In May, NEO and ONT inked a “MoU Concerning Strategy and Technology” and organized a joint task force. NEO on its Medium page announced that the collaboration with ONT has been able to support the adoption and development of NeoVM and NeoContract.
In May NEO & ONT signed MoU to jointly build a smart contract ecosystem, to fully support the development and adoption of NeoVM & NeoContract, and to collaborate on developing smart contract open standards.
Below is a deep dive into NeoVM & NeoContract.https://t.co/1I7YRofTtJ
— NEO Smart Economy (@NEO_Blockchain) June 5, 2018
NeoContract and NeoVM (NEO Virtual Machine), both essential components of NEO ecosystem, enjoy an enormous following among developers. At the first NEO DevCon, Erik Zhang, Co-founder explained the two designs in details.
NeoContract is a smart contract system built on NEO blockchain, helping the purpose of transaction validation, token sales, and decentralized app development. It consists of NeoVM, NeoContract APIs and software development kit (SDK). NeoVM is a decentralized VM developed for NEO where smart contracts are executed. NeoVM is not only applicable to blockchain but also to scenarios elsewhere due to its low-coupling architecture. NeoContract APIs are sets of interfaces that enhance smart contracts with functional and robust functionality. SDK is a sequence of applications and plugins designed for smart contract developers, which makes NEO smart contract development a user-friendly event.
NeoVM comprises three fundamental elements: execution engine, stacks, and interop services. Advanced APIs are put in NeoContract that manage tasks in greater number and complexity and are accessible via interop services of NeoVM. Such APIs include runtime data, ledger data, persistent storage, smart contract management and digital assets.
Image via NEO Facebook Page
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