought zone around 66.10.

NEO/USD has one strong resistance level at $17.90. On the downside, we have healthy support levels at $15.87, $14.573  (SMA 20) and $12.55. 
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

More from Rajarshi Mitra
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

AAVE slips below $186 as bearish signals outweigh the SEC investigation closure

Aave (AAVE) price continues its decline, trading below $186 at the time of writing on Wednesday after a rejection at the key resistance zone. Derivatives positioning and momentum indicators suggest that bearish forces still dominate in the near term.

Hyperliquid stabilizes amid plans to burn assistance fund

Hyperliquid (HYPE) stabilizes above $26 at press time on Wednesday after three straight days of losses. Hyperliquid Foundation has started a validator vote to reduce supply by burning the assistance fund, which holds over 37 million HYPE tokens.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple extend correction as bearish momentum builds

Bitcoin, Ethereum, and Ripple remain under pressure as the broader market continues its corrective phase into midweek. The weak price action of these top three cryptocurrencies by market capitalization suggests a deeper correction.

Ethereum Price Forecast: Active addresses plunge to May levels amid resumption in US selling pressure

Ethereum (ETH) weekly active addresses have plunged sharply in December, declining from 440K to 324K, levels last visited in May. The decline in active addresses has also pushed down the number of transactions on the network to July lows.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.