Smart Economy Ecosystem Explained

Malcolm Lerider Blocked Unblock Follow Following Nov 24, 2017

NEO followers have raised concerns that they feel there are conflicting interests between NEO, Onchain, and Ontology. There are similarities between the projects, we arrange events together, and the relationship may not yet be clear to the outside world.

NEO Smart Economy is set out to digitize all assets and allow trustless digitized commerce. Forming our future commerce is a mission that has to be anchored with and developed by the public; thus, it has to be open source. Moreover, it has to operate within regulatory requirements; thus, the decentralization has to be balanced.

During the transition to a digitized society, we have no choice but to work with the tools we have today. Enterprises joining the transition to a Smart Economy still ask to sign physical contracts with physical enterprises. From this business requirement, Onchain was born to serve as the B2B gateway to NEO Smart Economy.

Onchain develop private chains for enterprises that has specific requirement on for example data privacy. These private chains have the same underlying architecture as NEO and can connect to NEO Smart Economy using a cross-chain protocol. This gives us a unique situation where enterprises can control their own private chains using Onchain technology, and still connect to the public digitized economy on NEO, gaining the benefits of both private and public ledger.

Ontology is now forming the next important piece of the puzzle. Enterprises are already storing personal data that is not to be shared on a public ledger for privacy reasons. There is a paradox here; it would be valuable to the individual to access this data in a digitized economy, but we cannot put it on a public ledger because of the data privacy issues. For example, one may want to provide a digital signature proving certified bank account balance, but this data is safely stored offchain at the bank’s servers and is not to be published publicly. Ontology is specifically designed to bring ownership of data back to the individual, so that the individual can authorize third parties to share specified personal information in a secure manner on the public blockchain.

So how does it all connect?

NEO Smart Economy digitizes all assets and allow trustless digitized commerce on a public blockchain.

Onchain develops private chains for enterprises using the same underlying architecture as NEO, allowing them to connect to the public blockchain using cross-chain protocol. Private chains can thus also gain the benefits of the public ledger on NEO Smart Economy, and vice versa.

Ontology brings the control of private data back to the individual. An individual may use NEO digital identity to access identity data stored at third party organizations and fetch it through Ontology to exchange it securely on digital marketplaces. Transfer of identity data will use NEO as payment rail (GAS).

All the projects in our ecosystem are part of our vision of a digitized society. They are closely related, share resources, and complement each other.

There is no competition, only joint effort to transition into a fully efficient and digitized society.