Ontology MainNet, with TEEX, to be the First to Support Private Smart Contracts

[ZionRTZ]

Ontology has announced its cooperation with computing platform TEEX, in which both parties will work on on-chain data privacy/security and secure client private key solutions.

A TEE (Trusted Execution Environment) is a black box in a computer chip which protects code and data running in it from being tampered with or stolen by any external software, even privileged access software such as operating systems.

At the same time, TEE provides remote verification functions, so that users can actively verify whether user behavior conforms to expectations and ensure that users do not obtain any private data while providing effective proof of work.

Using the TEEX Layer-2 privacy-preserving computation solution on the Ontology public blockchain, both parties will build a secure private smart contract execution environment, fully protecting data privacy and security during on-chain computing. This process will also help guarantee node incentives. In addition, Ontology’s comprehensive mobile client ONTO and desktop client OWallet will use TEE to protect user private keys from leaking and help protect their assets.

Co-Founder of TEEX, Dr. Ryan Yu, spoke about this cooperation:

“Ontology focuses on public chain technology, while TEEX focuses on privacy-preserving solutions. The cooperation between TEEX and Ontology will create the world’s first high-performance MainNet with privacy-preserving computation and lay a solid foundation for blockchain implementation in the fields of AI, biomedicine, and finance”.

Dr. Xianping Mao, Dean of the Ontology Research Institute, said:

“Blockchain is essentially an open system. Anyone can query blockchain data through the public interface. Smart contracts are the carriers of blockchain applications, and the security of private data involved in smart contract needs to be protected. TEEX has a deep understanding of data security protection technology such as trusted computing. Ontology will explore blockchain security technologies, such as private smart contracts together with TEEX, build functional chains with trusted computing capacity under the Ontology chain network system, and provide users with a blockchain system with safe and efficient private smart contract execution capabilities”.

About TEEX

TEEX is a secure distributed computing platform which creates a complete ecosystem for user, worker, and service provider. It builds a decentralized, flexible, and easy-to-use computing resource sharing platform. TEEX has conducted in-depth cooperation with partners in fields including artificial intelligence, big data computing, biomedicine, and other fields.

TEEX team members mainly come from top scientific research teams from universities and colleges internationally. With almost ten years research and development experience in TEE, as well as system security and rich entrepreneurial and project landing experience, the team has successfully applied TEE solutions to the mobile platform, which has been deployed to nearly 100 million mobile devices.

For further information, please visit: https://teex.io.


SOURCE: https://medium.com/ontologynetwork/ontology-mainnet-with-teex-to-be-the-first-to-support-private-smart-contracts-416c8331c00