To celebrate Ontology’s MainNet 2-year anniversary, Ontology’s Founder Li Jun was live in Ontology English Telegram to share insights and updated about Ontology 2.0.
Check the chat message history of AMA here.
In the past few months, we have actively interacted with Binance and Binance US in multiple ONT trading campaigns and community AMAs and deepened our cooperation relations. Binance has been paying great attention to the refinement of our governance and economic model and digging into our announcements and related tutorials. It is currently considering becoming a node on the Ontology blockchain. We will keep our community updated if we hear more progress on this.
We have seen many popular blockchain applications are still limited to gambling and gaming, but not really large-scale real-life applications, nor any killer app. Ontology believes that these applications will not be beneficial to the long-term healthy development of the blockchain industry. Since the second half of 2019, we have been actively involved in talks with partners in the automobile industry and entertainment industry to seek application scenarios of blockchain technology in segmented industries and have already been making some progress.
Any large scale application cannot be separated from the support of the underlying technology. In 2020, Ontology has completed various technology upgrades, with key milestones including:
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
Meanwhile, our new decentralized data marketplace — SAGA and new upgraded data wallet — ONTO, both released this year, will enable users to actually experience blockchain technology for personal digital identity and data exchange.
We have been talking about decentralization and data collaboration etc. Actually, an important element about decentralization is to integrate every individual into the decentralized ecosystem and make them own their own data, equity, and assets.
Although you may think you own your data on social networks like Facebook or Twitter, you do not have the tools or systems owned by big social companies to own your own data. This is exactly what our self-sovereign data wallet ONTO has been focusing on achieving, which is to return the data back to users themselves. I would say ONTO is one of the most comprehensive wallets in all types of data wallets.
In addition, SAGA, the decentralized marketplace powered by Ontology is another new attempt we have made in the data field.
When it comes to real business scenarios, we have been in talks with leading automobile manufacturers for a long while and will focus on applications in the automobile industry in the next phase. In the meantime, we have accumulated relatively complete solutions in data attestation, data market, digital payment and etc. You can find more information on our newly released official website, ont.io.
After the Ontology governance model refinement, the minimum requirements for consensus nodes will be 1,500,000 ONT, whilst the minimum requirements for candidate nodes has been lowered from 100,000 ONT to 10,000 ONT. Applicants can simply apply to become a node on OWallet, no KYC will be required.
In the meantime, we will open a Telegram announcement channel exclusively for Ontology nodes to receive the latest information.
You can find our simplified process in the below graph:
More details can be found here.
Since Ontology was founded, we have always insisted on long-term value investments, and choose to build the first community via airdropping our token to the community instead of ICO to raise funds quickly. We have always focused our attention on digital identity, and have always believed that the correct path for the project is to lay a solid tech foundation first and then gradually promote the applications. With more transactions on the blockchain, higher TPS, higher liquidity, more application scenarios, the true value of the token shall be seen. We give the community the right to choose whether to invest.
Ontology focuses not just on DeFi. In our past 2-year journey, we have summarized experiences on enterprise-level applications, especially solutions for the automobile industry, data attestation, data marketplace, and digital payments. You can find more information on our newly launched official website — ont.io.
The blockchain technology is still under improvement and it may take some time to see large scale applications. However, it doesn’t mean we are not making progress, we are currently undergoing a series of technical innovations and improvements, for instance, ONT ID, DDXF, WASM-JIT, Multi-VM, Add-On Store and etc. Our Data Wallet ONTO and Data Market Saga have also provided great application scenarios for users to experience blockchain technology.
It takes time for great things to happen, and we will continue to put more effort into improving the underlying technology to facilitate enterprise-level adoption which is also one of our focus areas.
By design, the gas fees shall cover the costs of operating a node and bring profits to the Triones nodes. There needs to be a certain balance between TPS and the gas fee per transaction. In order to achieve a healthier governance model and more sustainable development, we will raise the transaction fee from 0.01 ONG to 0.05 ONG.
Ontology will launch common knowledge graph crowdsourcing services and attestation services such as OpenKG and OGQ on the Ontology blockchain shortly. We expect the average number of transactions on the blockchain to increase significantly.
You can find more info here.
Ontology 2.0 is designed to support robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. It was made with both enterprises and developers in mind. We have included several key new features such as WASM-JIT, Multi-VM, Layer 2, and ONT ID 2.0.
Ontology has the fastest Wasm-JIT implementation, with execution speeds reaching more than twice that of EOS Wasm. Ontology’s Multi-VM is the first to support seamless contract interactions among different environments, with Ontology Layer 2 contributing to a more comprehensive public chain platform. This way, developers have more choices to develop with the languages and tools they are familiar with, thereby reducing the learning curve and greatly improving development efficiency.
Ont 2.0 is a significant improvement to ONT ID 1.0. It fully complies with the definitions and requirements in the W3C draft standard DID v1.0, and has a higher degree of completeness in implementation.
The new ONTO, Ontology’s self-sovereign data wallet gives users the power to control the value of their data.
And SAGA, a decentralized digital marketplace, monetizes and acquires data in a trusted, standardized and cost-effective way. We are quite confident to make more progress in the field of distributed data and empower the growing data-driven economy by connecting data that would otherwise remain fragmented.
ONT ID is a decentralized identity framework following the W3C DID Standard, using blockchain and cryptographic technology that can quickly identify and connect identities and enterprise assets. It is decentralized, self-sovereign, safe, and easy to use, enabling users to fully control their own data and identities. As the latest updated version of ONT ID, ONT ID 2.0 is implemented through native smart contracts on the Ontology public chain.
By using ONT ID, any entity can take full control of their own identities and data, and authorize applications or other individuals to access their own data as required.
Here is a brief summary of several notable features of ONT ID 2.0:
The protocol and the procedure of ONT ID verifiable credentials are designed based on W3C Verifiable Credentials Data Model 1.0 Standard. ONT ID verifiable credentials support various types of credentials including normal credentials and selective disclosure credentials, with the latter enabling users to selectively disclose the information in different scenarios. Additionally, on the basis of ONT ID, Ontology has designed and implemented a distributed data exchange protocol that is compatible with DID, which makes distributed data exchange possible.
DDXF is another solution we provide. Based on DDXF, the ownership of resources can be confirmed and circulated on the chain. Users can exchange their resources for ONG and other OEP-4 assets or for other resources. DDXF supports digital and physical resources and allows various forms of resource circulation, which includes the circulation of its ownership, right to use, etc. For off-chain resources, DDXF enables users to transact off the chain with a smart contract, so as to meet the need for compliance and security and consistency.
ONTO, Ontology’s self-sovereign data wallet, is a one-stop mobile application for the management of your digital identity, data, and assets, giving users the power to control the value of their data.
This month, Ontology launched a new version of ONTO, including new features to enhance data management, including:
Ontology can provide a more comprehensive infrastructure for dApp, besides blockchain, also including high-level protocols like ONT ID and DDXF and more. These can help dApp developers develop applications for real business scenarios, to avoid too much basic module development on the blockchain and so that they can focus on more on the business logic.
Q2. Is this the final complete version of Ontology? Will we have any major changes in the future? It is believed that most projects will not be able to exist in the long run. That may be true. What lessons have you learned from your experience or when evaluating other projects in this industry? ( @sontilatui)
As for Ontology, there will never be a final complete version, we will keep improving our technology. Blockchain infrastructure, decentralized identity, and decentralized data are our main focuses. We will bring new developments in these areas every quarter and share the development progress with our community.
Thank you for your question. With the help and support from our global community, we now have 29 different language communities, where community members who are native speakers of those languages help us promote Ontology in their regions and areas. We have been receiving many messages from various community members who speak multiple languages to help us further expand our global community. You can find out more about it here.
DDXF is not only for decentralized data exchange but also can integrate with Ontology blockchain to perform life cycle management, tracing important timeline and participants of data, which will on one hand improve the data transaction and on the other hand increase the level of trust in data.
ONT ID allows you to self manage in a secured and private environment. With the support of blockchain, it can further enhance the credibility and reliability of trust sources. Comparing to other DID, ONT ID is managed and registered on a public blockchain, which allows it to balance privacy and data trust.
Thank you for your question. We can use a decentralized way to flexibly build services for notary related processes required in real estate business, and with exchange protocols and smart contract settlement protocol, we can replace the middleman in many different scenarios and build a more automatic and more decentralized infrastructure.
Thank you for the question. You can choose to stake on any Ontology nodes to earn ONG incentive via OWallet and ONTO. If you have enough ONT, you can also apply to operate a node, in that case, your rewards will increase significantly. You can check for more details on our Medium or visit node.ont.io. For node application, please refer to my previous answers to the fourth pre-selected question.
Ontology 2.0 symbolizes a more stable and faster infrastructure, with the fastest blockchain Wasm smart contract VM, a more comprehensive DID, and decentralized data exchange protocol, which enables Ontology to provide higher standard services and tech support for various industries business scenarios. It is a great milestone for us and I am very happy to celebrate this important day with all of you.
The new ONTO allows you to send ONT and other digital assets to your phone or email contacts. You can also manage your contacts on ONTO.
Ontology will focus on decentralized data and identity. We will provide blockchain infrastructure, protocols, tools like mobile applications, markets like SAGA, and more other infrastructure services and products, to build the most comprehensive decentralized data and identity service platform.
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