HomeCoinsOntology (ONT)Ontology Weekly Report (February 1–7, 2022) | by The Ontology Team |...

Ontology Weekly Report (February 1–7, 2022) | by The Ontology Team | OntologyNetwork | Feb, 2022

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The Ontology Team
Ontology Weekly Report (February 1–7, 2022) | by The Ontology Team | OntologyNetwork | Feb, 2022

Ontology has joined the global membership network of SME Finance Forum, which is managed by IFC, sister organization of the WorldBank. Membership will provide Ontology with increased global reach. This makes it easier to connect with traditional businesses and bring more traditional applications on-chain. Being a part of the SME Finance Forum allows Ontology to work with businesses to offer safe and secure solutions to data and identity, via DID and ONTID.

Development Progress

  • We have completed the launch of Ontology’s EVM TestNet. Developers are welcome to conduct various tests. Related documents can be obtained at the Ontology Developer Center.
  • We are 100% done with the survey on the improvement of the ONT and ONG decimals and we are 95% done with testing.
  • We are 90% done with the survey on the RISCV’s simplified instruction set architecture.
  • We are 80% done with the truebit challenge design survey.
  • We are 45% done with the Rollup VM design.

Product Development

  • ONTO hosted a Puzzle Adventure with OEC projects Cherry Swap, Samurai, and Celestial. Participants who completed related tasks had the opportunity to earn rewards. The activity has successfully concluded, with more than 3,000 participants.
  • ONTO hosted an NFT lottery campaign with PokeMine, releasing 200 co-branded NFTs. Participants who bought one PokeMine ONTO Metaverse 2022 NFT had the chance to win a bonus. The activity has successfully concluded.
  • ONTO hosted an AMA with Daima. The number of participants exceeded 300.
  • ONTO hosted an AMA with HakuSwap, the best DEX AMM on Avalanche. The number of participants exceeded 300.

On-Chain Activity

  • 125 total dApps on MainNet as of February 8th, 2022.
  • 6,890,275 total dApp-related transactions on MainNet, an increase of 20,692 from last week.
  • 17,035,108 total transactions on MainNet, an increase of 54,441 from last week.

Community Growth

  • We held our weekly Discord Community Call, with the theme “how to use reputation in DAO governance”. It is true that people in the decentralized field are increasingly interested in DAOs, but the development of DAOs still faces difficulties. Ontology community members believed that implanting DID in DAOs can eliminate “centralization” based on digital assets to a certain extent. DID can encourage DAO members to become more active, and balanced decision-making between the development team and ordinary members.
  • The Ontology Chinese Community Twitter was live to track more information and progress of Ontology. Through this Twitter, community members can learn about Ontology’s global dynamics in real time.
  • As always, we’re active on Twitter and Telegram, where you can keep up with our latest developments and community updates.

Global News

  • Ontology published the DAO 101 series on twitter, discussing a key point in DAO governance: What kind of incentives should be set up? Ontology proposed the following solution: Set up a DID with a reputation scoring system for each DAO member. When you enter a DAO, you need to first register/own a DID and submit certain verifications (authorization through encryption to protect privacy), such as on-chain/off-chain assets, whether you have similar experience or capabilities, and so on. After verification, you will be given an initial value and mark to help you better participate in DAO.
  • Ontology cooperates with the famous media Blockster, users can now keep up-to-date with Ontology news via the Blockster platform. Based on the Blockster platform, Ontology will further expand its influence to reach more potential partners.

Infosecurity — Identity Theft Will Get Worse

“To address fraud in 2022, organizations will need to enhance their approach to identity verification. That includes securing the enrollment process and taking a multi-layered approach to verifying and authenticating identity throughout the customer lifecycle. From enrollment to payment, managing change events to ongoing KYC and compliance. ”

For the above requirements, Ontology’s DID and data solutions provide reliable technology. ONT ID is a decentralized identity framework based on the W3C commendations for decentralized identifiers and verifiable credentials, using blockchain and cryptographic technology, that can quickly identify and connect people, data, and services. It is decentralized, self-sovereign, privacy-preserving, and easy to use, enabling users to fully control their own data and identities. At present, Ontology’s DID and data solutions can be seamlessly integrated into many platforms and applications, and have served many enterprises and platforms. In the future, Ontology will continue to expand global industry-wide partnerships to protect the digital identity and data of Web3 and the Metaverse.



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