BlockchainCryptocurrency

Ontology and Waves are developing a method for their blockchains to interact

Ontology and Waves have begun jointly developing the infrastructure for their blockchain interoperability. The initiative aims to develop the Decentralized Finance (DeFi) industry.

According to the developers, Ontology will become one of the key chains for the Gravity Hub. This decentralized data oracle was introduced by the Waves platform in December. The solution is aimed at improving the interaction of various blockchains and decentralized applications, as well as efficient data acquisition. Ontology will provide data for transactions between blockchains, information about the transfer of tokens, as well as external data from oracles and decentralized applications built on the basis of Ontology.

The Gravity protocol will provide all kinds of communication between blockchains. In addition, with its help it will be possible to create a new generation of decentralized Web 3.0 applications, and their functionality will allow interacting with blockchains.

“The Waves and Ontology partnership will provide developers with a new infrastructure to build decentralized applications that are compatible with these blockchains. We will continue to work on new DeFi solutions that may be interoperable across different networks. This will be our contribution to the development of the industry. “

The Waves protocol will allow transactions with ONT and ONG tokens, so they will become available for listing on the Waves.Exchange and other decentralized trading platforms based on the Waves blockchain. The WAVES token will be available for use and staking on the Ontology network, and all cryptoassets working with the Ontology protocol will be able to move to Waves. Through interaction with Ontology, Gravity data providers will be able to deposit in ONT tokens. They will also be able to pay commissions for operations in Gravity.

Recall that last month Waves Enterprise and Microsoft’s Russian division teamed up to create enterprise solutions based on blockchain and cloud technologies.

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