During the afternoon of Thursday, May 24, Ontology and Neo announced an association to co-finance a "Joint Task Force". After, on May 14, they signed a Memorandum of Understanding (MOU).
There have been some cases of cryptocurrencies that join forces mainly for the purpose of research. Something that seems interesting if they have similar objectives.
Sometimes, to succeed, you have to ignore the differences and collaborate with those you label as competition.
Neo and Ontology: the Task Force
Ontology announced on its website that they have established a joint working group that will focus on the development of API standards, a system of shared smart contracts and technological innovation between chains.
"The Joint Task Force is made up of more than 10 people, most of whom are core developers of Ontology and NEO Global Development (NGD), along with select community members. The main blockchain developers will also be joining, including Weng Junjie Weng, Yuan Tan and Peter Lin. "
According to a recent NEO publication, the Joint Task Force was funded with a total of RMB 4 million, or approximately $ 627,180 in capital.
The Joint Task Force hopes to achieve, in the next 6 months, several different tasks including exploring and making multiple cases of using cryptographic algorithms in blockchain and making the two networks more user-friendly for end users.
This alliance is really interesting. Both parties show great interest in working together to benefit from the services.
As for the impact of the news on the values of these currencies. The news has had a positive impact on Ontology, its value has increased slightly. However, NEO has not had the same luck, its value has decreased significantly.
"In the future, the Joint Task Force will be executed on a regular basis to explore and seek further cooperation in the development of the protocol layer and the blockchain application layer."