Ontology Weekly Report (October 12–18, 2021)
Highlights
On October 11, Messari, a leading crypto data analysis company, published a research report entitled “Ontology: Layer 1 Trust Network for Decentralized Identity and Data”. The report introduces Ontology’s suite of decentralized identity and data services, as well as its technical specifications.
Latest Developments
Development Progress
- We have completed the launch of Ontology’s EVM TestNet and are 75% done with testing. At the same time, a large number of community developers are actively participating in the “Security Vulnerabilities and Threat Intelligence Bounty Program”, launched by Ontology and SlowMist.
- We have completed Ethereum RPC support and are 100% done with internal testing. The TestNet has been synchronized online; we are 79% done with testing.
- We have completed 100% of Ontology’s Ethereum account system development and the TestNet has been synchronized online; we are 78% done with testing.
- The EVM/OEP-4 asset seamless transfer technical solution, which facilitates the efficient conversion between OEP-4 assets and EVM assets, is complete and the TestNet has been synchronized online; we are 81% done with testing.
- We are 40% done with the survey on the improvement of the decimals of ONT and ONG.
Product Development
- ONTO hosted a campaign with Mars Ecosystem. Participants used ONTO for a chance to win rewards. The activity is ongoing, with about 500 participants.
- ONTO hosted a limited edition NFT event with NFTBomb. Participants were asked to complete tasks such as downloading ONTO for the chance to win a NFTBomb Limited Edition NFT. The number of participants exceeded 2,000.
- ONTO is hosting a limited edition NFT event with World Games. The event has had participants download ONTO for the chance to win a limited edition NFT. The activity is ongoing, with about 1,000 participants.
On-Chain Activity
- 121 total dApps on MainNet as of October 18, 2021.
- 6,790,552 total dApp-related transactions on MainNet, an increase of 5,904 from last week.
- 16,570,370 total transactions on MainNet, an increase of 33,831from last week.
Community Growth
- 1,314 new members joined our global community this week. The newly launched community activities have attracted a large number of new members to join us.
- We held our weekly Discord Community Call, led by Humpty Calderon, our Head of Community. He introduced the DID solutions integrated on different public chains; community members also discussed the DID competitors and technical solutions in the same industry.
- We held our new Telegram weekly Community Call, led by Astro, an Ontology Harbinger from our Asian community. He introduced the research report “Ontology: Layer 1 Trust Network for Decentralized Identity and Data”, written by Messari Hub Analysts, and answered questions from members of the community.
- As always, we’re active on Twitter and Telegram where you can keep up with our latest developments and community updates.
Global News
- Ontology’s Chief of Global Ecosystem Partnerships, Gloria Wu, introduced her work experience at Ontology in the article “Women in Fintech: Greatest Achievements with Goodbox, Pensionbee, TomoCredit, Ontology and LXME”, published in The Fintech Times, a leading financial technology newspaper. She said blockchain and crypto are founded on egalitarian principles and she is very glad to be representing women in a more male-dominated industry.
- Ontology published #EVM 101 series articles “What Are Ethereum Virtual Machines and Why Should You Care?” on Twitter, introducing the features and advantages of Ontology EVM: Increasing interoperability between Ontology and Ethereum; developers will be able to seamlessly migrate assets between both blockchains. Allowing users to access EVM-based projects deployed on Ontology, whilst enjoying lower gas fees and faster block production.
Ontology in the Media
Messari — Ontology: Layer 1 Trust Network for Decentralized Identity and Data
Trust has been the centerpiece of commerce, community, and happiness. In the course of human history, trust has changed its meaning from a person’s word to a bill of exchange, to a legal document and, most recently, in the 21st century, to technology. In the last decade, blockchain has created “trustless” systems where individuals do not need to trust anyone except software to verify transactions. Blockchain brought not only trust to the masses through shared access of decentralized information but has also fundamentally changed the future of trust ecosystems.
Ontology, with its MainNet launch in June 2018, is building infrastructure for a peer-to-peer trust network with a decentralized identity framework that allows users to have full control over their data for real-world use cases. While traditional economies rely on third party service providers to facilitate trust, Ontology enables decentralized trust that aims to integrate the blockchain and different business sectors through partnerships to provide distributed services including distributed communities, data verification, data exchange, and credit across industries.
Cointelegraph — Likes out: Facebook blackout sparks ideas for Web 3.0
Over the past few years, the influx of moral concerns surrounding privacy breaches, data gathering, censorship and fake news has fuelled the conversion for a renovation of the social media platforms that have come to dominate our democracy. The prevalence and severity of such issues have even begun to deter conscious users away from centralized behemoths like Facebook, YouTube and Twitter, in favor of more liberating alternatives. The rapid emergence of cryptocurrency and blockchain technology, specifically its native features of decentralization, transparency and community reward, has empowered the rise of these next-generation initiatives.
Going forward, a move toward decentralized identity solutions is essential to ensure data privacy and security. By facilitating end-to-end technology run on blockchain, decentralized solutions enable private information to be shared securely, while users remain in full control of their data. In contrast to centralized solutions, decentralized systems ensure private data remains immutable and secure and is only able to be shared when users consent to provide information.
