OntologyNetwork
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OntologyNetwork

Ontology Weekly Report (July 19–25, 2022)

Highlights

W3C press release: “Decentralized Identifiers (DIDs) v1.0 becomes a W3C Recommendation”, Ontology ONT ID framework is built on this standard, and its definitions and features are extended to better fit application scenarios.

Latest Developments

Development Progress

  • We are 100% done with the Rollup VM design, the White Paper will be published soon.
  • We are 95% done with the Rollup RISCV EVM actuator.
  • We are 50% done with the Rollup L1<->L2 cross-layer communication.
  • We are 60% done with the Rollup L1<->L2 Token Bridge.
  • We are 85% done with the L1 data synchronization server.
  • We are 70% done with the L2 Rollup Node.
  • We are 20% done with the L2 blockchain browser.

Product Development

  • ONTO App v4.3.3 added support for Vision and Arbitrum chains and added support for native Ontology Bridge. Users can now use Ontology Bridge directly in ONTO to convert digital assets between Ontology and Ontology EVM.
  • ONTO launched the “Choose Discord Roles to Win Special Rewards” campaign, join our Discord, choose your role, and earn exclusive benefits!
  • ONTO launched the MeWithONTO Photo Contest, take a photo of your favorite feature/dApp/tab in ONTO, in your hand, with a landmark or background to win rewards. Follow the @ONTO Wallet Official Announcement on Telegram for more details.

On-Chain Activity

  • 148 total dApps on MainNet as of July 25th, 2022.
  • 7,108,431 total dApp-related transactions on MainNet, an increase of 10,871 from last week.
  • 17,776,872 total transactions on MainNet, an increase of 29,689 from last week.

Community Growth

  • We held our weekly Community Call, discussing Ways to Participate in the Ontology Ecosystem: participating in Ontology staking and node operation, joining Ontology EVM and project development, joining the weekly Community Call, and becoming a Harbinger.
  • We held our Telegram weekly Community Discussion led by Benny, an Asian community Harbinger. While introducing Ontology’s fourth Carnival event, he discussed with community members the difference and significance of ENS and DNS. ENS is the Ethereum Name Service, which is a decentralized domain service. Compared with centralized DNS, ENS is decentralized and tamper proof, not only to increase the security of domains, but also to increased censorship resistance, greatly improving the level of self-management.
  • As always, we’re active on Twitter and Telegram, where you can keep up with our latest developments and community updates.

Global News

  • W3C press release: “Decentralized Identifiers (DIDs) v1.0 becomes a W3C Recommendation”, Ontology ONT ID framework is built based on this standard, and continuous optimization and iteration are carried out to better fit the application scenarios. Previously, Ontology’s Verifiable Credentials SDKs went open source for all Go and Java developers, and upgraded ONT ID related product suites, providing developers with a smoother integration experience.
  • ONT listed on Biconomy, a well-known Canadian Digital Assets Exchange, bringing a more convenient experience for Canadian users to purchase and trade ONT.
  • XDAO was deployed in Ontology EVM, sharing the value of security and privacy with Ontology. XDAO users can now create a DAO on Ontology blockchain with convenient and intelligent tools.
  • The Ontology 4th MainNet Anniversary Carnival is still in progress, come and join the last round of the event. Simply bind your ONT ID in the ONTO app “IDENTIFIER” to participate. The more on-chain data the ONT ID records, the greater the reward you will gain.

Ontology in the Media

Cointelegraph — “Why We Need to Build Web3 Differently

“A key part of the Web3 promise is that the blockchain enables everyone to have sovereignty over their data, which is why Web3 is referred to as the “creator economy.”

That’s why in Web3 we need everyone to be a builder. But when so much of the Web3 dialog and headlines center around billionaires, scams and price volatility, it’s no wonder that some people may look at the industry and think “that’s not for me.”

The construction of Web3 cannot copy the development experience of the Web2 network, but needs to find another way. Ontology has been committed to establishing a mature trust collaboration system for Web3 based on decentralized identity (DID).Ontology has also organized community calls, hackathons, and provided developer funds, creating an atmosphere of “everyone is a builder” promoting users to obtain corresponding rights and interests through creation.

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