Ontology Celebrates Two Years Since MainNet Launch

Ontology Gas | 06.30| 57

Ontology offers a panorama view of Ontology 2.0 as it celebrates its two year anniversary

June 2020 marks two years since Ontology, the high-performance blockchain and distributed collaboration platform, launched its MainNet. The milestone caps a hugely successful month for Ontology, following the launch of Ontology 2.0 — designed to support robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. In June 2020, Ontology also launched a new version of ONTO, Ontology’s self-sovereign data wallet, which gives users the power to control the value of their data, as well as a new upgraded version of ONT ID.

Commenting on the milestone, Andy Ji, Co-founder of Ontology said:

“In the space of just two short years, the Ontology team has gone from strength to strength, as we continue to experience a dynamic arc of growth. From technical development to new partnerships, to expanding our developer community and token-holders, and breaking into new markets — namely the US and Europe — I can’t wait to see this phase of exciting activity continue in the months and years ahead.”

Ontology 2.0 Milestones

10/2019 Ontology Multi-VM launched
01/2020 ONTFS released
02/2020 Blockchain SaaS Framework (add-on store) alpha released
04/2020 Ontology Wasm-JIT released
05/2020 Ontology Layer 2 released
06/2020 ONT ID 2.0 upgraded
06/2020 New version of ONTO released
06/2020 Ontology DDXF 2.0 released
06/2020 Ontology 2.0 launched

Erick Pinos, Ontology’s Americas Ecosystem Lead said: “As Ontology continues to broaden its global footprint, the Americas region continues to provide fertile ground for Ontology-led innovation. We are creating and nurturing new relationships and partnerships on an ongoing basis, as evidenced by our recent partnership with Venezuela Blockchain, an organization committed to leveraging emerging technologies as tools for socio-economic development in Latin America. Look out for more collaborations of this nature in the short to medium term.”

John Izaguirre, Ontology’s European Director of Business Development, said: “Ontology’s strategic focus on the European market has sharpened significantly in recent months. As we gear up for the launch of our Berlin office, having recently signed an MOU with Berlin’s Hochschule für Technik und Wirtschaft (HTW) University — our European presence is growing steadily. This scope of European activity also includes the ONT token recently becoming available on the eToroX and Bitpanda platforms, as well as our bespoke partnership with German-based digital identity specialist Spherity and our collaboration with Bitcoin Suisse.”

In the short to medium term, Ontology will be making a number of further announcements and updates, pertaining to the following areas:

  • Add-on Store: The Add-on Store allows developers to craft custom blockchain-based solutions for non-blockchain or decentralized applications. Modules can be downloaded in the form of SDKs and can be used to integrate the necessary functionality to an application depending on the kind of functionality and business logic that one is trying to implement. The add-on store also allows developers to create customized add-ons apart from the pre-defined add-ons provided by Ontology.
  • SAGA: The SAGA marketplace allows for the safe and secure transfer and storage of personal data. SAGA aims to empower the growing data-driven economy by allowing parties to monetize and acquire data in a more trusted, standardized, and cost-effective way.
  • Governance and Staking Model Refinement: Having collated feedback from the Ontology community, we have integrated new changes to our governance and staking model.

Key changes to be made are as follows:

1) Lower the minimum requirements for staking to 1 ONT (The current minimum is 500 ONT) and shorten the withdrawal period within 5 days.

2) Add more fee consumption scenarios to improve the whole network’s average transactions per second (TPS) and increase the gas fee per transaction to 0.05 ONG.

3) Increase the rewards for governance voting (Ontology Triones nodes).

4) Cancel the current ONG unbinding model and combine it with staking with a new releasing curve.

Key changes to the Ontology governance model:

The entry stake has changed from 500 ONT to 1 ONT, which means any ONT holder can now contribute to the Ontology ecosystem development. KYC requirements are no longer required for candidate nodes, making it easier to apply to be a node.

As a result, the staking requirement will be lowered, as well as the requirements to become a node. Now, only users who stake ONT can receive ONG. The ONG network fee has also been changed from 0.01 ONG to 0.05 ONG. In addition, applications will open up allowing anyone to become a node, with no need to pass KYC verification. The Ontology team will provide a series of operational services. Changes will be seen in how ONT holders receive ONG as rewards (more details to be released).

  • OpenKG: OpenKG is a community project that advocates open knowledge graphs. It aims to promote the opening and interconnection of knowledge graph data, the open-source and openness of knowledge graph algorithm models and tools, and the popularization and application of knowledge graphs and semantic technologies. In Openbase, a knowledge crowdsourcing sub-project of OpenKG, over 100 million SPO triples have been stored. Ontology aims to provide solutions with its high-performance infrastructure, DDXF and ONT ID framework and support for the semantic web, to enable knowledge graphs to run with blockchain technology, expanding access for them to verify more data in scenarios and applications other than finance.

Looking ahead, Ontology will continue to place significant emphasis on technical development and research. Further upgrades to core aspects of our platform, such as our token model can also be expected in the future, increasing opportunities available to our investors.

Ontology will continue to strive to provide the highest standards of blockchain solutions to enterprises — consistently delivering fast, easy-to-use toolkits for the developer community and to empower users to take back ownership of their data.

Find Ontology elsewhere

Ontology website / ONTO website / OWallet (GitHub)

Twitter / Reddit / Facebook / LinkedIn / YouTube / NaverBlog / Forklog

Telegram Announcement / Telegram English / GitHubDiscord

Ontology Celebrates Two Years Since MainNet Launch was originally published in OntologyNetwork on Medium, where people are continuing the conversation by highlighting and responding to this story.

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