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Market trends report
To every Ontology developer, user, ecosystem partner, and investor,
June 30th is an important day. It has been one year since Ontology’s MainNet Launch. Over the past year, the blockchain industry has developed at a rapid speed. We have witnessed many ups and downs in the industry. What remains unchanged is that we stay true to the initial mission and are committed to applying blockchain technology to real business scenarios, which is why this year our slogan has been changed to “Ready for all Businesses”.
We are now at a new starting point, and we will keep moving. The goal of Ontology is to build a public infrastructure for trust collaboration. In the next phase, Ontology will shape its brand image by striving to lead in technology, be developer- and user-friendly, and widely recognized.
Thanks to our node ecosystem, the Ontology network is developing rapidly. Since the node application and Delegated Proof-of-Stake (DPoS) stake authorization were launched on the MainNet, the total staking rate across the blockchain has reached 10%, and all of this is supported by 49 Ontology Triones nodes across five continents. The number of global seed nodes that are providing application services has reached 376, which has ensured the capability of producing a new block within a second and a TPS of 5,000.
In the next stage, Ontology will make node applications more widely accessible, let more nodes participate in the candidate nodes competition, improve the node staking rate of the whole network while ensuring its security and efficiency. In the meantime, we will lower the threshold for staking through technical upgrades so that even users with a small amount of ONT can participate in the staking economy. We will soon publish a Governance White Paper to improve decentralization, make governance more democratic and users more engaged.
At the same time, to ensure all of this, first we need to improve and diversify node incentives. Ontology has put a lot of thought into designing node incentives and will integrate the ecosystem project incentives with Ontology staking to form an incentive pool. Users who participate in nodes and staking will be eligible for the incentives of the entire Ontology ecosystem. Since Ontology issued stable coin assets with Paxos, a regulated stable coin issuer in the US, decentralized finance (DeFi) has become our main focus in the future. We will bring the closed loop of Defi-stable coin-staking for users, forming a sustainable economic system. Following KMPlayer, two more Internet platforms with hundreds of millions of users will work with the Ontology ecosystem. We believe that Ontology will remain in the first echelon of the decentralized application (dApp) ecosystem.
To lead in technology and be developer-friendly, we need the feedback and support from the technical community. Since launching the bounty program, we have received hundreds of applications and these teams have completed development tools and SDKs for more than 10 different programming languages. Through hackathons held across the globe, we have acquired excellent application tools, including STO issuance tools, Layer 2, and currency gateways. Our next step is to further open up by decentralizing the bounty center, the review process, and the bounty distribution process, making an open collaboration platform for developing bounty dApp possible, and building a new developer-driven community.
The awareness of people-oriented community service is our rethinking of the global ecosystem community. To connect people, people and services, motivation and collaboration, we need a fast-growing user ecosystem, and this is where Ontology’s ONT ID digital identity system comes in. At the beginning of 2019, I unveiled Ontology’s plan for the international community that we will integrate the global user base ecosystem, including our communities on WeChat, Weibo, Facebook, Line, Kakao and Telegram. At present, we have channeled user traffic between two of the social media platforms. This can reduce the threshold for user conversion, and improve the efficiency of connecting traditional Internet and blockchain.
Our main focus will be on the Japanese and US compliance markets. Our partnership with the Japanese listed company Gumi and the improved communication with JVCEA and JFSA will help Ontology — a top public chain in Asia, establish a firm foothold in the Japanese market with a fast-growing community. Many of our co-building partners in the US are top in the industry and will help Ontology enter the US compliance market, build a strong presence in the country, thus allowing more technical projects to strengthen their interaction with Ontology’s main chain.
To improve the transparency of the community, we have been updating the community on our progress more frequently in 2019 by publishing weekly reports, instead of monthly reports. We have also organized more than ten online AMAs during which we have communicated with the community and shared our thoughts on the industry candidly. Moreover, we have launched a large-scale community incentive program — “the Ontology Renaissance dApp Incentive Program”. No one is perfect, and improving community governance is not a one-off process. We will be open to suggestions from the community on major issues, increase transparency, and implement real trust.
Finally, now everyone talks about the convenience of Internet life, about the improved productivity and efficiency, and everything is intelligent. These key changes in the world are driven by a very small number of people. If change is inseparable from innovation, it will be inseparable from the long-term struggle between the new and old forces. To believe the digital economy is to believe in the future and believe in the blockchain infrastructure that supports all of this. During the course of history, those who question you, criticize you and oppose you will eventually be the reason for us to persist.
We are now at a new starting point, and we will continue to move towards our goal.
Co-Founder of Ontology, Andy Ji
July 1st, 2019
One-Year Anniversary of Ontology MainNet Launch: a Letter from the Co-Founder was originally published in OntologyNetwork on Medium, where people are continuing the conversation by highlighting and responding to this story.
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