Ontology 5th anniversary since mainnet launch, summary of 1 year progress

5 years since mainnet launch

Ontology, a project focused on developing distributed ID solutions and data-focused open source platforms that take into account trust, privacy, and security, specializing in Web3, has just five days since its mainnet launch on June 30. anniversary.

The mainnet is an independent public blockchain that will be released as an actual operational environment after the testnet, which is in the experimental stage.

Ontology officially launched its mainnet on June 30, 2018. Since then, we have focused on building a highly secure infrastructure with increased privacy, transparency and trust.

Source: Ontology

The number of users of the decentralized ID “ONT ID” developed by Ontology will exceed 1.6 million by the end of 2022, accounting for a large share among commonly used DID solutions. Microworkers, which provides a freelance marketplace on a global scale, has adopted this ONT ID. This allows MicroWorkers to securely store and share users’ account history and credit scores.

Ontology’s mainnet currently hosts a total of 164 dApps (decentralized apps), with a total of over 7.6 million dApp-related transactions made on the mainnet. These numbers show the steady growth of the Ontology ecosystem and community.

connection:Ontology reports on project status | 5th anniversary from official launch

Ontology reports on development progress and milestones achieved over the past year. This article summarizes the details below.

Major developments in the past year

We will introduce our achievements in the past year regarding the progress of development, including technical implementation of Ontology and partnerships.

Launched L2 “Goshen Network”

Goshen Network is a Layer 2 network fully compatible with Ethereum (ETH). It is expected that the interaction between Ontology and Ethereum developers will be further strengthened. This project graduated from Ontology’s incubation program. We launched our testnet in April 2023 and launched a reward campaign for early users.

Goshen Network has introduced a technology called Optimistic rollups to improve transaction processing performance at lower gas costs while maintaining the decentralization and security of the main chain Ethereum. Optimistic rollups is a technology that reduces transaction costs and improves throughput by aggregating transactions on a sidechain and then reflecting them collectively on the main chain.

connection:L2, born after Ontology incubation, conducts reward campaign

Optimizing Performance/Enhancing Staking Environment

Through optimization of ledger memory usage and smart contract data storage, performance, scalability, and overall network efficiency have been improved.

Significant expansion of the staking ecosystem. Improved clarity, usability, and accessibility. The staking process has been simplified, making it easier for users to participate. Also, the development of liquid staking (stONT) is currently underway. Once realized, it will be possible to acquire the liquidity of ONT tokens and access profit opportunities while staking.

Evolution of ONTO Wallet

ONTO Wallet will act as a command center for decentralized identity (DID) and can securely manage DID across multiple platforms. A key element in realizing the vision of self-owned identities, giving users control over their own digital presence.

Effective utilization of Ontology EVM development fund

The Ontology EVM Development Fund provides significant support and resources to developers working on Ontology EVM, thereby fostering the development of EVM-based projects and driving innovation. This is directly linked to the evolution of Web3 and the expansion of interoperability.

Ontology will officially launch its own Ethereum Virtual Machine (EVM) in March 2022. Ontology EVM gains compatibility with the Ethereum blockchain, resulting in interconnection with over 35 chains, including Ethereum (ETH).

Major partnerships in the past year

Partnership with Alchemy Pay

In May 2023, a partnership with the cryptocurrency payment gateway Alchemy Pay was realized, further improving user access and convenience. Alchemy Pay’s payment gateway primarily supports the purchase and sale of cryptocurrencies, as well as payment methods such as Visa and MasterCard. The partnership facilitates the purchase of Ontology (ONT) and Ontology Gas (ONG) using fiat currency.

Partnership with iZUMi Finance

Ontology has partnered with iZUMi Finance, a DeFi protocol that provides a decentralized exchange (DEX) for Ontology EVM. This partnership enables a smooth exchange from ONG to ONT, further simplifying the user experience within the DEX.

Collaboration with Orange Protocol

Strengthen cross-chain credit management function in cooperation with Orange Protocol, which handles reputation management. This combination allows ONT ID to evolve into a decentralized identity, enabling verification of trust across different blockchain networks, increasing trust and transparency in the decentralized ecosystem.

connection:Ontology for Decentralized Identity Development Releases Roadmap for 2023

These achievements are evidence that Ontology is embodying efforts to remove barriers between developers and users, evolving towards making the Web3 experience more open and smooth. Through optimizing performance, improving the staking environment, and collaborating with other projects, Ontology is shaping the future of Web3 and driving the adoption of decentralized technology.

Through 2023, Ontology will further promote the introduction of distributed identity (DID) and distributed data in various fields. In addition, the ONT staking function and user interface (UI) are planned to evolve further.

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