Neo, an open-source blockchain decentralized application platform, announced on August 18, 2020, the launch of Poly Network, a heterogeneous interoperability protocol alliance, in collaboration with Ontology, an open-source blockchain platform, and Switcheo, a decentralized crypto exchange.
Poly Network is designed to allow cross-platform interoperability and atomic cross-chain transactions between multiple blockchains while increasing transparency, enhancing scalability, improving collaboration, and serving as the basis for next-generation internet (NGI).
The protocol will do away with issuing tokens or requiring the use of built-in smart contracts to support its integration across different blockchains.
Initially, Poly Network will support blockchain platforms like Ethereum, Neo, Cosmos, and Ontology, with plans of adding Bitcoin support in the near future.
Advantages of Poly Network
Poly Network will enable enterprises to connect, collaborate, interact, and innovate through an open, transparent, decentralized ecosystem. With so much to offer, the protocol will be advantageous both for users and developers. Let’s look at some of its features:
- Can be implemented with any blockchain
- Optimizes efficiency, value transfer, security, and privacy
- Issues neither tokens nor smart contracts
- Enables transfer of both assets and arbitrary data
- Facilitates secure cross-chain transactions
- Allows swapping of cryptocurrencies for tokenized assets
- Supports cross-chain transactions between Neo, Ethereum, Cosmos, and Ontology with fewer smart contracts
- Enables DeFi developers to create new cross-chain compatible dApps
According to Neo founder Da Hongfei, Poly Network will link together heterogeneous platforms to build a global cross-chain platform and create a truly interoperable future for blockchain.
As the protocol supports cross-chain transactions, users would no longer be required to depend on any single platform, he added.
Ontology’s Co-founder Andy Ji said that Poly Network’s decentralized ecosystem would enable enterprises leveraging the Ontology blockchain to communicate with enterprises leveraging Ethereum, Neo, or Cosmos while overcoming challenges in scalability and mainstream blockchain adoption.
He believes that the collaboration with Neo and Switcheo will help deliver true cross-blockchain interoperability.
Through Poly Network, Switcheo has been able to facilitate frictionless cross-chain transactions while lowering trading costs.
To achieve its goal of building the foundation for NGI, Poly Network aims to support greater integration and cooperation between participating blockchains. Furthermore, it will continue innovating its platform to support more blockchain protocols in the future. He believes that the collaboration with Neo.