Home Cryptocurrency News Business Partnerships Spurring Smart Contract Ecosystem Development – Ontology and Polkadot

Spurring Smart Contract Ecosystem Development – Ontology and Polkadot

Ontology is partnering with the Polkadot Ecosystem Project to fulfill one of its core goals.

Spurring Smart Contract Ecosystem Development - Ontology and Polkadot

Ontology recently announced its new partnership with the Polkadot Ecosystem Project, a sharded blockchain that easily links multiple chains together into one network.

Polkadot Ecosystem is partnering with Ontology, an open-source blockchain that focuses on digital data and identity. With this partnership, Ontology will contribute to the underlying infrastructure of Patract Labs, which develops solutions for the Polkadot Parachain Contract Ecosystem. As a result of this partnership, Ontology is fulfilling one of its missions – building a parachain on the Polkadot ecosystem.

Li Jun, founder of Ontology, noted, “The smart contract ecosystem is experiencing exponential growth — a boom that needs to be balanced with the development of comprehensive security solutions and high levels of performance in order to ensure its future success. As a result, we are proud to partner with Patract Labs to provide cutting-edge software to ensure that these requirements are met.”

“In choosing to partner with Ontology, Patract Labs will not only benefit from our industry-renowned blockchain technology, but also from Ontology’s expertise in ensuring the highest level of security, scrupulous verification methods, and trusted data management technology. This especially applies to a Decentralized Identity (DeID) perspective. We look forward to working with Polkadot and the Patract Labs team to develop an industry-leading smart contract ecosystem,” he added.

An additional facet of this partnership is that Patract Labs will benefit from the security and data management expertise of Ontology.

Patract Labs and Ontology

To seal the partnership, a Memorandum of Understanding (MOU) was signed by Patract Labs and Ontology. This will ensure that Ontology will provide the Polkadot ecosystem with Wasm-JIT, its underlying blockchain infrastructure. Wasm-JIT is a high-performance smart contract virtual machine developed in-house by Ontology. As a partner, Ontology will integrate the Wasm-JIT technology into the Patract Labs Network.

“Joining forces with Ontology is a seminal development for Patract Labs. The technology and expertise Ontology can provide us with, in addition to the immeasurable help offered to us by Polkadot, will ensure our position as a highly competitive disruptor in the realm of smart contract solutions. We look forward to supporting Ontology in their business development efforts and building a comprehensive smart contract ecosystem with some of the best in the field,” said Lipeng Yue, founder of Patract Labs.

As Ontology will help develop the underlying infrastructure for Patract Labs, Patract Labs will also help Ontology to develop and deploy a transfer bridge pallet on the Patract Network.

Before now, Ontology announced their integration with Chainalysis, a blockchain analysis company. The integration between Ontology and Chainalysis is expected to increase security.

As of the time of writing, Ontology (ONT) price was $0.558111 with a 24-hour trading volume of $152,595,685. ONT price also dropped by 3.3% over the last 24 hours. ONT has a circulating supply of 816 million coins and a max supply of 1 billion coins. Digifinex is currently the most active market trading ONT.

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