Oath Protocol and NEM Form Partnership for Dispute Resolution
Oath Protocol announced this week their strategic partnership with NEM, the world’s first smart asset management blockchain.
In NEM’s vast ecosystem, Oath Protocol will be the standard blockchain governance protocol to secure payments, smart asset management, and other dynamic services in a fair and transparent way. OATH provides an added layer of security and stabilizes the infrastructure to increase usability of the NEM Blockchain. In case of any disputes on the NEM blockchain, OATH will provide a mechanism to resolve them in a decentralized and fair manner.
About Oath Protocol
OATH is a level 2 protocol that enables fair, robust, and transparent dispute resolution and governance on the blockchain. They are building a security layer that facilitates decentralized community decision-making across public chains and dApps.
OATH’s partnership with NEM is not only a strong security upgrade to the blockchain itself, but it also provides a layer of security to NEM users, by arming them with a mechanism to resolve any issues arising from their use of the chain.
NEM is the world’s first smart asset management blockchain. NEM’s blockchain technology provides a world-class platform to manage various types of assets, including currency, supply chain, notary, ownership records, and many more. NEM’s smart asset system allows anyone to fully customize the blockchain according to their requirements and needs, whether for large enterprises or small businesses. The power of NEM is expressed through a simple and secure development interface, so that anyone can deploy his or her customized blockchain solution. Any application can access these features through NEM’s simple API for easy integration into mobile applications, existing business infrastructure, or contract logic.
Here is what OATH and NEM founders had to say about this collaboration.
Yin Xu, Co-Founder and CEO of Oath Protocol:
NEM is a world-class smart asset management project in the blockchain sphere. Its unique Proof-of-Importance (PoI) consensus algorithm and peer-to-peer payment methods have already led to widespread response and are hosting several dApps. The variety of NEM use cases will allow us to increase the robustness of OATH protocol and its features, while OATH will provide reliable support to NEM’s existing and future participants. We expect to resolve disputes relating to payments, and branch out into additional possibilities for OATH use cases.
Flora Fang, Leader NEM Taiwan:
OATH protocol provides the most important and missing link in blockchain security — dispute resolution and governance mechanism — that is crucial to our chain. We are committed to the management of smart asset allocation on the blockchain, and its use symbolizes full fairness and equality. The decentralized reward mechanism provides a safe and easy-to-use solution and application portal for peer-to-peer payments. On our chain, OATH will serve as a backbone to provide fair and efficient dispute resolution. We are excited about and look forward to our cooperation.