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Ontology x Binance.US AMA Recap

Ontology Gas | 02.24| 118

On Feb 19, Ontology and Binance.US hosted an AMA on Telegram to answer questions from the community and share current and future developments of the project since Binance.US supporting ONT/USDT, ONT/USD trading pairs.

Ontology’s Co-Founder Andy JI and Americas Ecosystem Lead Erick Pinos joined the AMA and answered questions from the community.

Segment 1 Prepared questions asked by Binance.US

Could you please tell me what Ontology token is? What problems does it solve?

Ontology has a dual-token model. Very special. It uses ONT for staking, utility cases and governance and ONG as gas fuel. In the Ontology infrastructure design, everyone can participate in the ONT PoS mining, and the time costs of staking and the operating costs of the nodes are considered to be contribution and ONG is distributed as compensation. ONG is the utility token used as a value anchoring tool for on-chain applications. Now we are also expanding the Ontology ecosystem by seeking more scenarios where ONT could be used in our daily life.

What is the advantage of keeping the Ontology token for a long and short-term period?

First, Ontology has a strong technical accumulation. We had taken the lead in the launch of Sharding, Cross-chain, and Wasm-JIT, and had completed BTC and ETH cross-chain integration. 80% of the Ontology team are engineers. It may sound boring but on the other hand, indicates that we focus 100% on the technology side. Our big milestone — Ontology Aristotle (version 2.0) will be launched around Q2. Ontology uses a staking model where ONT can join PoS mining and get ONG in a unit of time, and ONG can be used for transaction fees on the blockchain. At the same time, we are expanding the scenarios of ONT and ONG which hopefully will help you improve your daily life. We do have enough funds to support the long-term operation. In 2020, we will try to meet the requirements of fully regulated countries like G7 and hopefully, we can enter into more markets like Japan, Germany, and the US market, which will strongly support the long-term adoption。

What solutions does Ontology have for users to easily purchase cryptocurrencies by fiat?

That’s our target to serve more users and transfer the traditional customers to understand, purchase and own cryptocurrency. We are incubating a project specialized in fiat gateway and payment which will be launched soon. Meanwhile, we plan to be listed on more regulated fiat currency exchanges and develop more ONT payment scenarios in the future, such as the ONT credit card and other scenarios to make ONT more useful in real life. In the meantime, we will also promote cooperation between ONT Staking and DeFi. Ontology will focus on technology development as usual and have more real business applications. I would like to highlight the regulation again. We are currently approaching several main US custodian vendors like Bitgo, Bakkt, Coinbase, KingdomTrust and etc.

What brought Ontology to Binance.US and what are the advantages of this listing?

Firstly, we are very honored and excited that ONT has been listed on a regulated US marketplace like Binance.US, and we welcome all Binance.US users to our community.

We know that in recent months, several international exchanges have pulled out of the U.S. market due to regulatory ambiguity — leaving American traders with a dwindling variety of platform and coin options.

But Binance.US, as the world’s largest exchange with the advanced trading technology, understands the nuances of the American crypto landscape and is always on a mission to help the US market catch up to its international peers. That’s why we choose Binance.US.

As for the advantages of this listing, US-based traders can now trade ONT in USD and USDT trading pairs. It is also the first to provide a fiat and stable coin on-ramp, in contrast with the crypto-to-crypto model offered by most exchanges. In addition, it will be a great help for us to penetrate further into the US market. Recently, Ontology is exploring several mainstream industries in the US market. We are seeking more excellent partners in the US like Bison Trails, MicroWorkers, KingdomTrust and so on. The cooperation details will be published on social media soon. On the tech side, Ontology and Chainlink are devoted to providing efficient Oracle tools for worldwide developers, and we just invested in bloXroute Labs to develop the BDN (the blockchain distribution network) solution and Layer 0 scalability. We hope that American users could know more about ONT and Ontology’s technologies, insight, and vision as we seek to make the world a better place using advanced blockchain technology solutions.

What are the future plans for Ontology? Do you have any exciting things down the pipeline that you can share with the group?

Before this past Lunar New Year, our Founder, Jun LI, shared Ontology’s strategic plan on YouTube with our global community and we have published Ontology’s 2020 roadmap shortly after. Cross-chain (adding Bitcoin, Ethereum and EVM compatible public chain interoperability), Layer 2, enhancement of ONT ID and data sharing protocol will still be our main focuses this year. We will keep moving forward and never stop. More details will be released in the following months. You can also check more details of our roadmap here.

Or in bullet points:

i. Faster and cheaper protocol ( than ETH and XRP)

ii. Easy adoption and enterprise-ready

iii. Regulatory friendly finance

iv. Data market along with authority

Segment 2 Live Questions

Technology

As we know, the ETH network often has problems with scalability. So, as a project which is aiming to solve existing high-performance problems. What scalable technology do you think is the most efficient solution at this MOMENT? Do you think that you can compete with ETH when they release ETH 2.0? Can the scalability problems affect the operation of ONT when there is high-volume traffic on throughput? If yes, what will be your team solutions?

The new Aristotle aims to solve the scalability problem. It will include Layer 2 solutions for micro payment and sharding (solo first) to enhance the payment user experience.

What is the vision for DECENTRALIZATION? Will I be able to run a node on my Raspberry Pi one day without needing a massive amount of ONT?

PoS mechanism. So it may need a little stake to keep the network safe. We will try to lower the barrier.

What makes dApps Ontology more unique than others? Why the Ontology platform should be the choice for dApp developers?

Ontology offers a suite of identity and data exchange tools that make it easy for identity and data sharing-focused dApps. Additionally, Ontology smart contracts can be made in C++ or JavaScript, so mainstream developers can pick it up very quickly without having to learn a new language.

What makes ONT is better compared to other projects? Are there any unique mechanisms?

No magic. Faster, cheaper and keep improving. Bring more real adoption and massive users are the only right way.

Applications

Can you envision ONT being used for things like real estate and proof of ownership (perhaps eventually replacing the need for a notary or middleman) on a small business/individual customer scale? What are the barriers to achieving this?

Yes. ONT ID can be applied as cryptographically verifiable real estate and housing records, eliminating the need for a middle man to sign papers when someone buys a house.

How many partners currently rely on the Ontology’s technology and what benefits do these partners bring?

We are more focused on the enterprise part. Some partners with massive users want to implement a new distributed service on blockchain. Ontology is the best choice because we have more than 200 manpower to support enterprise-class service as Consensys did. Big enterprises cannot rely just on the community.

In regards to Ontology sharding, what kind of real-life application or adoption will sharding improve to help bring the masses to Ontology and crypto in general?

You can imagine a bank network. There are several types of business like lending, wealth management. We don’t need to build a separate business chain anymore. We can easily adopt a shard and you just close it if the business shuts down.

What do you think is the biggest problem that is happening to Ontology right now and what is the team doing to solve it?

Exploring the newly regulated market and finding the “Killer App” is a big challenge. The same to Ethereum. We don’t know the DeFi is future or not. We picked up three topics such as payment, gaming and manpower collaboration.

What strengths does Ontology have, compared to the other similar projects? What do you think is the biggest problem that you are facing right now? Is there a DEX platform in Ontology? What plans do you have to help drive the demand for the ONT token?

Ontology has a strength in its real-business use case and partnerships and enterprise focus. We support our community like a foundation but also test out business models like a company. The biggest problem, as like every other project, is the learning curve for crypto adoption + the business models to keep blockchain companies alive. We tackle these two issues every day with every iteration of our platform. There is a popular Ontology DEX by the Sesameseed Team.

Can you envision ONT being used for things like real estate and proof of ownership (perhaps eventually replacing the need for a notary or middleman) on a small business/individual customer scale? What are the barriers to achieving this?

ONT can support this kind of scenario. But the key problem is not technology. You need some professional support from the business side. The main question lies in how to convince the businessman to understand blockchain and its benefits. It takes time but it will be interesting, considering the tokenization of everything.

Will ONT announce more technologies and projects in the future?? In what areas will it be developed? I’m waiting excitedly!

Soon in the US Market.

Ontology looks good but it confuses me that there are so many other Blockchain projects. What should I pay attention to Ontology to give it the importance it deserves?

Personally, I also like some other protocols. That’s why Ontology chose to build a multiple chain collaboration platform. If you prefer Tezos, ETH, that’s all right. We can support all. Like we mentioned earlier, our ONTO wallet also supports Ethereum, Neo, and Klay.

Wallets

There are so many crypto wallets out there on the market, and all of them can do almost the same job. In what aspect Infinito is unique from the rest?

Infinito is a good wallet but I think ONTO is better. Fiat entrance will become an important feature.

As we know there are two major old hardware wallets brands TREZOR, LEDGER could you explain why we should use OWallet compared to these? And which types of benefits do OWallet provide to the holder?

OWallet is compatible with hardware wallets like Ledger, you don’t have to choose. You can use OWallet desktop interface with your hardware wallet.

That’s a healthy win-win model with our eco-partners. They help us to bring more users and transactions, attention. We focus on developing an easily- adopted platform and share their voices. We will bring more traditional companies in this area as the crypto is the future.

What criteria does Ontology use for integrating ONT and ONG into multi-chain wallets? And if supporting and adopting blockchain apps is important, would Owallet and ONTO also consider supporting other public blockchains’ coins or tokens in the future? Why or why not?

ONTO already supports Ethereum, Neo, and Klay.

Partnerships

News recently your partner Moviebloc entered the voting Binance election, what benefits do you get in supporting your partner?

The more adoption Ontology ecosystem tokens get, the more value is brought to the entire network overall, correlating to higher value ONT and ONG. So support our ecosystem projects as much as you support ONT.

Tokenonmy

How about the gas? It’s cheaper than Ethereum and another chain or not?

Ontology gas is quite cheap. It only costs around 40 cents per 100k transactions.

What is the leading Utility of ONT? And what is the tokenomics of it?

ONT is used for staking and for node governance. As you hold ONT, it generates ONG that you can use to make transactions on the network. The longer you hold ONT the more ONG you get. Or if you are impatient you can buy a lot of ONG and make a lot of transactions on the network right away.

In the white paper it says, “Ontology has an infrastructure platform to support the development of dApp for different scenarios”. In the case of supply chains, for example, why isn’t dApp created on NEO?

You can give it a try and then you will know which one is better. That’s why we had more dApps than Neo.

Ontology’s recently appeared rival is Cosmos. So are you afraid that with Cosmos appearing after the ONT, there will be everyone's attention and attention?

Every month there is a new blockchain platform. They come and go. To be honest, the ideal future is one where developers can pick the right tool for the job. We keep our focus on what we do best which includes pushing for real business cases with enterprise partners.

Policy

Recently, China has said it wants to be a leader in the blockchain space and wants to make blockchain a national strategy, how will this affect the blockchain/crypto/Ontology industry?

a. The government prefers a permissioned blockchain than permissionless.
b. Private corporations are not allowed to issue digital currency.
c. The government encourages companies (like us) to develop an outstanding framework and get rewards from the government. (We receive 500K USD bonus per year).
d. Most enterprises are trying to implement blockchain. But the use case is limited by region.

Ontology is a multi-chain system and easily connect with permissoned ledger and other protocols.

Find Ontology elsewhere

Ontology website / Ontology GitHub / ONTO website / OWallet (GitHub)

Telegram (English)Discord

Twitter / Reddit / FacebookLinkedIn


Ontology x Binance.US AMA Recap was originally published in OntologyNetwork on Medium, where people are continuing the conversation by highlighting and responding to this story.

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