Ontology and the Coming Metaverse
The once fictional concept of a “Metaverse” is fast becoming a reality — and Ontology is set to be an integral part of this evolving ecosystem.
The term metaverse combines the prefix “meta” (meaning “beyond”) with “universe”. The Metaverse refers to a collective, virtual space, encompassing the totality of virtual worlds, augmented realities, and the internet. The concept originates in Snow Crash, a science-fiction novel by Neil Stephenson depicting a futuristic world in which people operate virtual avatars in an online world known as the Metaverse.
The kind of metaverse imagined by Stephenson is yet to be realized in the real world. However, the building blocks of a potential future Metaverse are already beginning to appear. Considering recent developments in science and technology, we can roughly define the Metaverse as: the next generation internet based on XR (including VR, AR, and MR), computer technology, internet communication technology, and social networks. More broadly, the Metaverse is a virtual reality world representing ‘real’ world experiences, such as working, studying, and investing. Users can transition freely between the offline and online realm.
A widely accepted definition of the Metaverse comes from Dave Baszucki, CEO of Roblox. He outlines eight characteristics of the Metaverse, which include: identity, friends, immersion, low latency, diversity, anytime and anywhere, economy and civilization. Based on this outline, we explore the contributions Ontology expects to make to the Metaverse of the future.
Identity
In the era of Big Data, unprecedented amounts of information can be stored and shared. This has enabled the growth of online encyclopedias, video streaming services, and social networks. Such technologies allow information to be accessed globally. But due to their scale, they are vulnerable to attack from bad actors aiming to obtain private information, a commodity that has become increasingly valuable in the digital age.
Centralized organizations such as Facebook and Google control the identities, data and assets, of their users. The accumulated data are used to create targeted advertising campaigns. Platforms owned by the likes of Facebook are ostensibly free to use, with users sacrificing their privacy for the convenience that comes with using them. Most platforms require users to register a separate account for each platform, meaning each user may operate many accounts simultaneously.
To return to the concept of a Metaverse, how can we develop a system allowing users to migrate between parts of the Metaverse with a consistent identity, whilst ensuring their data and privacy are respected? Ontology’s “ONT ID”, a decentralized identity (DID) framework, and “OScore”, a self-management scoring system, aim to do just that.
ONT ID is a decentralized identity framework based on the W3C decentralized identifier specification, blockchain and cryptography. It can quickly identify and connect people, assets, objects, and events, with the characteristics of decentralization, self-management, privacy protection, security, and usability. In short, ONT ID is not governed by any centralized authority, and allows users to securely manage their identities and data, independently.
At the same time, Ontology’s DDXF (Distributed Data Exchange Framework), provides a decentralized way to exchange data, which collaborates with ONT ID to improve users’ privacy protection. In addition, OScore generates scores for users based on their on-chain data, which they can authorize third parties to access. Users can also bind their OScore data and off-chain data using ONT ID, in order to seamlessly transition between the on-chain world and the off-chain world.
ONT ID, DDXF and OScore, are all central features of Ontology’s decentralized solutions, designed to allow users to manage their identity, data and assets, independently, in a decentralized way. Based on the interoperability and verifiability of decentralized identity, our solutions not only solve the pain points of social trust, but also enrich the whole trust ecosystem.
Ontology’s ONT ID is equipped for the Metaverse of the future, allowing users to easily traverse different environments within the Metaverse, in addition to enabling migration in and out of the virtual world. Whether online or offline, trust is an integral feature of a functioning society. OScore, the credit review system, bolsters trust and reliability when transacting, benefitting both individuals and organizations alike.
Economy
In the Metaverse economy, users can earn wealth through work, education, investment, and trade. By doing so, the whole ecosystem expands. However, it’s worth noting that this kind of ecosystem is not closed-loop. The Metaverse is not a purely virtual world. It must be closely connected with the real world, in order to realize its potential. Users can earn money not only by working in the real world, but also by playing games in the virtual world. These two kinds of assets are highly liquid and contribute to the overarching ecosystem.
Ontology is not only engaged in research and technological development. It is also dedicated to launching blockchain-based products that build connections between online and offline ecosystems. In the service sector, Ontology has partnered with Kai Yun Delivery, a comprehensive logistics service provider focusing on urban transportation and terminal-end deliveries. Kai Yun provides data attestation solutions, implementing the business scenario of “online consumption + instant delivery”, and empowers the new energy vehicle industry by solving the problem of low efficiency and high cost. In the field of digital assets, Ontology provides technology support for OGQ, a leading digital assets and content platform in South Korea, helping content creators protect their copyrighted material. In the mobile and travel industry, Ontology and Daimler Mobility AG Blockchain Factory, which was established to bring the benefits of blockchain innovation and application to the automotive finance and mobility industry, jointly developed the “Welcome Home” application. The app integrates cutting-edge technologies such as digital identity to bring a new driving experience to car drivers.
Finally, in the field of job recruitment, Ontology has successfully integrated its cross-chain wallet, ONTO Wallet, into global freelancing marketplace leader, Microworkers, providing more economic opportunities to freelancers. Based on information such as resume matching and job intention, freelancers establish labor relations with recruiting companies. After they complete the work, companies can compensate freelancers with ONT or other tokens, according to the contract. Candidates can use ONTO to transfer the received digital assets to their wallet address or personal assets terminals. During this process, ONG serves as the gas fee. This is Ontology’s dual token model. Such a model can be applied online and offline, acting as a circular token in the economic system of Metaverse, helping to enrich the ecosystem.
In addition to the economic and ID-based solutions, mentioned above, the Metaverse can also benefit from blockchain technology on other levels.
- Low latency: Relative to the high fees and congestion that has become the norm on Ethereum, the transaction confirmation rate on Ontology is very fast. On Ethereum, the average transaction cost is tens of US dollars, with some transactions costing over $100. However, on the Ontology chain, each transaction only consumes 0.05 ONG (equivalent to $0.05). At the same time, Ontology has been continuously researching the latest Layer 2 technology. Ontology is exploring the possibility of integrating with Ethereum Layer 2 solutions and is committed to overcoming the technical barriers between Ontology and Ethereum. Ontology hopes Ethereum users can enjoy the same high-efficiency and low-fees as Ontology users. This coincides with the low latency attribute of the Metaverse. Whether in the real world or the virtual world, transaction speed greatly affects the user experience.
- Diversity: On the Ontology chain, users can create multiple ONT IDs to log in on different terminals, based on their specific needs. For example, you can use different ONT IDs to independently manage ONTO and Wing or, if you prefer, you can use the same ONT ID for both. Whether in real life or in the Metaverse, you can generate multiple identities based on your own needs. The diversity of ONT ID is consistent with the diverse nature of the Metaverse. A variety of identities enrich the virtual world’s ecosystem and greatly enhance the sense of immersion.
- Anytime and Anywhere: ONTO is a decentralized identity mobile terminal. It provides an all-in-one service for management of decentralized identities and data. Wherever you are, you can manage your assets, data and identities, in the palm of your hand. This kind of portability is indispensable in the Metaverse.
- Civilization: The Metaverse originates in the human imagination. Blockchain is the underlying technology that will enable the Metaverse to become reality. Since its inception, Ontology has been developing blockchain technologies such as DID and data management tools, aiming to contribute to the global advancement of science and technology. At the same time, Ontology also hopes to inspire more people to participate in the blockchain revolution by developing new technologies and fostering a global community.
Ontology is committed to accelerating the arrival of the coming Metaverse via the research and development of blockchain and further upgrades to its decentralized identity and data solutions.
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