Ambition and Vision: Charting Ontology’s Roadmap for Success
Andy Ji, Co-Founder of Ontology
When reflecting on the strides that have already been made by Ontology so far in 2020, I’m proud to say that our unwavering commitment to advancing the bottom layer of autonomous blockchains that can serve large-scale, general-purpose application scenarios, is clear for all to see. This is a process of ongoing technological evolution, a process that is set to continue over the course of the second half of 2020, and beyond. As we continue to enjoy a vibrant phase of activity, Ontology will be laser-focused on making 2020 a landmark year in our company’s history, as we chart a dynamic path forward, a path that I hope you will join us on.
For Ontology, the past year has been defined by a plethora of exciting business implementations and dApp exploration across the gaming, DeFi, and content creation verticals. I’m pleased to report that more than 80 use cases have been successfully launched, with a peak Daily Active User (DAU) of 130,000. We also conducted rigorous research and analysis around the next key opportunities in the industry, leading us to focus on a number of sub-sectors with cash flow, growth potential, and strategic value, namely: data ownership protection, stablecoins, and digital currency, and blockchain in the automobile industry.
Data Ownership Redistribution
From our active correspondence with major EU regulators, it is clear that data privacy protection and data monopoly issues are still quite pronounced. Ontology expects to launch a Data Revolution Initiative (DRI) soon, paving the way for global industry companies, NGOs, schools, and individual Key Opinion Leaders (KOLs) to support us in our efforts to strengthen data sovereignty and transparency. With this vision in mind, Ontology will provide products for two specific uses:
1) The layout of B2B is the SAGA decentralized data market and open DDXF protocol geared towards enabling data authorization and transfer between enterprises while facilitating machine learning, data processing, and other operations without revealing sensitive information. The DDXF protocol helps any individual and enterprise build a data exchange to meet the privacy data transaction needs across a variety of industry verticals.
b) In the B2C part, ONTO will power the decentralized storage, confirmation, and transaction of private data. A large number of public welfare and bounty activities can be enabled through data exchange. ONTO aims to extend into lifestyle applications pertaining to car insurance, fitness, borrowing, and selling goods through live video streaming to provide private domain traffic for the realization of personal data value. Eventually, tokenization will help realize personal value associated with this data.
Stablecoins and Digital Currencies
Given the increased popularity of digital currencies, as well as the heightened demand for digitization, globalization, and miniaturization of payment systems and stablecoins, many countries have been prompted to actively explore the potential of their own bespoke Central Bank Digital Currencies (CBDCs). In the aftermath of COVID-19, we expect to see a range of countries successively launch CBDC and fiat-collateralized stablecoins — advances that will revolutionize the payment infrastructure. For Ontology, this eventuality presents some incredible opportunities.
The Bank of England (BoE) has publicly intimated that quantitative easing is a tool that Central Banks can use as a means of injecting money directly into their respective economies. The BoE has also affirmed the notion that money is either physical, like banknotes, or digital, such as the money in an individual’s bank account, also noting that quantitative easing involves the creation of digital money.
At Ontology, we echo the thoughts of the BoE, and believe that more equitable quantitative easing and reducing the gap between the rich and the poor can be aided by the indiscriminate delivery of digital currencies and stablecoins. As such, we are devoted to:
▪ Providing aggregated payment interface APIs (like Libra, Celo, Centre, Paxos, etc.) so that each application can become a payment application;
▪ Optimizing the legal currency exchange network to be more compliant and with lower fees;
▪ Promoting the open service of the universal ONT ID so that addresses on different chains can complete KYC, comply with regulatory requirements, and register with assets on the chain;
▪ Dividing the market to provide global decentralized storage services.
Blockchain in the Automotive Industry
The next-generation of in-vehicle operating systems will provide human-vehicle interaction and micro-payment scenarios based on smart contracts. Ontology is already working with a number of Fortune 500 automotive companies to build an open and intelligent, next-generation driving platform OS, that introduces a number of rich features powered by blockchain, such as:
▪ Auto-recognition of driver door locks — For instance, this would allow public and private keys on Ontology to act as the smart locks for your car;
▪ Native onboarding encryption module which will secure and protect vehicle driving data and environmental data collection, as well as realize its authenticity;
▪ A seamless combination of real-time loss determination, claims settlement, and blockchain in the insurance industry;
▪ Preferential pricing for auto insurance;
▪ Connection to decentralized storage so that car owners can generate revenue by driving mining;
▪ Decentralized driverless data training;
▪ Automobile supply chain tracking, full life cycle management of parts, intelligent maintenance reminders and maintenance payments, flexible production of auto parts;
▪ Registration and management of IoT devices, predefined smart contracts;
▪ Auto orders, time-sharing leasing, and collection;
▪ Right-of-way management, which can be traded and used to give right-of-way to vehicles with high-priority road needs, such as police cars, ambulances, etc.
▪ City and highway traffic management, flexible change of signal lights;
▪ Functionality to mitigate the risk of fraudulent accident claims for compensation, blackmail, and fraud;
▪ Governance of driverless vehicles;
Finally, in the midst of all of these innovative and technological advances for Ontology, we maintain firmly grounded in our original ethos, forever loyal to the community of users we serve. The roadmap I have outlined above represents a body of work that will extend over a number of years, but with your support, I’m confident that together, we can achieve our shared ambitions and goals, one step at a time.
Find Ontology elsewhere
Ontology website / ONTO website / OWallet (GitHub)
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