Building the infrastructure and delivering the tools for Web3
2021 draws to a close with Web3 firmly establishing itself in the consciousness of the crypto community. Perhaps more importantly, we have started to see signs that it is transcending into the minds of those outside of the cryptosphere. Web3, in its association with the Metaverse, looks set to capture the imaginations of people worldwide in 2022.
Ontology has worked on bringing trust, privacy, and security to Web3 through providing decentralized identity (DID) and data solutions. From the very inception of the project, the aim has been to build the infrastructure required for users to interact with this new generation of decentralized applications, and that aim has not changed.
Our goal for 2022 is to make the Ontology high-speed, low-cost, public blockchain, the blockchain of choice for Web3 applications. Ontology’s efforts in creating interoperability between the different public chains, including the upcoming Ontology Ethereum Virtual Machine (EVM) launch, will provide the opportunity to incubate more high-quality Web3 applications in the new year across a multitude of industries and services.
Beyond providing a blockchain to build Web3 applications, delivering ease of access and a seamless experience is essential to the user experience. That is why ONTO Wallet aims to become the access point of choice in 2022, providing the easiest access to Web3 for every user by allowing them to own their identity and data. This approach of empowering developers and users alike, to build and experience together, underlines Ontology’s goals for 2022.
Decentralized Identity and Data
Web3 should allow you to have self-sovereign identity and data, and it should allow you to choose which parts of your online existence, or perhaps we should say your existence in the Metaverse, you’d like to share with each other. This requires technical interconnectivity and interoperability, as well as more philosophical and collaborative discussions across the entire community for how identity is defined and changed.
In the end, there will not be a single blockchain, but rather a collection of different chains, each with their own characteristics, benefits, and subcultures. Whilst there will be competition, there is also tremendous opportunity for collaboration for the benefit of the overall ecosystem and user experience.
Ontology will continue to optimize deeper product integrations across different blockchains. With a focus on DID and data, users will be on-boarded into the Ontology experience for secure, self-sovereign control over their digital existence.
The launch of the new ONT.ID website brings us 1 step closer. ONT ID, ONT Login, and ONT TAG empower both developers and users by providing cost-effective and private methods to authenticate and manage their identities.
Virtual Machines (VMs) play a crucial role in both the aforementioned need for interoperability and in the expansion of applications built on Ontology. By taking a Multi-VM approach, Ontology maximizes interoperability and allows more developers to create in the development languages they are familiar with. The Ontology EVM will be launched in Q1 2022, together with an EVM Fund to incubate the development of applications on Ontology.
The launch is the culmination of all the hard work by the team that began at the start of 2021 when Ontology’s tech team first began developing the Ontology EVM. The EVM, along with the EVM fund, aims to establish seamless interoperability between Ontology and the Ethereum platform and to offer an inclusive experience to developers and users. The new VM will join a suite of existing VMs, which include the Native (Ontology) VM, NeoVM, and WasmVM.
This is a crucial step in the realization of the Ontology Multi-VM. It adds to the opportunities provided by the WasmVM, which allows more traditional developers to deploy apps on the blockchain. As the most common virtual machine used on the traditional Internet, the support of Wasm also prepared Ontology for big-scale Web2 applications to transition to Web3 in the near future.
From a dApp development perspective, the Multi-VM approach taken by Ontology allows dApps to be integrated into multiple platforms. This boosts long-term growth for cross-chain dApps, exposing them to a larger user base and to receive all the benefits offered by the various alternative chains.
This Multi-VM approach, combined with a focus on DID and data, brings us back to the importance of Web3. Since the very beginning, Ontology has been building the infrastructure necessary for a cross-chain, interoperable Web3.
Ontology will continue to vigorously develop the following products, already familiar to the community:
ONT ID will be optimized to be more applicable to all blockchains, including products like ONT TAG, ONT Login, and OScore. Over 1.5 million users now manage their digital identity using ONT ID, with control over how, when, and with whom their data is shared. Furthermore, we continue to work on the design of more DID products for developers to further expand DID applications.
ONTO Wallet, as the essential gateway for every individual to Web3, aims to provide crucial infrastructure for a seamless Web3 experience. Over the past year, we have seen tremendous growth in ONTO users (over 750K), and its social influence, with 30 times increase in social media channels and communities.
With ONTO, users can create their decentralized identities and verify credentials, powered by Ontology’s decentralized identity framework. The ONT ID digital identity wallet allows users to use a single private key to log into their multi-chain wallets. They can also manage their digital assets, including NFTs, perform cross-chain swaps, keep up-to-date with the latest industry developments and events via the ONTO news feed, and enjoy access to a full range of dApps anywhere and anytime, available as both mobile and web applications. Moving forward, ONTO will continue to expand its multiple chains assets and dApps support, making Web3 easily accessible in the palm of your hand.
The decentralized digital asset and distribution tool, ONTO Anydrop, also provides faster, cheaper, and more convenient event support for our partners, and will continue to benefit the expansion of our ecosystem.
Wing Finance will continue to utilize Ontology’s decentralized reputation solution for DeFi projects. Its unique and pioneering Inclusive Pool, coupled with Ontology’s OScore, allows people to under-collateralize assets and maximize their borrowing capabilities based on Web3-native credit and reputation scores.
Ontology will continue to work with Wing to develop further product lines, which will enable more types of assets to be lent, borrowed, and collateralized. There will also be continued expansion of accessibility, allowing more users to enter the DeFi ecosystem.
SAGA provides data management in the Web3 era. Offering a decentralized alternative, where the data providers remain in control of their data.
Thanks to these platforms and more, whether it is DeFi, GameFi, NFTs, or one of the countless other innovative decentralized applications, Ontology is well placed to support their development and expansion. Ontology will keep developing more easy-to-use products and tools to meet the requirements of the era, making Web3 available to everyone, whilst maintaining the security and privacy of users, and bringing a decentralized experience to the world.
2021 draws to a close and 2022 promises to bring us closer to Web3 than ever before. Four years of work has positioned Ontology as a leader in the space, through the development of products focused on DID and data, and by taking a Multi-VM approach.
The upcoming launch of the Ontology EVM and the associated EVM fund will bring the benefits of Ontology to a new, larger audience. More applications will be built on the Ontology network, expanding the opportunities for developers and users alike. The relevance and application of the Ontology approach extend to the entirety of Web3, regardless of the chain.
No doubt 2022 will bring new tech advancements, alongside ecosystem growth. We’re excited to journey into the decentralized future with you and appreciate all the support shown by our community throughout the year. Our Harbingers have continued to work passionately, to provide the best community experience possible. We are always looking to recruit more Harbingers into the Ontology family, and hope to welcome more new faces in the new year.
Ontology is proud to be part of this rapidly changing landscape and is excited to share more updates in the future. Here’s to another year exploring the future together.