In May, the NEO and Ontology Foundations originally announced they were teaming up to develop a shared smart contract ecosystem and work together on other initiatives. The NEO foundation has now provided more clarity on the NeoContract and NeoVM (NEO Virtual Machine).
In essence, NeoContract is a smart contract platform for users of the NEO blockchain. The smart contracts will cover a broad range of use cases including transaction validation, tokens sale management and general DAPP development.
A Comprehensive Ecosystem
NeoVM is an integral part of the smart contract ecosystem and consists of an execution engine, stacks and interop services. It was developed with low-coupling architecture which it means it can also be used with other blockchains and even outside of a blockchain environment.
The NEO blockchain, often referred to as the “Ethereum of China” is controversial – it has a fanatical army of supporters, as well as a significant number of critics. The development of a comprehensive smart contract ecosystem could go a long way toward proving its legitimacy and attracting new ICOs to the blockchain.
Ontology Network has been one of the most successful ICOs on the NEO blockchain. The network is designed to allow developers on different chains to collaborate and to give traditional businesses access to blockchain technology.
There was no public token sale, however – tokens were distributed via a private sale and a series of airdrops in February. ONT tokens began trading in March at $1.50 and have since risen to $7.50, representing a 500 percent gain.