Neo Global Development (NGD) has announced the formation of Poly Network, a new protocol alliance formed to facilitate cross-chain transactions between all participating blockchains without issuing a new token and with minimal overhead needed for integration. Initial collaborators on the project include Neo, Ontology, and Switcheo.
Unlike current interoperability solutions that only work for homogenous chains, Poly Network is designed to work with any blockchain implementation. Intended to become a cornerstone of the next-gen Internet, the protocol aims to further improve its ease of integration with participating blockchains by not issuing its own tokens or requiring use of built-in smart contracts.
Neo co-founder, Da Hongfei, has been a long-time advocate of the next-generation Internet; the idea that instead of the centralized data silos and opinionated infrastructure of today, interoperability should be used to bridge the gap between the functionality offered by different blockchains.
In this larger network of blockchains, all interactions (such as asset transfer or smart contract operation) can be performed cross-chain in a frictionless manner, removing dependency on any single platform and giving users complete control over where and how they do business.
In the launch announcement, Da reiterated his sentiments on the importance of interoperability:“I firmly believe that interoperability is the future of the blockchain industry. Within our current paradigm, both traditional and blockchain platforms exist as effectively isolated data silos—users and developers alike are restricted by each platform’s capabilities and limitations. With Poly Network, we are linking disparate and heterogeneous platforms to build a global cross-chain platform with the aim of realizing blockchain’s potential while overcoming its challenges—together.” Poly Network
Poly Network provides a way to synch...