ONT Score is now Live on ONTO!
Since the ONTO 2.9.0 version, ONT Score, the credit scoring system within the Ontology ecosystem is launched.
Users can now accumulate ONT Score and show their credit record with ONT Score in the Ontology ecosystem, based on users’ identity, on-chain assets and off-chain trusted information.
ONT Score will be applicable gradually in all types of Ontology ecosystem and decentralized applications.
In simple words, ONT Score is a credit scoring system in the Ontology ecosystem, similar to Sesame Credit, a private credit scoring and loyalty program on Alipay developed by Ant Financial Services Group.
To Customers
For blockchain users, the ONT Score used off-chain data as a reference, such as KYC certification from an authority, the binding of mainstream social media accounts, and the physical health information which will be launched later. This provides users with a “pass” and “identity card” in the blockchain world that is different from common anonymous users. With the landing of blockchain technology in various fields, a credible user with a richer information dimension shall receive better services.
However, the ONT Score is different from the credit score of traditional decentralized institutions, the identity and data information of the ONT Score are always controlled and authorized by users themselves.
For example, when a user applies for a financial loan on the blockchain, through the display and authorization of the ONT Score, he or she may obtain a lower mortgage rate and a lower loan interest rate. With the additional information provided by the ONT Score, it can help lower the requirements of risk compensation.
To Business
For enterprises and other service providers, the user’s ONT Score makes it possible for them to provide differentiated services.
For instance, for a C2C task crowdsourcing platform, ONT Score can be an important display item to reflect the users’ credibility. The incremental information can help a transaction proceed and completed more easily.
Different from the traditional Internet credit calculation method, the ONT Score will use the on-chain data to calculate the score as much as possible, complemented by off-chain data. The calculation and storage are completed by the ONTO back-end server. After the user logs in the ONT ID, the ONT Sore will be synchronized to the front end to achieve a complete record.
Users can accumulate individual’s ONT Score from four categories:
- User ID, such as ONT ID registration time;
- Authentication, such as KYC Authentication level, number of the Social Media Authentications, Industry Certifications;
- On-chain Assets, such as on-chain assets balance, daily average assets value, staking time and amount;
- ONTO Usage, such as the number of ONTO log-in times via QR code scan.
ONT Score is a new product and we will keep improving it and add more data source dimension. Interestingly, the feedback of the ONT Score in different application scenarios itself is a data resource, helping promote the reliability of the ONT Score, a built-in reinforcement loop. More importantly, it exists without centralized institutions and is an important practice for realizing the ideal of Web 3.0.
Download ONTO now and receive your ONT Score!
An exciting ONT Score campaign is also on the way! Stay tuned.
Find Ontology elsewhere
Ontology website / Ontology GitHub / ONTO website / OWallet (GitHub)
