We are excited to announce NEM has made a strategic partnership with OATH Protocol, a project building a decentralized, standard, and extensible public chain-agnostic protocol that protects dApp users' rights and assets.
Blockchain security should have two different layers: Technology and Governance. So far, we have only focused on information technology security, like 'anti-hacking' or 'code review'. But Blockchain Governance is just as (if not more) important because every user needs it from time to time.
As the world's first smart asset management blockchain, NEM obviously has a need for governance security besides the technology.
OATH's dispute resolution protocol is modeled on the common-law jury system and utilizes blockchain, cryptographic algorithms, random algorithms associated with categories and attributes, jurors' credit level, and case-
In the ecosystem of NEM, it can be integrated into the voting system. OATH provides an added layer of security and stabilizes the infrastructure to increase usability of the voting function of NEM by making the voting procedure fair and transparent. It provides a mechanism to resolve disputes in a decentralized and fair manner.
"Oath protocol is an innovative way to give NEM a better experience on votingsolution. With Oath protocol build on NEM, we believe NEM is getting more and more recognition from app and protocol builder among the blockchain industry. This relationship will surely benefit both Oath and NEM community." –Steve Li, Leader NEM China
"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." –Flora Fang, Leader NEM Taiwan
"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."–Yin Xu, Co-Founder and CEO of Oath Protocol
OATH is a level 2 protocol that enables fair, robust, and transparent dispute resolution and governance on the blockchain. OATH is building a security layer that facilitates decentralized community decisionmaking across public chains and dApps.
The 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.
About the NEM Blockchain Platform
NEM is an out-of-the-box enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features that include: multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. Companies with legacy systems can “plug ‘n play” with NEM.
About the NEM.io Foundation Ltd
NEM.io Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.