HomeCoinsOntology (ONT)Ontology Weekly Report (May 12th–18th, 2021) | by The Ontology Team |...

Ontology Weekly Report (May 12th–18th, 2021) | by The Ontology Team | OntologyNetwork | May, 2021

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The Ontology Team
Ontology Weekly Report May 12th–18th 2021 by The Ontology

It’s been another busy week at Ontology: Our Chief Scientist was invited to the IEEE Computer Society Blockchain and Distributed Ledger Standards Committee Plenary & P3200S WG meeting, while Wing Finance, Ontology’s credit-based cross-chain DeFi platform, officially released its OKExChain version.

Development Progress

95% of the Ontology EVM-integrated design has been completed, which will make Ontology compatible with the Ethereum smart contract ecology.

– 10% of ETH RPC support has been completed.

– 20% of Ontology’s new Ether account system has been completed.

Product Development

– ONTO App v3.8.3 has been released and will support the upgraded OKExChain MainNet.

– To celebrate Wing’s launch on OKExChain, a liquidity mining and staking activity involving CafeSwap was launched (note: the mining activity jointly organized with ApeSwap is still running).

dApps

– 115 dApps have been launched on MainNet.

– 15,547,631 transactions have been completed on MainNet, an increase of 58,300 from last week.

Community Growth

This week, the How To Get Your First ONG guide was shared by Dumont, Ontology’s Telegram Admin. The guide helps Ontology’s global community members understand the network’s staking mechanism and participate in the maintenance and development of the Ontology ecosystem.

We encourage anyone who is interested in Ontology to join us. We’re active on Twitter and Telegram where you can keep up with all our latest developments and community updates.

Global News

– Wing, the first credit-based DeFi cross-chain platform, officially launched on the OKExChain MainNet, the open-source trading chain renowned for its safe and efficient, decentralized structure. The release of this new version will help satisfy users’ high-frequency trading needs.

– Ontology’s Chief Scientist Kendall Mao was invited to the IEEE Computer Society Blockchain and Distributed Ledger Standards Committee Plenary & P3200S WG Meeting, where he discussed how to accelerate the development of core standards for blockchain and build a global blockchain ecosystem with more than 70 representatives from 55 units.

– Ontology’s Chief of Technology Ning Hu published a paper entitled “OpenKG Chain: A Blockchain Infrastructure for Open Knowledge Graphs”, introducing blockchain-based open knowledge infrastructure.

– Ontology chain’s fortnightly statistics report was published. From April 25th to May 8th, the number of transactions on the Ontology chain, the number of active addresses, the total number of addresses, and the ONT ID data, showed an overall growth trend. The number of transactions increased by 236.39% and the number of active addresses increased by 272.63%, reflecting a tremendous increase in new users and users of self-sovereign decentralized digital identities.

Ontology In The Media

Li Jun, Founder of Ontology, was featured in the Forbes article “How Blockchain and Co. are Going to Change Beauty and Lifestyle for Good”. The article states that while technology has always been a propelling force in the beauty and lifestyle industries, blockchain will initiate their next revolution.

“There are a multitude of ways blockchain affects the luxury market. With all premium markets, such as beauty or luxury, the verification of authenticity is of vital importance. You would be able to track the manufacturer and verify the item you are transacting with through the power of blockchain technology. But more importantly, you would be able to trace and verify the supply chain process. In a field like luxury, changes are being made constantly, especially towards a greener, eco-friendly solution. You can track this change from a raw material standpoint, moving along the supply chain until the bag is sitting on a shelf in your Louis Vuitton store.”

Read the full article here.

Wing’s launch on OKExChain was featured in a BeInCrypto article, ‘Ontology Cross-Chain DeFi Lending is Now Available on OKExChain’. Read the full article here.



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