Ontology: Seedit initiated, Third round of Triones Node applications are opened, Ontology Releases Multichain Design to Rival that of Cosmos, Polkadot, and Plasma, New about sharding

Paradigm
Paradigm
May 21 · 13 min read

Biweekly update 7th May — 21st May

Development

GitHub metrics
Developer activity (from Coinlib.io)
  • Third round of Triones Node applications are opened. Ontology uses the Triones consensus system for its chain network. The system provides distributed, high-performance blockchain consensus using the VBFT consensus algorithm and an incentive model. Triones nodes include communities, organizations, and individuals across five continents. They constitute Ontology ecosystem co-builders, together helping develop Ontology’s ecosystem. In addition to receiving ONG from transaction fees, to encourage participation in consensus the top 49 nodes in stake size receive the Ontology Foundation bonus: an additional 10,000,000 ONG per year for the first three years from the community allocation. This means nodes which do not rank in the top 49 by stake size only receive ONG from transaction fees, not the Ontology Foundation bonus.

Ontology Triones seed node enlistment conditions are as follows:

  1. The minimum node stake is set to 1,000 ONT, however, the network size is currently set to 49 nodes (8 consensus nodes and 41 candidate nodes). This means the minimum stake to be accepted at the moment must be higher than the stake of the node in the last place. To find out this number, in OWallet, go to Node Stake → Stake Authorization → page 5. Currently, only 47 nodes are showing in OWallet, but 2 recent nodes will be added before submissions open. Nodes pushed past 49th place will only receive transaction fees.
  2. Nodes must meet the software and hardware network environment requirements, please visit this article for full details.
  3. Submit an application here. Please note your stake must already be in the ONT address you provided when you submit your application!
  4. Successful nodes must complete KYC.
  • Ontology Releases Multichain Design to Rival that of Cosmos, Polkadot, and Plasma. Read the full Ontology Multichain GitHub paper on GitHub. Ontology has now released its design for a lightweight and safe multichain system and cross-chain solution. The solution uses the Ontology blockchain as the main chain, and supports both side-chains whose architecture is the same as that of the Ontology main chain and side-chains whose architecture is different from that of the Ontology main chain. It allows for interaction between the main chain and side-chains, and also between side-chains. The main chain manages side-chains using a multichain management contract, and the cross-chain interaction between source chain and target chain is done through a cross-chain management contract. The proof of cross-chain interaction is done through synchronizing key block headers and other state information.

Iteraction between side-chains:

Ontology Multichain, Plasma, Cosmos, Polkadot Comparison Table:

Ecosystem

  • “There is no magic in high-performance, it is a conscious design decision of algorithm and number of consensus nodes”. Scalability and performance: part one of four articles covering Ontology’s chain network by Mathias Glintborg, Senior Advisor to Ontology.

Ontology reaches 4,000 TPS (transactions per second) on public MainNet, 12,000 TPS for certain test environments, and has sharding and side-chains for scalability, all with little to no downtime. The architecture is customizable with development components and tools in order to meet different business requirements and allow for interoperability. Along with these features, Ontology has a core technology team of over 100 individuals to maintain the infrastructure and develop industry-specific enterprise-grade solutions. This same team delivers professional services and service-level agreements for businesses.

Scalability solutions is a critical component for mass adoption of blockchain because businesses can start operating at the same level as with traditional IT. A classic example is traditional payment services vs blockchain networks, for example, Visa can handle tens of thousands of TPS in a centralized system and Ontology can handle 4,000 TPS (without scalability solutions) on a single chain in a decentralized system. With the use of scalability solutions, blockchain networks can handle the same volumes as Visa with all the added benefits of distributed ledger technology.

Sharding and side-chains enable horizontal and vertical scaling (multi-layer). Sharding is one multi-layered blockchain, whereas the concept of side-chains is multiple parallel blockchains. Shards can exist parallel in the same layer and act as parent shards for multiple layers of shards below. Side-chains are often referred to as layer 2 solutions and is a result of multiple blockchains, generally of same the protocol, which exists separately but are linked to the root chain (original main chain) with a third cross-chain solution (for example Cosmos).

Ontology Sharding paper: Sharding is a type of partitioning which exists in the same blockchain network. The Ontology Sharding design adopts a hierarchical design, which means that the first layer of shards under the root chain (Ontology Main Chain) act as parent shard for the ones below, hereinafter referred to as “multi-layer sharding”. Likewise, any given shard that has shard(s) below will act as a parent shard. A shard is a subset of nodes from the root chain which maintains its own ledger through consensus, either dBFT or VBFT. Each node participating in the governance of the root chain + shard(s), must keep the state of each ledger. If a node participates in the governance of shards below a parent shard it must keep the state of that shard + all above parent shards + the root chain.

The design allows shards to do a certain level of customization in order to accommodate different business requirements, for example, a shard for financial services might want to configure a different charging structure, use dBFT consensus, and implement Merkle Patricia Tree. However, if there is a need for a different governance and economic model, it might be worth considering a side-chain. This is also where it is necessary to distinguish between shards and side-chains.

Business logic is executed in the blockchain network by smart contracts, which essentially are programs written into the ledger. Smart contracts must be deployed in the root chain but can move across shards in the same layer and may be invoked in any shard or the root chain.

The creation of a shard happens when an operator (a node from the root chain or a parent shard) initiates the shard along with some configurations written into the management contract of the shard. The operator can invite other nodes to join the shard after initiation. In some scenarios, a business needs to select a shard for smart contract execution. This will naturally raise the question of which shard to choose. There are three criteria for this:

  1. PoS: How much ONT is staked in the shard will determine how much the shard will potentially lose for malicious activity. PoS can also be considered as the security mechanism in a shard;
  2. Decentralization: How many nodes participate in the governance of the shard;
  3. Reputation: How reputable are the teams behind the nodes in the network.

Shards can also exchange shadow tokens amongst each other, but only in the same shard layer, which leads to the concept of cross-shard interaction (atomicity). For instance, shard-1 with OEP-4x and ONGx is the buyer and shard-2 with OEP-4y and ONGy is the seller. During the trade:

  1. Shard-1 will transfer OEP-4x to shard-2 and pay ONGx in transactions fees;
  2. Shard-2 will hold OEP-4x until the next root chain consensus round;
  3. Shard-2 will receive OEP-4y in exchange for the OEP-4x it holds;
  4. The events will be logged on the root chain and shard-2 can withdraw the OEPy (previous OEPx) to the OPE-4 on the root chain.

The performance of the VBFT consensus algorithm depends on the number of nodes in the consensus network, which is determined by a given algorithm configuration profile.

For example, if there are 900 nodes in the network and configuration profile x is implemented, then VBFT selects 150 nodes for consensus based on verifiable random function (VRF). 150 nodes in a VBFT consensus network equal to performance of approximately 1,000 TPS. Please note that this is for a single network without scalability features.

Performance with sharding — Sharding is one of the most promising scalability solutions for blockchain networks. The TPS can increase to accommodate even the most transaction-intensive business scenarios with appreciate number of shards in a network. The individual performance of the shards will decrease insignificantly proportional with the number of shards in the network, but the total performance of the network will increase drastically.

Social encounters

  • Ontology Founder’s recent interview with Cointimeus: “At the moment, we have 20–30 dApps with more than 200,000 users. The number may not seem large at first glance, but it is because our focus has been on the long-term development and quality of individual dApps, not on the number of dApps.”
  • Ontology x Blockchain Game in Seoul. More photos via link. On May 11th, Ontology hosted “Ontology X Blockchain Game”, an info session for blockchain game developers, at the Seoul Startup Hub Grand Auditorium. Over 130 Korean developers and media attended to hear about Ontology’s blockchain infrastructure, dApp incentive schemes, and upcoming Korean developer events. Read on Medium. MovieBloc was there. Chris Kang, CEO of MovieBloc, pointed out chronic problems in the film industry and shared MovieBloc’s vision to improve these by blockchain-based film distribution platform. Chris added ‘MovieBloc will not only provide film producers with an equal opportunity to create and show their films, but also bring various movies at a reasonable price to MovieBloc users’.
  • Seedit is now on Ontology. Previously, Sesameseed announced that Ontology tokens (ONT and ONG) can now be tipped on Telegram using Seedit and now it is live.
  • Huobi Wallet i supported ONT staking at 15th May, and as an ONT node, Huobi Wallet will offered 100% staking rewards to users.Plus, up to 12000 ONT to share with other users.

Question: How are things are progressing with PAX ?

Answer: PAX will be launched on Ontology this month and a simple swap between the ERC-20 and OEP-4 PAX will be up, so you will be able easily to deposit your PAX to PAX-supporting exchanges and withdraw to PAX-supporting wallets.

Question: Is there any plan for non-crypto partnerships?

Answer: We are already working on several “non-crypto” partnerships, such as with Lanxess on chemical supply chain tracking. As the Founder of Ontology said in his recent interview with Cointime, negotiation with tradition companies has taken six months or even longer. It took one year of communication before we launched a simple loyalty point application for Fosun Group. Although the “crypto” partnerships are more visible and greater and number, traditional adoption remains the goal.

Question: Has Google started helping Ontology with marketing?

Answer: Google has made available the avenues for collaborating on marketing activites, we are currently looking at how we can work together in 2019.

Question: I have seen some projects will use a layer 2 solution, what does it mean? Will they use different chains with different consensus mechanisms that are connected to the main chain?

Answer: A layer 2 solution for Ontology is side-chains, and you are right about their definition. Side-chains are a powerful tool for scalability because a side-chain is a new blockchain network that delivers its own performance. For example, a side-chain of the Ontology protocol in production with the same configurations as the Ontology MainNet can deliver 4,000 TPS. This results in 2*4,000 TPS in the entire ecosystem (4,000 TPS from the Ontology MainNet and 4,000 TPS from the side-chain).

Question: How is sharding coming along?

Answer: Sharding development is 55% complete. You can follow our monthly reports for updates.

  • Jun Li, Founder of Ontology, gave a speech and took questions from the audience at Digital Economy Solutions 2019 in Amsterdam. More photo via link.
  • Tower Builders, an Ontology developer community group, are introducing Ontology’s smart contract IDE SmartX in Amsterdam.

Upcoming events:

Finance

Token holders and the number of transactions dynamics (from Explorer.ont.io):
Source: coingecko
Source: coingecko
  • InfinitoWallet: Store and trade ONT & ONG; Sync and claim ONG; Explore ONT DApp: Deershooter and more to come? Check out this guide article for details.
  • Receive, store and send $ONT $ONG from the convenience of your mobile Trust Crypto wallet. Download Trust Wallet here. All done by the community contribution.

Roadmap

What’s next?

Ontology has delivered on the promises drawn out in the original roadmap and now operates a stable infrastructure with many tools for developers and businesses. During late 2018 and early 2019, the core tech team has been testing scalability solutions in POC (proof of concept) and on TestNet, along with performance tuning. The scalability solutions include sharding and side-chains, which currently both run on TestNet and will be available on MainNet in early 2020 or earlier if business cases require it.

You can find the up-to-date roadmap on this page of our website: https://ont.io/aboutus.

Partnerships and team members

No updates.

Rumors

  • If you are a developer, make sure you have joined Discord, there you can interact with core and community developers. Also, take a look at Developer Center, there you can find dev tools, documentation, and more.

Social media metrics

Social media dynamics
Social media dynamics
Social media activity

The graph above shows the dynamics of changes in the number of Ontology Facebook likes, Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.


This is not financial advice.

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Paradigm is a family office fund investing in crypto space since 2013. We are a group of industry experts & crypto enthusiasts consisting of PhDs and graduates from the top universities with experience in creating startups, trading on traditional financial markets and blockchain

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In chaos lies the truth

Paradigm fund

Paradigm is a family office fund investing in crypto space since 2013. We are a group of industry experts & crypto enthusiasts consisting of PhDs and graduates from the top universities with experience in creating startups, trading on traditional financial markets and blockchain