Ontology and Waves have announced a collaboration to develop a cross-chain communication project for decentralized finance (DeFi).
Ontology would be teaming up with Waves an open blockchain protocol and development toolset for Web 3.0 decentralized solutions. This will enable users to build their applications to develop a cross-chain integration.
Guess who's making big moves again!🔷⚡️We're entering a partnership with @OntologyNetwork to enable cross-chain communication between the two protocols and unify their functionality. Check out the numerous advantages provided by the collaboration👇https://t.co/J8ncbRAP0H
— Waves Tech (@wavesprotocol) August 11, 2020
The cross-chain integration will also enable both chains to enhance the collective functionality of the blockchain ecosystems. Ontology would function as one of the target chains for Gravity, which is a decentralized blockchain-agnostic oracle network in the Waves ecosystem.
The high performance, open-source blockchain, will provide valuable data for Waves surrounding cross-chain transactions and token transfer data. As well as external data from oracles or dApps built on Ontology.
Ontology, Waves partnership to offer users extensive features
The partnership between both decentralized technology firms is mainly aimed at offering users new remarkable features.
This includes allowing WAVES token to be used and staked on the Ontology chain. As well as enabling tokens created on the Waves platform to be tradable on the Ontology chain.
Additionally, $ONT and $ONG tokens would be available for transactions in the Waves protocol. They will also be listed on its Waves.exchange and other Waves-based DEXs.
Notably, due to the partnership, all Ontology protocol assets will be transferable on Waves. Furthermore, it would offer developers the ability to develop decentralized applications with cross-chain functionality.
The collaboration will let Gravity data providers deposit in $ONT tokens. Additionally, $ONT can also be used to pay commissions for operations in Gravity.
In their statement, both blockchain firms noted they would continue to collaborate to develop a standard wealth of interoperable, interchain DeFi solutions that would steward the future of the blockchain industry.
Gravity is a decentralized cross-chain and oracle network based on a truly blockchain-agnostic protocol for communication between blockchains. According to a medium blog post, all the types of cross-chain communications are possible due to Gravity. As well as communicating with the outside world, and working with the native token economies.
Gravity provides multi-purpose cross-chain interaction without introducing a native token. The true blockchain agnostic no-token approach creates a more inclusive, open ecosystem while addressing future scaling/stability issues.
Notably, by integrating Gravity with any blockchain network, it automatically gets access to the cumulative functionality and user base of the connected ecosystems.
Impressively, Ontology has taken its mission to achieve global adoption of blockchain technology to new heights. The recent collaborations with partners like Chainlink, which are offering developers and users several unique features.
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