HomeCoinsOntology (ONT)Ontology Weekly Report (February 16th- 22nd, 2021) | by The Ontology Team...

Ontology Weekly Report (February 16th- 22nd, 2021) | by The Ontology Team | OntologyNetwork | Feb, 2021

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The Ontology Team

Highlights

It was a very exciting week for Ontology as the ONTO team launched their new wallet: ONTO Web, which is the first cross-chain web wallet. Ontology also successfully executed the “ONTO Red Packets For You & Me” and “Open ONTO with me” campaigns.

Meanwhile, Ontology, as the only KYC & Identity Solution provider, has introduced the solution in detail.

Latest Developments

Development Progress

  • We have completed 40% of the Ontology EVM-integrated design, which will make Ontology fully compatible with the Ethereum smart contract ecology after completion.

Product Development

  • Our campaign of “ONTO Red Packets For You & Me” launched last week. This allowed users to send Red Packets of ONG or WING on ONTO for a 10,000 ONG bonus.
  • ONTO launched a two-week “Open ONTO with me” campaign, which was a tremendous success and attracted nearly 1,000 users.

dApps

  • 112 dApps launched in total on MainNet.
  • 6,420,482 dApp transactions completed in total on MainNet.
  • 22,744 dApp-related transactions in the past week.

Community Growth

Another week of growth for the community. This week we onboarded 1,618 new members across Ontology’s global communities. As always we welcome anyone who is interested in Ontology to join us!

Global Events

  • Ontology — The ONLY Decentralized Identity Partner for Binance Smart Chain. Ontology and Binance have a long history of working closely together — a fruitful, mutually beneficial cooperation. The integration of Ontology’s Decentralized Identity Solution into the Binance Smart Chain is the latest in our collaborative efforts, further strengthening the ties between the two companies. The symbiotic relationship sees Ontology and ONT ID as the sole partner for BSC in terms of providing a truly decentralized identity option and KYC user verification.
  • Li Jun, Founder of Ontology, was interviewed by CointelegraphCN and shared his thoughts on public chain’s globalization.

Industry News

Data Regulation In 2021: More Small Steps Or A Giant Leap?

By Li Jun, Founder of Ontology

We are living through an activist period of data regulation that will dictate how our economies function for generations to come. Data regulation is being designed from first principles before our very eyes. It draws from notions of individual privacy, and is heavily influenced by world events from national security regulation following 9/11 to a reckoning on data collection in the aftermath of the 2016 US presidential election. Technical considerations are also feeding into regulation, in particular the ability of machine learning technology to help with medical treatment or predict crime using ever larger data sets.

ONT ID is a framework for decentralized identity, built on the Ontology blockchain and integrated with the Binance Smart Chain. So any user, developer, or project launching STO’s will have access to fully integrate the benefits of ONT ID and with it, decentralized identity, into their existing developments. We are looking forward to witnessing the wider use of ONT ID, providing any entity with a digital identity that is controlled by the entity through decentralization.

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