Ontology 2021 Roadmap
Can you “sense” the next year yet?
With 2020 in the rearview mirror, it is time to take a look at all the things Ontology has lined up for 2021. While 2020 was dominated primarily by the rise of DeFi, which Ontology took part in through the successful launch of Wing.Finance, we hope that 2021 will take the momentum DeFi has seen and spread it across other industries.
Our focus for the upcoming year revolves around optimizing deeper product integrations across different blockchains and bringing more users onboard the Ontology experience with secure layers of protection for their Decentralized Identity and Data. Given the various core projects Ontology is building, we thought it’d be best to share a roadmap of how each of these projects will collaborate and grow.
Just as human beings have five core senses ‒ sight, hearing, touch, smell, and taste ‒ which work in tandem to create the human experience, Ontology also has 5 core “senses” that collaborate intimately to create a better Ontology experience in 2021. In no particular order, they are ONT ID (“Identity”), OScore (“Credit”), ONTO (“Wallet”), Wing (“Lending”), and SAGA (“Data”).
Below is our 2021 roadmap for how we plan on driving further innovation and bring more users to our platforms.
ONT ID & UID
- Integrate our decentralized identity features on more public chains in addition to Ethereum, Polkadot, and Binance Smart Chain
- Implement additional security and privacy controls for users
At the core of what we do is a laser focus on providing the utmost security and privacy controls for users in regards to their own identity and the data they produce. This is perhaps most commonly seen in our ONT ID, a decentralized form of identification transcribed on the blockchain making it immutable and completely safe from hacking. Through a revamped DDXF which aims to support more decentralized data application scenarios, ONT ID protocols can be exported to an array of different public chains in 2021 in order to become the default market leader for decentralized identities and data protocols across chains. This vision has already been set in motion in 2020, as cross-chain Universal Identity (UID) is now supported on Ethereum, Polkadot, Binance Smart Chain, and more. By locking down industry leaders, we are confident in adding additional chains in 2021 to the DeID movement.
- Integrate OScore into more DeFi platforms
- Tackle other use cases for OScore
With the inaugural launch of OScore on Wing’s Inclusive Pool, we have seen market adoption from an extended network of users. Through this data and analysis, we strongly believe that 2021 will see significant growth in other platforms and dApps adopting our credit-scoring system. Many of the immediate possibilities revolve around the DeFi space, such as credit-based lending and borrowing, which is still drastically underdeveloped. Compared to traditional finance, we know that DeFi can only truly take off with the addition of a trustworthy and transparent credit system like OScore. Not only will OScore be used in DeFi, but we envision a world where decentralized credit scoring could evolve into a self-sovereign reputation score controlled by the end-user.
- Add support for more dApps on ONTO
- Build deeper native integrations with DEXs and dApps within ONTO
As cross-chain usability becomes a default requirement in wallets, ONTO is focused on bridging multiple chains together within a single user experience. As seen with its recent additions of Binance Smart Chain and Ethereum 2.0, the team behind ONTO will primarily focus on making sure ONTO is the only wallet you need, especially as we continue to invest in adding more decentralized applications and DEXes. We also view ONTO as a leading candidate to give you accessibility to the DeFi space by making it easier for you to stake in different liquidity pools or swap assets across the same, or different chains. As OScore continues to evolve, ONTO and OScore will become more synergistic, ultimately creating an in-depth snapshot of your crypto transactions and dApp activities under your control. We also envision ONTO will help the unbanked around the world by allowing for micropayments, and ultimately salary to be paid directly to a person’s ONTO wallet address.
- Launch new product pools to support more asset types beyond fungible tokens
- Launch the Wing platform on other blockchains including Ethereum
- Drive forward total value locked and usage from existing and new communities
2020 was marked by the sudden astronomical rise of DeFi. As a natural extension to Ontology’s decentralized identity capabilities, the Ontology team invested heavy resources in building out Wing’s technical infrastructure, resulting in successful product launches like the Flash Pool and more recently, the Inclusive Pool. Moving into 2021, Ontology will continue working with Wing to develop further product lines that expand the types of assets which can be lent, borrowed, and collateralized. These include but are not limited to NFTs, art, real estate, derivatives, synthetic assets, and securities. Using OScore, Wing will also lean into deeper elements of undercollateralized lending to expand accessibility for more users to participate in the lending ecosystem. This will also allow Wing to explore new areas such as microlending and credit delegation, all while retaining user privacy and data protection. On top of that, 2021 will see Wing being built on other blockchains as well. The primary focus will be to build it on Ethereum so that Wing can support more ERC-20 assets, making it much more convenient to use for the existing Ethereum DeFi community. At the same time, Wing will work to bring in a generation of new users from emerging markets who stand to benefit from the disruptive potential of decentralized finance.
- Add new ecosystem partners across various industries to the decentralized data platform
- Invest into how research can be applied to more real use cases
Moving into 2021, SAGA will invest heavily in research, and how theoretical research applications can be integrated into real use cases that strengthen SAGA’s data interaction protocols. Investments will also be funneled into creating more prototypes that can use the vast amount of data already available on the SAGA platform. Throughout the year, the SAGA team aims to deepen its ties with existing ecosystem partners while improving the product framework and seeking further partners to grow a truly decentralized data marketplace.
As we grow, our senses continue to adapt and change. Sometimes a scent like vanilla will be enticing, whereas other times it will be bothersome. With this in mind, we treat the five core elements of Ontology the same way, rapidly testing and iterating based on the feedback obtained from external stimuli. We look forward to growing out each vertical and have full confidence in our team to execute on the improvements needed along the way.
Despite the rapid changes being made in these verticals, the core aspect of Ontology, which is our public blockchain, will not undergo much change. Rather, there will be a reinforced focus on improving the security of our decentralized network through onboarding additional enterprises and community run consensus, as well as candidate nodes. Our new governance model lowers the threshold for users to run a node or stake into a node to participate in the governance of our public blockchain. This improves upon its already established high performance while providing security and stability. In addition, more flexible staking mechanisms and support for different types of smart contracts will also be added in 2021. Our core tech team will look to create even more innovative products at the cross-section of DeFi and DeID in 2021 to complement the existing Ontology ecosystem.
In terms of community, our goal is to continue tackling real-world use cases made possible by using the Ontology blockchain, ONT ID / DDXF, Ontology’s DeFi products such as Wing, and our ONTO Wallet, as well as with the additional support from our innovative community members and all of Ontology’s community-run projects.
To conclude this roadmap, we want to thank our entire community for your support over the last 3 years, and we look forward to recapping 2021 at the end of next year the same way we recapped 2020 this year — with pride and success!