Home Coins Ontology (ONT) AMA Recap: Ontology’s MainNet 2nd Anniversary - OntologyNetwork

AMA Recap: Ontology’s MainNet 2nd Anniversary – OntologyNetwork

The Ontology Team

To rejoice Ontology’s MainNet 2-year anniversary, Ontology’s Founder Li Jun was reside in Ontology English Telegram to share insights and up to date about Ontology 2.0.

Verify the chat message historical past of AMA right here.

Q1. With the brand new authorities and stacking modifications, can we count on a Binance candidate/consensus node? (Jonatan)

Prior to now few months, we have now actively interacted with Binance and Binance US in a number of ONT buying and selling campaigns and group AMAs and deepened our cooperation relations. Binance has been paying nice consideration to the refinement of our governance and financial mannequin and digging into our bulletins and associated tutorials. It’s presently contemplating changing into a node on the Ontology blockchain. We are going to hold our group up to date if we hear extra progress on this.

Q2. At current, all new public blockchains are going through the plight of lack of large-scale functions. Is there any plan for ontology 2.Zero when it comes to large-scale functions? (Jaylin)

We’ve got seen many well-liked blockchain functions are nonetheless restricted to playing and gaming, however probably not large-scale real-life functions, nor any killer app. Ontology believes that these functions is not going to be helpful to the long-term wholesome improvement of the blockchain trade. For the reason that second half of 2019, we have now been actively concerned in talks with companions within the vehicle trade and leisure trade to hunt software eventualities of blockchain know-how in segmented industries and have already been making some progress.

Any giant scale software can’t be separated from the help of the underlying know-how. In 2020, Ontology has accomplished varied know-how upgrades, with key milestones together with:

10/2019 Ontology Multi-VM launched

01/2020 ONTFS launched

02/2020 Blockchain SaaS Framework (add-on retailer) alpha launched

04/2020 Ontology Wasm-JIT launched

05/2020 Ontology Layer 2 launched

06/2020 ONT ID 2.Zero upgraded

06/2020 New model of ONTO launched

06/2020 Ontology DDXF 2.Zero launched

06/2020 Ontology 2.Zero launched

In the meantime, our new decentralized knowledge market — SAGA and new upgraded knowledge pockets — ONTO, each launched this 12 months, will allow customers to really expertise blockchain know-how for private digital identification and knowledge trade.

Q3. In your opinion, which of your instruments and options shall be hottest amongst companies and common customers within the subsequent few years? (@iluhanakamoto)

We’ve got been speaking about decentralization and knowledge collaboration and so forth. Truly, an vital aspect about decentralization is to combine each particular person into the decentralized ecosystem and make them personal their very own knowledge, fairness, and property.

Though it’s possible you’ll assume you personal your knowledge on social networks like Fb or Twitter, you should not have the instruments or techniques owned by huge social firms to personal your individual knowledge. That is precisely what our self-sovereign knowledge pockets ONTO has been specializing in attaining, which is to return the information again to customers themselves. I’d say ONTO is likely one of the most complete wallets in all sorts of knowledge wallets.

As well as, SAGA, the decentralized market powered by Ontology is one other new try we have now made within the knowledge discipline.

With regards to actual enterprise eventualities, we have now been in talks with main vehicle producers for a protracted whereas and can deal with functions within the vehicle trade within the subsequent part. Within the meantime, we have now accrued comparatively full options in knowledge attestation, knowledge market, digital cost and and so forth. Yow will discover extra info on our newly launched official web site, ont.io.

This fall. What are the brand new necessities to turn out to be a node? (@CryptoPelmen)

After the Ontology governance mannequin refinement, the minimal necessities for consensus nodes shall be 1,500,000 ONT, while the minimal necessities for candidate nodes has been lowered from 100,000 ONT to 10,000 ONT. Candidates can merely apply to turn out to be a node on OWallet, no KYC shall be required.

Within the meantime, we’ll open a Telegram announcement channel completely for Ontology nodes to obtain the most recent info.

Yow will discover our simplified course of within the under graph:

Extra particulars may be discovered right here.

Q5. Customers usually care much less about know-how, however quite the worth of the token. How do you handle to strike a steadiness between growing the know-how and in addition enhancing the worth of $Ontology? (@putu45)

Since Ontology was based, we have now at all times insisted on long-term worth investments, and select to construct the primary group by way of airdropping our token to the group as an alternative of ICO to boost funds rapidly. We’ve got at all times targeted our consideration on digital identification, and have at all times believed that the proper path for the mission is to put a stable tech basis first after which steadily promote the functions. With extra transactions on the blockchain, larger TPS, larger liquidity, extra software eventualities, the true worth of the token shall be seen. We give the group the best to decide on whether or not to take a position.

Q6. As Defi’s blockchain. Do Ontology 2.Zero assume there are main issues with enterprise-level buyer adoption? As a result of in some ways- “blockchain” and “utility” are two fully totally different points (@luckydraw66)

Ontology focuses not simply on DeFi. In our previous 2-year journey, we have now summarized experiences on enterprise-level functions, particularly options for the car trade, knowledge attestation, knowledge market, and digital funds. Yow will discover extra info on our newly launched official web site — ont.io.

The blockchain know-how remains to be underneath enchancment and it could take a while to see giant scale functions. Nonetheless, it doesn’t imply we don’t make progress, we’re presently present process a collection of technical improvements and enhancements, for example, ONT ID, DDXF, WASM-JIT, Multi-VM, Add-On Retailer and and so forth. Our Information Pockets ONTO and Information Market Saga have additionally supplied nice software eventualities for customers to expertise blockchain know-how.

It takes time for nice issues to occur, and we’ll proceed to place extra effort into enhancing the underlying know-how to facilitate enterprise-level adoption which can also be one among our focus areas.

Q7. The value of 1 transaction on the Community is 0.01 ONG. However, why is one transaction pushed to 0.03 ONG? (@timap97)

By design, the fuel charges shall cowl the prices of working a node and produce earnings to the Triones nodes. There must be a sure steadiness between TPS and the fuel payment per transaction. So as to obtain a more healthy governance mannequin and extra sustainable improvement, we’ll increase the transaction payment from 0.01 ONG to 0.05 ONG.

Ontology will launch frequent data graph crowdsourcing providers and attestation providers comparable to OpenKG and OGQ on the Ontology blockchain shortly. We count on the typical variety of transactions on the blockchain to extend considerably.

Yow will discover extra data right here.

Q8. With Ontology 2.0, How is it totally different from the sooner variations of Ontology? What do you assume would be the influence of Ontology 2.Zero within the present market and the way can Ontology 2.Zero surpass its rivals. (@S1d3Phil)

Ontology 2.Zero is designed to help strong cross-chain collaboration and Layer 2 scalability, providing companies the flexibleness to design a blockchain that fits their wants. It was made with each enterprises and builders in thoughts. We’ve got included a number of key new options comparable to WASM-JIT, Multi-VM, Layer 2, and ONT ID 2.0.

Ontology has the quickest Wasm-JIT implementation, with execution speeds reaching greater than twice that of EOS Wasm. Ontology’s Multi-VM is the primary to help seamless contract interactions amongst totally different environments, with Ontology Layer 2 contributing to a extra complete public chain platform. This fashion, builders have extra selections to develop with the languages and instruments they’re aware of, thereby decreasing the educational curve and drastically enhancing improvement effectivity.

Ont 2.Zero is a big enchancment to ONT ID 1.0. It totally complies with the definitions and necessities within the W3C draft commonplace DID v1.0, and has the next diploma of completeness in implementation.

The brand new ONTO, Ontology’s self-sovereign knowledge pockets offers customers the facility to regulate the worth of their knowledge.

And SAGA, a decentralized digital market, monetizes and acquires knowledge in a trusted, standardized and cost-effective means. We’re fairly assured to make extra progress within the discipline of distributed knowledge and empower the rising data-driven economic system by connecting knowledge that might in any other case stay fragmented.

Q9. What options has ontology developed to resolve the issue of monopolizing the administration of information from closed programming codes and centralized storage? (@Aguacate30)

ONT ID is a decentralized identification framework following the W3C DID Commonplace, utilizing blockchain and cryptographic know-how that may rapidly determine and join identities and enterprise property. It’s decentralized, self-sovereign, secure, and simple to make use of, enabling customers to totally management their very own knowledge and identities. As the most recent up to date model of ONT ID, ONT ID 2.Zero is applied by way of native good contracts on the Ontology public chain.

Through the use of ONT ID, any entity can take full management of their very own identities and knowledge, and authorize functions or different people to entry their very own knowledge as required.

Here’s a transient abstract of a number of notable options of ONT ID 2.0:

The protocol and the process of ONT ID verifiable credentials are designed primarily based on W3C Verifiable Credentials Information Mannequin 1.Zero Commonplace. ONT ID verifiable credentials help varied sorts of credentials together with regular credentials and selective disclosure credentials, with the latter enabling customers to selectively disclose the data in several eventualities. Moreover, on the premise of ONT ID, Ontology has designed and applied a distributed knowledge trade protocol that’s suitable with DID, which makes distributed knowledge trade doable.

DDXF is one other answer we offer. Primarily based on DDXF, the possession of assets may be confirmed and circulated on the chain. Customers can trade their assets for ONG and different OEP-Four property or for different assets. DDXF helps digital and bodily assets and permits varied types of useful resource circulation, which incorporates the circulation of its possession, proper to make use of, and so forth. For off-chain assets, DDXF allows customers to transact off the chain with a sensible contract, in order to fulfill the necessity for compliance and safety and consistency.

Q10. May you please clarify what would be the predominant distinction between ONTO 1.Zero and ONTO 2.Zero and the way it will positively efect to the ONTO customers? Thanks ☺️☺️(@Asa332)

ONTO, Ontology’s self-sovereign knowledge pockets, is a one-stop cell software for the administration of your digital identification, knowledge, and property, giving customers the facility to regulate the worth of their knowledge.

This month, Ontology launched a brand new model of ONTO, together with new options to reinforce knowledge administration, together with:

Supply hyperlink

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
USD - United States Dollar

Most Popular

Cryptojacking: A Rising Threat to All Internet Users

The cryptocurrency revolution steadily marches on. While it has yet to completely reshape the financial and other systems of everyday life, crypto...

Tether’s Stablecoin Dominance Drops Below 80% as Audit Controversy Lingers On

The total volume of stablecoins in circulation is closing in on the $20 billion mark, while the market-leading coin, USDT’s share of...

Crypto lending rates are low and DeFi is not competition says Nexo co-founder

Much has been said about attractive interest rates offered by popular crypto lending platforms like BlockFi, Celsius Network and Nexo. However, there are...

Chinese Mining Rig Manufacturer Microbt Announces Offshore ASIC Factory

On Friday, China-based bitcoin mining rig manufacturer Microbt announced plans to create an offshore facility that produces the company’s Whatsminer devices and...
Bitcoin (BTC) $ 10,640.90
Ethereum (ETH) $ 351.76
XRP (XRP) $ 0.239183
Tether (USDT) $ 1.00
Bitcoin Cash (BCH) $ 217.92
Bitcoin SV (BSV) $ 161.88
Litecoin (LTC) $ 45.49
EOS (EOS) $ 2.55
Binance Coin (BNB) $ 26.08
OKB (OKB) $ 6.19
Tezos (XTZ) $ 2.13
LEO Token (LEO) $ 1.24
Cardano (ADA) $ 0.095316
Monero (XMR) $ 94.12
Stellar (XLM) $ 0.072318
Chainlink (LINK) $ 10.21
Huobi Token (HT) $ 4.58
TRON (TRX) $ 0.026331
USD Coin (USDC) $ 0.999502
Dash (DASH) $ 67.84
NEO (NEO) $ 20.81
IOTA (MIOTA) $ 0.253544
NEM (XEM) $ 0.118458
Zcash (ZEC) $ 54.49
Maker (MKR) $ 495.05
Paxos Standard (PAX) $ 1.00
Ethereum Classic (ETC) $ 5.45
VeChain (VET) $ 0.012475
TrueUSD (TUSD) $ 0.999827
FTX Token (FTT) $ 3.61
KuCoin Shares (KCS) $ 0.892284
Waves (WAVES) $ 2.44