Ontology’s Co-Founder Speaks on “Ticket to Noah’s Ark” at Invest Asia
Andy JI, Co-founder of Ontology, was invited to Invest: Asia powered by CoinDesk from September 11–12 in Singapore and gave a speech on “Ticket to Noah’s Ark”.
Andy first shared his thoughts on the public blockchain competition and what is the key to the distributed collaboration business world. When talking about today’s blockchain industry, Andy pointed out that “we have seen many public blockchain projects going live this year, but half of them are dying. Mainstream adoption still seems a distant prospect and we are not excited anymore every time we hear someone say “this is the year of blockchain”. Change is not necessarily better, but without change, you will have no chance to get ahead.”
He also stressed that “before we think of blockchain applications, first we need to understand what the business needs are. Based on my research on traditional internet or financial products, as market competition intensifies, I think consumers will choose”:
- Reliable and familiar products
- Low-cost products for cost-conscious consumers
- High-quality and user-friendly products for consumers who value quality and user experience
- Novel products for young consumers who are willing to try new things
- Products on big platforms, such as WeChat and Alipay
It’s pretty clear that there are no time-tested blockchain products so far, nor is there a product that boasts hundreds of millions of users. Moreover, blockchain products are not as cost-effective as centralized products, not to speak of user experience. And the novelty these products offer soon wears off. Ontology, on the other hand, will continue to focus on improving user experience and product quality and pursue the following paths:
- United Network Initiative: The UNI Association is governed by regional public chain leading projects. Organizations join the association by running a validator node on the relay chain and serving in governance. The association currently has 7 founding members and is open to the top 50 public chain projects. This is simply the best place to implement blockchain applications across all mainstream platforms, which can dramatically reduce costs. In the next-generation network initiative, you can choose the programming language and platform that you like without worrying about whether the chain is popular or development is active.
- CeFi + DeFi: Choose competitive financial products with a focus on user experience. Start with CeFi projects and smoothly upgrade to DeFi projects. Anyone with a smartphone can now take out a loan, access leverage, or invest in derivatives.
- Fusion Staking: A new type of Soft Staking model which doesn’t require any staking knowledge. Fusion staking offers tradeable PoS stake which allows you to take out the profit anytime and anywhere. Moreover, it provides seamless exchange between major digital and fiat currencies within seconds. Multiple reward options are available and you can spend your staking balances with physical and virtual cards.
- Institution-facing Services: Digital asset portal for Fortune 500 enterprises and listed companies backed by enterprise-class custody service for institutional investors. providing trust, ETN, ETF, and ETP products for clients and a basket of regulated stable coin products for issuers.
- Ontology as an incubator: Based on Ontology’s incubation platform, full marketing, token economy design, and technical development support is given to ecosystem projects to help them cooperate with each other, so as to improve their profitability.
Andy concluded his speech by stressing again that “it’s time to go back to reality and think about the solidity of the business.” And that is what Ontology has always been doing.