OntologyNetwork
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OntologyNetwork

Ontology Weekly Report (January 18–24, 2022)

Highlights

In the face of the upcoming Metaverse revolution, DID has demonstrated its powerful utility: it will serve as the entrance to the Metaverse and carry the user’s trusted identity and privacy data. Therefore, we need mature DID technology for the underlying infrastructure. Ontology has been working in the DID industry for several years and has gradually reached different partnerships around the world. At the same time, ONTO, a DID-based gateway for a seamless Web3 experience, will continue to expand its multi-chain asset and dApp support, to promote the development of the Metaverse.

Latest Developments

Development Progress

  • We have completed the launch of Ontology’s EVM TestNet. Developers are welcome to conduct various tests. Related documents can be obtained at the Ontology Developer Center.
  • We are 100% done with the survey on the improvement of the ONT and ONG decimals and we are 86% done with testing.
  • We are 80% done with the survey on the RISCV’s simplified instruction set architecture.
  • We are 62% done with the truebit challenge design survey.
  • We are 35% done with the Rollup VM design.

Product Development

  • ONTO App v4.1.7 was released, bringing support for dApps on Solana and adding the App Lock feature.
  • ONTO hosted a liquidity mining campaign with SIL Finance. The first 100 participants who used ONTO to participate in the event had the opportunity to earn rewards. ONTO Mythical NFT and Infinium NFT holders got additional rewards.
  • ONTO hosted an NFT lottery campaign with Shambala, releasing 100 co-branded NFTs. Participants who bought one ONTO Shambalaverse NFT had the chance to win a bonus. The activity has successfully concluded.
  • ONTO is hosting a campaign with NAOS Finance. The first 150 participants who use ONTO to participate in the event have the opportunity to earn rewards. The event is in progress, and will end at 17:00 (Singapore time) on January 28th.
  • ONTO hosted a campaign with Monster Battle. Participants who completed related tasks had the opportunity to earn rewards. The event has successfully concluded, with more than 800 participants.
  • ONTO hosted an NFT lottery campaign with Phoodle Bears. Participants who completed related tasks had the opportunity to earn rewards. The event has successfully concluded.

On-Chain Activity

  • 125 total dApps on MainNet as of January 24th, 2022.
  • 6,869,583 total dApp-related transactions on MainNet, an increase of 7,243 from last week.
  • 16,980,667 total transactions on MainNet, an increase of 31,049 from last week.

Community Growth

  • We held our weekly Discord Community Call, with the theme “how to make the blockchain acceptable”. The Ontology community believed that in order to be accepted by the mainstream, it is necessary to guide the positive development of the blockchain industry and reduce the occurrence of fraudulent incidents. A reputation system based on DID will be one of the solutions. When everyone’s reputation is linked to their behavior, and data cannot be tampered with, people need to carefully maintain their reputation.
  • We held our Telegram weekly Community Discussion, led by Benny, an Ontology Harbinger from our Asian community. He talked with community members about why Ontology chose to set up an office in Berlin, Germany, and its positive impact. By opening the new office in Berlin, Ontology is excited to contribute to the continent’s ongoing efforts to create a more secure web. Benny also shared the upcoming Valentine’s Day event, community members said that they will definitely participate in this romantic and meaningful event.
  • As always, we’re active on Twitter and Telegram, where you can keep up with our latest developments and community updates.

Ontology in the Media

Bitcoinist — 《Why The Web3 Industry is Going to Explode in 2022

“The Web3 industry is a game-changer. It has redefined how technology should function and what it means to create value and utility. As the world continues to teeter on the brink of chaos because of the uneven distribution of resources and center-oriented control, Web3 technologies provide a way out. ”

In the end, there will not be a single blockchain, but rather a collection of different chains, each with their own characteristics, benefits, and subcultures. Whilst there will be competition, there is also tremendous opportunity for collaboration for the benefit of the overall ecosystem and user experience. Ontology will continue to optimize deeper product integrations across different blockchains. With a focus on DID and data, users will be on-boarded into the Ontology experience for secure, self-sovereign control over their digital existence.

Want more Ontology?

Learn more about our decentralized data and identity solutions on our website and official Twitter account. You can also chat with us on Telegram and keep up-to-date with the latest news via our Telegram Announcement account.

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Ontology is a high performance, open source blockchain specializing in digital identity and data. ONTO: http://onto.app/downloadpage/TW Telegram: http://t.me/OntologyNetwork

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The Ontology Team

The Ontology Team

Active project domain: https://ont.io/

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