Ontology Monthly Report — August 2020
August has been yet another great month for Ontology. We are proud to announce the great strides we have made in cross-chain interaction through the launch of Poly Network, as well as in decentralized identity solutions with our partnership with NEAR Protocol, and in the field of DeFi dApps with the launch of the new Renaissance 2.0 dApp incentive plan. This month, we also launched our new website in 7 languages, bringing the Ontology message to new audiences around the world.
You can find more detailed updates below.
- Ontology v2.1.0 launched on MainNet
- Ontology GraphQL interface development is 20% completed
- Layer 2 v0.3 launched
- ONTO v3.1.0 and v3.2.0 launched
- The credentials feature has been upgraded, and new credential templates and support for Plaid financial data verification have been added
- The ETH asset management experience has been improved, including by adding the ability to set fast, normal, and slow gas settings for ETH transactions
- ONTO Financial Services issued its third set, this time of 1,000 ETH, available to ONTO users. Sold out within two hours.
- Daily active users of DeFi dApps through ONTO surged record high as nearly 1,000 users participated in the joint campaign by ONTO and MakerDAO
- 70 dApps launched in total on MainNet
- 6,051,367 dApp transactions completed in total on MainNet
- We onboarded 656 new members across Ontology’s global communities, witnessing pronounced growth in our Persian, Bengali and Tagalog communities.
- We are seeking SDK developers from our community
- We are collecting suggestions for new bounties.
- 513 applications, 5 new additions to existing bounties
- 38 tasks, 50 teams in total: 31 teams have finished their tasks and have received rewards in return, while 19 teams are still working on tasks
- Ontology successfully completed the development of the next stage of its open source DID smart contract on the Ethereum network. The new smart contract method did:etho: can also be used across popular DeFi applications and across most chains that run EVM virtual machines.
- Ontology, Neo, and Switcheo announced the joint launch of Poly Network, a heterogeneous interoperability protocol alliance. Poly Network will permit cross-chain interoperability, greatly increasing transparency and accessibility.
- Ontology’s website is now available in 7 languages: English, Chinese, Japanese, Korean, Russian, Spanish, and German.
- Ontology teamed up with NEAR Protocol to accelerate the development of decentralized digital identity solutions. Ontology has provided technical support for NEAR’s DID from a regulatory perspective to enable smart contract implementation and W3C registration.
- Ontology continued performance testing with a focus on improving CPU utilization of relay nodes at a very high TPS.
- Ontology upgraded its decentralized credit-score solution, OScore, which generates a credit score based on a user’s held assets to allow cross-wallet management of all the user’s digital assets.
- Ontology released the “Renaissance 2.0” DeFi dApp incentive plan with a three-month trial period, during which developers may get up to double the transaction fees returned.
- Ontology partnered with Waves to build a cross-chain communication infrastructure for DeFi. Empowered by Gravity, Waves’ cross-chain oracle network, Ontology and Waves have joined forces to offer inter-chain DeFi solutions and dApps to build the next generation of reliable Web 3.0 applications
- Jun LI, Founder of Ontology, was invited to the public chain session of CoinW’s 3rd Anniversary Cloud Online Party on 10 August. He exchanged inspiring insights with other leading figures of public chains on topics ranging from public chains and DeFi to blockchain mass applications.
- On 11 August, on a panel themed “New Opportunities for Blockchain Developers” at the POWER 2020 Technology and Application Summit organized by Mars Blockchain, Jun LI said, “Blockchain is here to build links and connections, not to overturn the internet. Among these blockchain-enabled connections, the focus lies in the connection of assets, identity, and data.”
- Andy JI, Co-founder of Ontology, contributed to the approval of Plenary decisions and two P3200s standards (P3207 & P3210) in IEEE BDL Standards Committee Plenary. During the plenary, Andy offered Ontology’s insights and expertise in digital identity on multiple standard proposals.
- On August 5, Andy JI, Co-founder of Ontology, was invited to a panel discussion themed “How will public chains cope with new challenges in the DeFi ecosystem?” at the 2020 FINWISE Online Summit, a constructive discussion participated in by representatives from leading public chains and multiple industry experts.
- John Izaguirre, Ontology’s European Ecosystem Lead, was invited to a panel at Indonesia Blockchain Week 2020 (IBW2020) to exchange insights on DeFi projects. John said, “The DeFi projects available in the market have yet to demonstrate full reliability, and barriers remain between DeFi projects and traditional financial projects. Ontology’s DID solutions are specifically tailored to tackle these problems as users’ assets and their credit levels can be integrated into the OScore system, a new capability that will greatly benefit the industry as a whole.”
- On 13 August, Kendall MAO, Dean of the Ontology Research Institute, shared his thoughts on Ontology’s new staking model and distributed data infrastructure in an interview with WALI Finance. He emphasized that Ontology will continue to prioritize self-sovereign identity and data.
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