Ontology and COT Make Progress with Joint Research and Development Team
After much work, Ontology and COT have made progress with joint research and development into IoT blockchain platforms. The teams have completed the first version of BFT-based consensus algorithm and COT token model research, as well as completed the preliminary construction of a blockchain-based intelligent hardware solution platform.
Considering the diversity of IoT intelligent hardware, the joint R&D team focused on the versatility of the platform and made a comprehensive plan for the R&D direction using market research data. The platform will serve IoT and intelligent hardware systems, providing verification, real-world testing, and commercial use of blockchain technology in IoT and intelligent hardware.
Ontology and COT proposed the “2+1” token model — its first adoption by IoT and intelligent hardware. This uses the governance token (ONT) and utility token (ONG) as the core dual-tokens, along with a third token for different actors in the ecosystem. This highly scalable economic model enhances the flexibility and versatility of the ecosystem and provides a viable solution for IoT enterprises to operate on-chain. It not only lowers the threshold for enterprises to provide distributes services, but it also empowers blockchain adoption in real business scenarios.
The joint R&D team has built an intelligent hardware solution platform — “NUWA” — in order to provide a test environment and simulation environment for intelligent hardware solutions. The team has completed the overall structure design and parts of the module design, and in the next phrase they will start turning to module construction and testing.
CHI Jinyan, Director of COT software architecture for the joint R&D team, said:
“There is a strong cooperation between the COT and Ontology development teams here. The rich experience and professionalism of the two teams from different fields ensures the persistent development of the project. We are fully engaged in the research and development plan and look forward to achieving more exciting results in blockchain technology application in IoT”.
HU Ning, Senior Protocol Architect of Ontology said:
“Ontology architecture supports a public chain network system. In addition to providing basic public chain services, the Ontology blockchain framework supports public chain customization of different applications and supports network collaboration through different protocol groups. I’m glad that Ontology and COT have officially started working together to develop the first ecosystem based on the Ontology chain network. I look forward to continue to enrich ecosystem development of blockchain, IoT, and real businesses”.