Ontology: New Rules of Ontology dApp, Use ONT to Spend at All Stores in the UK via Apple Pay and Samsung Pay on Zeux, Latest Comparison of 7 Top Public Blockchains
Biweekly update 3rd July — 17th July
Hello, our followers. We are happy to announce a new biweekly update on Ontology project. To start with, you would wonder what we are talking about. Let’s begin! First of all, the development team has released new rules of Ontology dApp Developer Incentive Schemes. It is aimed to solve such problems as some dApp developers manipulated their dApp data to win the incentives, which is entirely against the principles of openness and fairness and the blockchain spirit, and dApp users have not been able to receive their fair share of the rewards. So, since this moment 50% of the weekly $20,000 prize pool in ONG will be given to dApp developers who can use incentives to reward their users; the remaining 50% will be given to users who use ONT ID on ONTO to access the dApps. Second, ONT holders can now use ONT to spend at all stores in the UK via Apple Pay and Samsung Pay on Zeux, and you can check out the video to see how easy it is done using ONT to buy a cup of coffee or anything. In our point of view, this opportunity can take Ontology to the next level. So we are on a knife-edge about the dissemination of Zeux to other European countries. Third, Ontology has just celebrated the first anniversary of its MainNet launch on June 30th. It is now halfway through the year 2019. So there is the progress in the first half of 2019 and Ontology’s Q3 plan in a timeline. Last, NewBTC published a comparison of 7 Top Public Blockchains. We are happy to share the tested peak TPS with you. According to this comparison, it was around 3 679 transaction per second, and only WaikyChain’s results are better than Ontology’s one. Anyway, in our vision, it is an excellent result for Ontology, and we are proud to hear it. To conclude, Ontology did excellent work during the last weeks. So we are waiting for the exciting updates and for ONT becoming one of the most significant crypto projects. What are we missing here? Let us know in the comments and we’ll add it in!
Developer activity (from Coinlib.io):
In December 2018, the team launched the Ontology dApp developer incentive schemes. In January, the OEP-39 proposal submitted by the community was approved, which marked the beginning of the incentive schemes.
According to the “Worker Ant Scheme”, if the number of qualified dApps is under 20, the top 5 will share a prize pool of 20,000 USD in ONG each week.
The incentive schemes were originally aimed to
- Provide financial support for dApp developers and encourage them to improve their dApps;
- Reward active dApp users.
Since the schemes were launched more than six months ago, Ontology has discovered some problems: first, some dApp developers manipulated their dApp data in order to win the incentives, which is entirely against the principles of openness and fairness and the blockchain spirit. Moreover, dApp users have not been able to receive their fair share of the rewards.
After careful review and discussion, the Ontology team decided to make the following changes to the incentive schemes:
50% of the weekly $20,000 prize pool in ONG will be given to dApp developers who can use incentives to reward their users; the remaining 50% will be given to users who use ONT ID on ONTO to access the dApps. The prize pool will be accumulated starting this week and will be distributed four weeks later. Detailed rules will be released soon.
Note: Users who download ONTO, create their ONT ID and use it to log into the dApps will be eligible for the 50% weekly prize pool.
As the number of users increases, so does the 50% weekly prize pool; dApps with good user reviews will also be able to win extra incentives.
The incentive rules for dApp developers will be released later, and please follow the official announcements for updates.
- ONT holders can now use ONT to spend at all stores in the UK via Apple Pay and Samsung Pay on Zeux, check out the video below to see how easy it is done using ONT to buy a cup of coffee or anything!
In April, Ontology has announced the cooperation with DappRadar, the world’s largest dApp data and distribution platform. It is pleased to announce that Ontology dApps are now listed on DappRadar.
Users can now track dApps running on the Ontology blockchain on DappRadar in real time, including transaction volume, activity, balance, etc.. Thanks to Ontology’s growing community and dApp incentive schemes, more dApp developers are launching dApps on Ontology and building up the user base in the Ontology dApp ecosystem. The partnership will certainly further promote growth.
According to DappRadar’s website, DappRadar has listed 2,429 dApps on its platform, and its 24-hour user number exceeded 160,000 and 24-hour transaction volume reached $2.3 million.
When people see something happening in real life, they tend to create possible alternatives that are contrary to what actually occurred. This tendency is named “Counterfactual thinking” by Daniel Kahneman, a Nobel laureate in Economics. You might wonder what CounterFactual has to do with blockchain?
What is CounterFactual?
CounterFactual (CF) thinking is, as it states: “counter to the facts”. These thoughts consist of the “What if?” and the “If I had only…” that occur when thinking of how things could have turned out differently. CounterFactual thoughts include things that–in the present–now could never happen in reality because they solely pertain to events that have occurred in the past.
From the perspective of blockchain, CounterFactual means: the transaction result could be obtained on-chain, but in reality, the execution result is not obtained on-chain.
In the off-chain scaling technology of blockchain, CF refers to CounterFactual Instantiation, which is derived from a state channel-based off-chain scaling technology proposed by L4Lab. It is widely studied and promoted as a type of blockchain scaling design in the field of blockchain research.
CounterFactual Instantiation means that smart contracts can be deployed on the off-chain CF state channel, instead of being counterfactually instantiated on the blockchain. As long as all participants of intelligent contracts follow the methods defined in the CF state channel protocol, the execution results of operations in the state channel are fully equivalent to those executed on the blockchain.
Put, off-chain CF state channels can achieve the same results as the blockchain, which include not only the state data of smart contracts but also the trustless feature of the blockchain (traceability and irreversibility at its core). Since the results are the same, why not move most smart contract operations off of the chain, considering the limited blockchain performance and the cost-effectiveness of the off-chain solution.
CounterFactual State Channel
In the L4 Paper, the CF state channel protocol is defined as below:
Roughly speaking, for any on-chain operation X that can be channelized, use counterfactual X to talk about the case where
1. X could happen on-chain, but doesn’t;
2. The enforcement mechanism allows any participant to unilaterally make X happen;
3. Participants can act as though X has happened.
A Closer Look
As a coder, when I see an application protocol, the first reaction is to verify the completeness of the protocol, analyze its feasibility, create its application boundary, and then think about how to implement it.
Let’s now take a closer look at the 3 criteria in the definition of CF state channel:
1. First, CF state channel and blockchain execution environment are equivalent. Any operations in the state channel must be fully equivalent to those in the blockchain execution environment. Therefore, which execution environment users choose is irrelevant to the protocols;
2. Based on the first criterion, the second criterion defines the fairness and trustless feature of CF state channel, or simply “being secure”. State channels are fair to all participants. State modification caused by each operation must be viewable and verifiable to all participants. Based on the first criterion, anyone can directly synchronize the state modification on-chain. Therefore, for state channel participants, CF state channels are as secure as blockchain;
3. The third criterion defines the consistency and finality of CF state channel. Operations and channelized state within the channel must be consistent to all participants and must be instantly finalized. This can ensure the traceability and irreversibility of the state channel for all participants.
From the above, we can see that CF state channels fully possess the existing blockchain properties, such as consistency, irreversibility, security, and finality. Using CF state channels as an off-chain scaling technique will not compromise the security of blockchain applications.
Infinito, the team behind the universal Infinito Wallet and Ontology, the leading blockchain from China, are holding a 45-min “Ask Me Anything” on July 22nd 2019 from 5PM UTC+7, with support from the media partner Asia Blockchain Review.
The AMA will be aired on Infinito’s official Youtube channel featuring Mr. Jack Thang Nguyen, Director of Infinito & Mr. Andy Ji, Co-Founder of Ontology. Both will answer all questions given by fans and pick two most interesting ones for a special reward of 100 ONG each.
Follow these steps and you might be one of the two lucky users to receive 100 ONG:
Step 1: Fill in this form to submit your questions
Step 3: Download Infinito Wallet to receive your reward
Step 4: Join the AMA on July 22nd where the winners will be announced!
Token holders and the number of transactions dynamics (from Explorer.ont.io):
Ontology has just celebrated the first anniversary of its MainNet launch on June 30th. It is now halfway through the year 2019. During the past 6 months, the team has taken concrete steps to achieve ambitious goals. Below there is the progress in the first half of 2019 and Ontology’s Q3 plan in a timeline. Click on the links throughout the article to read more on the topic.
- Timeline key
🔧 Technology / ⛰ Milestone / 🤝 Partnership
🎄 Ecosystem / 🎥 Offline event / ♟ Goal
- Q1 2019
⛰: Ontology ranks in the Top 20 in CoinMarketCap market cap rank
⛰: Ontology ranks fourth on China’s Latest CCID Rank
⛰: Ontology Development Platform (ont_dev_platform) now available on Google Cloud, Amazon Web Services, and Microsoft Azure
🎄: Ontology is seeing a fast-growing global community and hosting and attending events around the world
- Q2 2019
🎥: Ontology attends OKEx Cooperation Summit 2019 in Vietnam
🤝: Ontology launches regulated USD Stablecoin PAX with Paxos
🤝: Partnership with Japanese Technology Accelerator TECHFUNDannounced
🔧: Ontology Wasm and Oracle released
🎄: Triones Node applications are now open
⛰: You can now store ONT and ONG in 23 wallets
🤝: Ontology and Beosin launch world-leading customized formal verification platform Vaas-ONT
⛰: Ontology receives media coverage from 200+ mainstream and blockchain news outlets worldwide
⛰: Ontology maintains an A rating on CoinMarketCap FCAS
- Q3 2019
🎥: Ontology holds the Klein Bottle Contest and will soon announce its global Developer Workshop Program
🔧: Ontology will soon release “ONTO Global”, the new version of its official wallet, which supports all ERC-20 tokens
🎥: Ontology will attend Invest Asia 2019 in September in Singapore and give a detailed introduction to ONT, ONG, and their financial derivatives
♟: Ontology aims to reach the S rating on CoinMarketCap FCAS
🤝: Ontology will soon cooperate with two of the following social media giants: Facebook, Telegram, Kakao, and Line
♟: Ontology will soon build a global community of 500+ industry KOLs to further grow the Ontology ecosystem
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 the website: https://ont.io/aboutus.
Partnerships and team members
- Ontology x CoinLoan
There is news about another partnership with CoinLoan, a crypto-backed lending company. Through this partnership, CoinLoan will list OEP-4 standard Paxos stablecoin (PAX) and Ontology coin (ONT) on its lending platform and, potentially, on its crypto exchange.
The collaboration is expected to help these two companies that work in different sectors achieve a common goal: to push the boundaries of blockchain and crypto adoption and use. With this partnership, CoinLoaners will gain access to new currencies for lending and borrowing. At the same time, Ontology users will secure new possibilities in lending, financing, and trading scenarios.
“ERC-20 PAX stablecoin has been already listed on CoinLoan for two weeks and evoked considerable interest among platform users. In the upcoming development update, we’re adding an OEP-4 PAX standard and ONT token,” said Alexandr Faliushin, CEO and Co-founder of CoinLoan.
The Ontology team believes that “projects from different vectors of technology should cooperate to build an open financial system. Our collaboration with a major crypto-lending market player like CoinLoan is a step towards enabling new application scenarios for Ontology users.”
CoinLoan is a crypto-backed P2P lending platform well known for its flexible user conditions. It provides an opportunity to lend and borrow fiat money, crypto, and stablecoins secured by crypto-collateral.
CoinLoan’s crypto exchange feature allows users to convert crypto into fiat and vice versa without having to leave the platform. Partnering with Ontology will enable CoinLoan to enter a new market. Furthermore, CoinLoan can now widen the list of options platform users have when lending.
i7–8700cpu, 32G RAM, 500G mechanical hard disk, Windows 10
Test-based on regtest network.
CurrentBlockHeight = 13, solo actor receives block complete event. block height=14 txnum=15628 TPS=2604
CurrentBlockHeight = 55, solo actor receives block complete event. block height=56 txnum=13700 TPS=2283
CurrentBlockHeight = 70, solo actor receives block complete event. block height=71 txnum=17945 TPS=2990
CurrentBlockHeight = 74, solo actor receives block complete event. block height=75 txnum=20000 TPS=3333
CurrentBlockHeight = 97, solo actor receives block complete event. block height=98 txnum=18898 TPS=3150
CurrentBlockHeight = 120, solo actor receives block complete event. block height=122 txnum=22074 TPS=3679
CurrentBlockHeight = 179, solo actor receives block complete event. block height=180 txnum=13310 TPS=2218
CurrentBlockHeight = 180, solo actor receives block complete event. block height=181 txnum=16660 TPS=2777
CurrentBlockHeight = 601, solo actor receives block complete event. block height=602 txnum=19116 TPS=3186
CurrentBlockHeight = 621, solo actor receives block complete event. block height=622 txnum=12269 TPS=2048
CurrentBlockHeight = 635, solo actor receives block complete event. block height=636 txnum=16830 TPS=2805
CurrentBlockHeight = 656, solo actor receives block complete event. block height=657 txnum=17428 TPS=2905
CurrentBlockHeight = 1234, solo actor receives block complete event. block height=1235 txnum=13427 TPS=2238
CurrentBlockHeight = 1236, solo actor receives block complete event. block height=1236 txnum=15936 TPS=2656
CurrentBlockHeight = 1280, solo actor receives block complete event. block height=1281 txnum=20682 TPS=3447
CurrentBlockHeight = 1308, solo actor receives block complete event. block height=1309 txnum=17691 TPS=2949
CurrentBlockHeight = 1404, solo actor receives block complete event. block height=1405 txnum=13278 TPS=2213
The peak reaches 3679 TPS, the lowest is 2048 TPS, and the TPS is stable at around 2800.
- 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 activity
Social media dynamics
Social media metrics
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.