Ontology x Burency AMA Recap
On April 23rd, Ontology and Burency hosted an AMA on Telegram to answer questions from the community and share current and future developments of Ontology.
Ontology’s Co-Founder Andy JI and the Burency team answered questions from the community.
Questions answered by Andy Ji
General
Q1. Ontology far from the only impressive DLT project focused on digital identity and trust. How are you different from other projects & who can use your services? The Ontology’s goal is to become the Decentralized Trust Ecosystem. So what are the difficult issues you are still facing and how will you solve them?
Ontology is an enterprise-level DLT platform, devoted to providing solutions to large-scale enterprise application scenarios. Most of the enterprises we work with are large to medium enterprises that require time and effort. We believe in the next 2–3 years, the blockchain platform will become mainstream.
Q2. How will your team ensure that Ontology remains the top platform and keep pace ahead of your competitors, in the next 5 years and beyond?
First, we have enough fund support, over 20 million USD assets which guarantee that we have sufficient funds to support the development of the project, you can check our latest financial report here.
Second, we have adopted an easy and straightforward strategy: focusing on payments and common platforms for developers. You can consider it as a faster, cheaper payment platform than Ripple, and a better, more user-friendly platform for developers than Ethereum. It will help us create more revenue to support long-term development.
Q3. “MainNet Launch” is one of the strategies to attract users and achieve massive adoption. Does your great project have a plan about MainNet Launch?
Our MainNet was launched on June 30th, 2018, and has been running stably since.
Q4. As we know, every successful project has a few stories behind the scenes, what’s the story behind ONT team success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming Cartesi updates that you want to show/share with us?
We plan to launch our freelance platform powered by blockchain. Under the current global pandemic, people need work to earn income and cover expenses. This platform will help people to work remotely and in a decentralized way to help them overcome this crisis. We want to develop more applications and platforms to create more values for society. The more value we have, the more value will be added to the ecosystem.
Q5. What’s the philosophy behind #ONTOLOGY and what its aim? Any future plan for expanding the ecosystem in the USA in the future?
Ontology is a 100% philosophy term. Our goal is to build the infrastructure of the next-generation Internet. We want to serve and empower the real world with our blockchain technology, digital identity, and assets.
We are actively talking with Coinbase and Kraken to enter the US regulated markets, we also work with our partners in the US such as the Chamber of Digital Commerce to gain access to more VC funds and enterprises to expand our use cases. We already have a US team and believe that we will be the fastest-growing projects in Asia.
Q6. To create a meaningful value of a token you need to create something meaningfully different than the rest, to stand out over them. So what makes ONTOLOGY standout, what uniqueness with of ONTOLOGY that you are creating for the coming years?
The most meaningful things are digital currency and digital identity. In terms of digital currency, the central banks can create a digital currency whilst enterprises can build stablecoin. The competition is fierce. Therefore, we focus more on the identity side, and we have already built the identity platform with most users. We will be joining ID2020 soon to help global users acquire identity and enable them to be part of the identity system.
Q7. Blockchain is a rapidly changing industry. Is it possible to quickly change the design or infrastructure of Ontology to match blockchain updates?
That’s our unique strength. Since we have more than 150 in-house tech teams and 200+ community developers. we can easily support new features and milestones changing.
Tech
Q8. What strategies does ONTOLOGY use to provide security to its users and prevent data theft?
Our strong engineering team is working on a top-class security infrastructure construction. We are also in compliance with strict data protection regulations, such as the European GDPR standards. In the meantime, our core nodes adopted leading node operations in Europe and the US, such as Bison Trails. Ontology has also invested 1.5 million USD into the blockchain security field. We believe that the security and safety of blockchain assets are our highest priorities. You can find more information about Bison Trails here:
Q9. As we know ontology’s recently appeared rival is Cosmos. So what’s the actual benefit of that to both of the projects i.e cosmos and ontology?
Both Cosmos and Ontology are working on interoperability. Although we use different tech solutions, we have the same target and goal. The cross-chain between Cosmos and Ontology is currently under development.
Q10. What is a smart contract on the ONT basis? Benefits of smart contracts? What are its advantages and disadvantages?
Python is preferred. A super-fast WASM was activated on Ontology which enables us to offer a more competitive dev environment comparing to EOS.
Q11. As we know, the ETH network often has problems with scalability. So, as a project which is aiming to solve existing high-performance problems. What scalable technology do you think is the most efficient solution at this moment? Do you think That you can compete with ETH when they release ETH 2.0? Can scalability problems affect the operation of ONT when there is high volume traffic on throughput? If yes, what will be your team solutions?
Right now, the Ontology main network has achieved 10K TPS. It has already faster and cheaper than Ethereum. Personally, I think sharding will be a good solution. So I have been tracking a new project named — Near protocol. Meanwhile, we had launched our own sharding solution. Meanwhile, we have cooperated with a layer0 solution — bloXroute. They will enhance our framework to achieve much higher TPS.
Btw the progress of ETH2.0 is quite slow. Time is money. We have to hurry up and offer a more realistic solution earlier than ETH.
Q12. How can developers contribute to your project and how do you make a plan to get them involved? What products have been launched by ONT and is there a new product from ONT that will be introduced in the future?
Join our bounty program. It’s the best way.
Q13. What does it mean for the Wasm contract to support third-party libraries? What are the advantages of languages such as C++, Rust, Go, and Assembly Scripts supporting Wasm bytecode?
WASM is a global standard. It will bring more traditional developers to this area, then comes the more applications and adoptions, the more healthy ecosystem development.
Tokenomics
Q14. Ontology uses a dual token (ONT and ONG) model. What’s the purpose behind a DUAL TOKEN system, can you state the Utilities of both ONT and ONG, what are their differences and similarities and are they Swappable?
Please refer to our Medium article below:
Q15. What is the leading Utility of ONT? And what is the tokenomics of it?
It’s an all-in-one utility token. You can consider it’s USD on the Ontology network. If we can link with a different separate blockchain network, you can use ONT to pay salaries, pay bills, and interact with your smart car. I hope we can build a real and useful digital currency.
Q16. I Am interested in just generating ONG, can you explain more about the ONG Generation. Will I be able to generate ONG for life or is there a scheduled time it would stop?
The best way is to staking into the top 10 nodes or any staking platform is promoting. You know Ontology doesn’t have an inflation rate. So you will have a beautiful fixed reward.
Q17. “Token burn” is beneficial for any projects, in able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
We have made several million USD returns through our ecosystem investment. It will be used to buy back our token. However, we don’t think “token burn” is useful for the long term. Because ONT is a real utility token. If it doesn’t have enough supply, how we can get the token?
Partnerships
Q18. Recently you have partnered with @DigitalChamber, what would be the partnership about? and what are the use cases of creating ONT-33D on Binance Chain?
The Chamber of Digital Commerce is the world’s leading trade association representing the digital asset and blockchain industry. We can use its network advantages to apply Ontology’s blockchain technology into real business scenarios in the US market. We have made connections with the top 500 companies, and we look forward to building enterprise-level business scenarios through future cooperation.
ONT-33D is a BEP token issued by Binance. We would like to further explore the application scenarios of ONT token by the interaction of cross-chain assets. We aim to expand use cases with the support of Binance’s ecosystem.
Q19. Which types of partnerships you’ve recently done with OpenSea? Which types of benefits Ontology will get for these partnerships?
Our digital identity client, ONTO supports NFT assets and transactions. In the future, we will support cross-chain NFT transactions, just like Nike-Adidas NFT shoes, we look forward to realizing the tokenization of real goods soon.
Q20. What are the benefits to both parties in the integration of the Ontology ecosystem and the Filecoin ecosystem?
We aim to provide the infrastructure of Web 3. Filecoin provides one of the best Web 3 storage services, we are connecting with Filecoin to build a win-win ecosystem. You can learn more from below:
Q21. You have started a partnership with Chainlink. What benefits will this partnership bring for the Ontology Ecosystem and ONT token holders?
We are building a Defi ecosystem and Oracle is a necessary modular for the native Defi program. I think Chainlink will help us to become a mainstream Defi alternative option for the Defi developers. Meanwhile, we can leverage our resources to expand the operation and create cash flow through the Defi operation.
Staking
Q22. Explain more about STAKING. Do I need to keep my computer turned on 24/7? What are the computer/machine requirements for staking? How long does each round last? Do I need to re-stake every round? What are the Returns like?
No, we adopted a soft-mining method, so you don’t need to keep your devices 24/7 unless you are a consensus node or candidate node, you don’t need to run the operations. The above soft-mining approach is a flexible approach provided by Ontology. You can find more information here.
Here is a tutorial for Ontology Staking, you can learn more about how to earn passive income with Ontology Staking.
ONT ID
Q23. One Fascinating feature of ONTOLOGY is the ONT ID — Ontology uses the Ontology Identifier (ONT ID). Can you explain more about this and how I can get and access it? How does it differ from other security protocols like DIGI — ID, 2FA, etc?
ONT ID is a decentralized identity compatible with W3C DID specification, which means it is a product that can be used universally. Everyone can create their own ONT ID with the ONTO wallet, and people can manage multiple blockchain asset addresses, real identities, and their trust records from our digital identity client. You can read more about ONT ID here:
ONTO
Q24. I like using your app ONTO, can you say us something about it, your plans on ONTO, and vision? What dApps you are planning to add there?
Adding stablecoin options like Celo, Libra, etc.. We will also add more Defi program and upgrade our user experience. The main upcoming update is that we will launch the Spanish version soon.
Defi & dApps
Q25. Defi and dApps are 2 pillars primed to rule 2020 in crypto space, what’s Ontology approach to Defi and dApps?
We used a regional strategy. For instance, in Japan, the gaming industry is very popular, so we develop a blockchain gaming ecosystem there. In the US and European markets, we focus more on the finance side, like stablecoin, asset management, Defi and etc. We identify the best partners to make joint efforts and build dApps on the Ontology blockchain.
Q26. What specific area is Ontology focusing on right now? (Defi, dApps) ?
Defi especially payment, data sharing, and society management.
Community
Q27. What plans does Ontology have to promote cooperation & develop cooperation in the community? If anyone has an idea that works well on Ontology, how can we get support?
We definitely support all useful and valid business ideas. You can refer to our Olympus accelerator program include incubation, marketing, development training.
COVID-19
Q28. Many blockchain projects have donated to COVID-19 but I didn’t hear any news from Ontology. What’s your plan to so help donate to fight COVID-19?
We have donated masks to our ecosystem partners in the Americas area and EU regions.
Questions answered by the Burency team
Q29. Hello, About Burency platforms. Why did you choose insurance discrimination? And why did you choose the platform’s headquarters in London instead of Dubai?
Our headquarters are in Dubai but our insurance provider is Lloyds which based in London.
Q30. ONT is already on Binance Exchange. But why are did u decide to be listed on Burency?
Ontology is a high-performance public blockchain and distributed collaboration platform. Architected in Asia with global teams, Ontology’s unique infrastructure supports robust cross-chain collaboration, Layer 2 scalability, and includes a suite of decentralized identity (DID) and data sharing protocols to enhance the speed, security, and trust that are fundamental to enhanced global cooperation among businesses. For Burenccy, it is a very promising project.
We did our research about the business and the growth of the project and We find that the Ontology project has a great vision with a great team and community. And it’s our pleasure to have ONT on our Exchange.
Q31. Currently, staking is not available on Burency. Any plan to change that? If yes, will you consider allowing users to stake $ONT on Burency?
Yes, the Staking program will be available in our main version which will be launched soon in the next few months. About ONT staking, we are working with ONT Team together to make this happen.
Find Ontology elsewhere
Ontology website / Ontology GitHub / ONTO website / OWallet (GitHub)
