OntologyNetwork
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OntologyNetwork

Ontology Weekly Report (August 1–8, 2022)

Highlights

The latest survey report of Huobi Research pointed out that the implementation of blockchain requires the development of middleware, and the decentralized identity represented by ONT ID will become one of the protagonists of the next bull run.

Latest Developments

Development Progress

  • We are 97% done with the Rollup RISCV EVM actuator.
  • We are 60% done with the Rollup L1<->L2 cross-layer communication.
  • We are 71% done with the Rollup L1<->L2 Token Bridge.
  • We are 90% done with the L1 data synchronization server.
  • We are 80% done with the L2 Rollup Node.
  • We are 30% done with the L2 blockchain browser.

Product Development

  • ONTO App v4.3.4 fully upgraded Red Packet functionality, now supported by Ontology, OntologyEVM, BNB Chain, Polygon Chain and Optimism Chain assets.
  • The ONTO Refer2Earn event goes on, invite new users to share 20,000 ONG.
  • ONTO launched the “Deposit Week” and “Swap Week” campaign, come and join to share Limited NFTs and ONTO Red Packets! Follow the @ONTO Wallet Official Announcement on Telegram for more details.

On-Chain Activity

  • 152 total dApps on MainNet as of August 8th, 2022.
  • 7,130,342 total dApp-related transactions on MainNet, an increase of 21,911 from last week.
  • 17,847,302 total transactions on MainNet, an increase of 70,430 from last week.

Community Growth

  • We held our weekly Community Call, discussing Ontology Consensus Rounds: To obtain a stable income in the current market, participating in Ontology node staking is the best choice to integrate into the Ontology community and participate in ecological governance. The host also shared detailed pathways for community members to get involved.
  • We held our Telegram weekly Community Discussion led by Benny, an Asian community Harbinger. While introducing Ontology’s fourth Anniversary Carnival events, he discussed the importance of DID with community members: as an identity middleware, DID can integrate multiple Web3 worlds and real world identity data through various decentralized security technical means, and closely connect virtual and reality.
  • As always, we’re active on Twitter and Telegram, where you can keep up with our latest developments and community updates.

Global News

  • Huobi Research released the latest survey report “Web3 middleware: The bet on infrastructures to accelerate Web3”. It mentioned: Web3 middleware, including decentralized identity (DID), reputation systems, node services, databases, and Oracles, will solve the problems related to the inability of blockchains to be implemented, and become the “protagonists” of the next round of ecological explosion. It introduced ONT ID, ONTO Wallet, OScore, and believed that these products can promote the prosperity and development of the Web3 ecosystem.
  • Humpty Calderon, our Head of Community, was invited to participate in the interview with Benzinga Crypto, a well-known YouTube channel, talking about self-sovereign identity, its opportunities and potential pitfalls, and sharing the suite of decentralized identity products that Ontology has developed.

Ontology in the Media

Huobi Research — “Web3 middleware: The bet on infrastructures to accelerate Web3

“The middleware playbook could be the long term goal for crypto gem hunting. Despite the six years of blockchain development along the likes of decentralized infrastructure and GameFi, there remains roadblocks that hinder blockchain utility. The solution lies with middleware. Middleware connects users, institutions, developers and real world off-chain data all together with different dAPPs. Connecting the world to Web3, users possess decentralized identifiers (DIDs) to prove their identities in metaverse games.”

Mass adoption of Web3 requires infrastructure that removes barriers to development. DID forms a key part of that infrastructure and Ontology has created a suite of protocols around ONT ID to make development as easy as possible. With a single ONT ID in ONTO, users can control their on-chain assets, manage their identity data, and access various dApps and the wider Web3 ecosystem.

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