Home Coins Ontology (ONT) Ontology And Patract Labs Join Forces To Accelerate Smart Contract Ecosystem Development...

Ontology And Patract Labs Join Forces To Accelerate Smart Contract Ecosystem Development | by The Ontology Team | OntologyNetwork | Nov, 2020

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Polkadot’s ecosystem project, Patract Labs, will benefit from Ontology’s security and data management expertise

The Ontology Team

Ontology, the high performance, open-source blockchain specializing in digital identity and data, has announced a new collaboration with the Polkadot Ecosystem Project, a sharded blockchain that seamlessly connects multiple chains together in a single network. The joint venture will see Ontology develop the underlying infrastructure for Patract Labs, a developer of solutions for Polkadot’s Parachain Contract Ecosystem. Today’s announcement is the latest step in Ontology’s ongoing mission to build a parachain on Polkadot.

Commenting on the partnership, Li Jun, Founder of Ontology said, “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.”

Patract Labs, which provides developer tools and builds solutions to grow the Polkadot Wasm-JIT smart contract ecosystem, was recently announced as one of the first infrastructures to be funded by the Polkadot Treasury. The Memorandum of Understanding (MOU) signed by Ontology and Patract Labs will see Ontology provide the Polkadot ecosystem with its underlying blockchain infrastructure Wasm-JIT, the smart contract virtual machine with high speed and performance developed in house by the company. Ontology will also help Patract Labs to integrate this Wasm-JIT technology into its Patract Network based on the existing FRAME Contracts provided by the W3F and Parity, to ensure successful technical development and implementation. Finally, Patract Labs will support Ontology in developing and deploying a transfer bridge pallet on the Patract Network.

Lipeng Yue, Founder of Patract Labs, said, “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.”



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