Ontology blockchain partners with TEEX to secure private smart contracts
Ontology (ONT), a high-performance public blockchain project, and distributed trust collaboration platform announced the start of a collaboration with computing platform TEEX, in which both parties will work on on-chain data privacy/security and secure client private key solutions.
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.
“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.”
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.
“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.”