Ontology Weekly Report (August 18 — 24, 2021)
Highlights
The Ontology EVM, Ethereum account systems, and EVM contracts continue development. Li Jun, Founder of Ontology, published “Vaccine passports must leverage decentralized identity solutions” in Security Magazine.
Latest Developments
Development Progress
- We have completed the development and launch of Ontology’s EVM TestNet, which will allow for the easy deployment of Ethereum smart contracts on Ontology. We are 25% done with testing.
- We have completed Ethereum RPC support and we are 100% done with internal testing. The TestNet has been synchronized online; we are 20% done with testing.
- We have completed 100% of Ontology’s new Ethereum account system, the TestNet has been synchronized online; we are 21% done with testing.
- The EVM/OEP-4 asset seamless transfer technical solution, which facilitates the conversion between OEP-4 assets and EVM assets, is complete and the TestNet has been synchronized online; we are 15% done with testing.
- We have completed 20% of the tutorial documents on EVM contract development on the Ontology chain.
Product Development
- ONTO hosted a campaign with Bunicorn, a DeFi Game platform on Binance Smart Chain. During the event from August 20th to August 25th, participants have the chance to earn ONG rewards. A maximum of 300 participants will win rewards, including the top 2 ranked participants who will win extra rewards.
- ONTO hosted AMAs with Mars Ecosystem and Babylons, two projects built on Binance Smart Chain. The events attracted more than 5300 participants and the number of online participants in the AMA with Mars Ecosystem reached a new high.
On-Chain Activity
- 119 total dApps on MainNet.
- 6,667,462 total dApp-related transactions on MainNet, an increase of 5,525 from last week.
- 16,197,102 total transactions on MainNet, an increase of 27,888 from last week.
Community Growth
- Ontology published the fourth interview in its Harbinger interview series. This time, we spoke with Duy from our Vietnam community who shared his experiences as a Harbinger, along with his hopes for the future of the project.
- We held our weekly Community Call on Discord, led by Humpty Calderon, our Head of Community, to discuss Web 3.0. He mentioned that Ontology is committed to bringing trust, privacy, and security to Web 3.0 through decentralized identity and data.
- We held our weekly DeID Summit in which we spoke about the intersection between NFTs and DID in the Web 3.0 era. We introduced various application scenarios for NFTs. Decentralized identity (DID) will play an important role in the protection of virtual identities and ensure the authenticity of NFTs.
- As always, we’re active on Twitter and Telegram where you can keep up with our latest developments and community updates.
Global News
- Wing Flash Pool’s Liquidation function has been restored. Users are advised to add supply or repay amounts to minimize liquidation risks and make adjustments based on their borrow limits and needs.
- “Vaccine passports must leverage decentralized identity solutions” was published in Security Magazine by Li Jun, Founder of Ontology. The article explored how decentralized identity can address data and privacy issues in the medical domain.
- Ontology’s Head of Community, Humpty Calderon, answered questions from community members in a short video. He shared some key points about Ontology, highlighting its “mission, products, and partners”.
- Ontology published the second in a series of articles about Ontology’s contribution to the coming Web 3.0 era. The article discussed co-governance rules and the co-construction ecosystem in relation to Web 3,0.
- Ontology published its #WEB3 101 Series on domestic and overseas platforms, The thread introduces Web 3.0 and how it will improve upon Web 1.0 and 2.0 infrastructure. Ontology’s EVM support makes it the first public chain to support four virtual machines (VMs), allowing more developers and users to participate in the development of Web 3.0 infrastructure.
Ontology in the Media
The Paypers — Better digital living with blockchain-backed verifiable credentials
In the blockchain model, your information is shared only with the entity looking to verify you, with its probity and provenance proven indelibly in the distributed ledger and no third party involvement. Add in a payments capability to the architecture mix and it is also possible for entities to monetize the process, commercializing the issuance of verifiable credentials, providing a scalable revenue model and allowing organizations to verify participants in a payments chain.
The data authorization provided by Ontology and the autonomous sovereignty system for ownership confirmation is the same. With its decentralized identity framework, ONT ID, control of data will be returned to users. The generation, storage and other key operations of ONT ID will be fully automated and decentralized; In addition, users (individuals or companies) can use the Distributed Identifier (DID) provided by Ontology for identification, as a “trust anchor” to verify data and associate the data stream with its owner. In this way, the right to trade data is granted to the users themselves, so that the data can be trusted for transactions and multi-party data collaboration, while restricting the scope of use of the data by the purchaser, and protecting the rights and interests of the data owner.
Want more Ontology?
You can find more details on our website for all of our decentralized solutions across identity and data, or keep up with us on Twitter. Our Telegram is for discussion, whereas the Telegram Announcement is designed for news and updates if you missed Twitter!
