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Ontology Weekly Report (November 9–15, 2021)



Highlights  


Recently, Ontology founder Li Jun was interviewed by MarTech Series. He shared his views on the future development of Web3 and discussed the development of Ontology ecosystem. Since its establishment, Ontology’s decentralized identity protocol has been adopted by many companies around the world. In the future, we expect more and more users to adopt decentralized identity solutions to manage their digital identities Ontology plans to introduce more innovative products in this regard to meet the needs of more users.  



Latest Developments 

Development Progress


  • We have completed the launch of Ontology’s EVM TestNet and are 90% done with testing. At the same time, a large number of community developers are actively participating in the “Security Vulnerabilities and Threat Intelligence Bounty Program”, launched by Ontology and SlowMist.
  • We have completed Ethereum RPC support and are 100% done with internal testing. The TestNet has been synchronized online; we are 90% done with testing.
  • We have completed 100% of Ontology’s Ethereum account system development and the TestNet has been synchronized online; we are 91% done with testing.
  • The EVM/OEP-4 asset seamless transfer technical solution, which facilitates the efficient conversion between OEP-4 assets and EVM assets, is complete and the TestNet has been synchronized online; we are 92% done with testing.
  • We are 100% done with the survey on the improvement of the decimals of ONT and ONG and we are in the process of internal testing.
  • The ontology-go-sdk and ontology-java-sdk support ONT and ONG decimals updates.
  • We are 10% done with the survey on the RISCV’s simplified instruction set architecture. 


Product Development


  • ONTO hosted a campaign with cBridge. The first 250 participants and top 50 participants who stake the most will receive the highest tier of rewards. Participants who meet certain conditions will have the chance to enter a lottery to win ONG. The event is in progress, and will end at 11:00 (Singapore time) on November 18th. 

   

  • ONTO hosted a campaign with ACryptoS (BSC). The first 75 participants and top 20 participants who stake the most will receive the highest tier of rewards. The first 100 new ONTO users participating in the event will receive additional rewards. The activity is in progress and will end at 17:00 (Singapore time) on November 16th.     

    

  • ONTO hosted a NFT lottery campaign with Samurai. Participants who meet certain conditions will have the chance to win NFTs. The event is in progress with over 1,000 participants, and will end at 21:00 (Singapore time) on November 16th.  


  • ONTO hosted a campaign with Plato Farm. Participants who complete a series of tasks such as downloading the ONTO App will receive rewards. The number of submitted forms currently exceeds 260,000, and this campaign will end at 21:00 (Singapore time) on November 17th.  


On-Chain Activity


  • 121 total dApps on MainNet as of November 15th, 2021.
  • 6,817,107 total dApp-related transactions on MainNet, an increase of 4,275 from last week.
  • 16,707,199 total transactions on MainNet, an increase of 32,714 from last week. 


Community Growth


  • 1,843 new members joined our global community this week. The active community has attracted a large number of new members to join us.
  • Ontology published the next couple of interviews in its Harbinger Series. Andrey Sher from our Russian community said that Ontology has made progress in the Web3 field and created a unique decentralized identity solution. He hopes to help more community members learn about privacy protection through Ontology.
  • We held our weekly Discord Community Call, led by Humpty Calderon, our Head of Community. He focused on “Let NFT return to the public.”; with the emergence of more and more DeFi+NFT projects, Ontology’s DID solution and OScore provide them with a solution for identity verification. Through on-chain and off-chain data, users will have accurate identity and reputation information to trade NFTs with each other.
  • We held our DeID Summit: Humpty Calderon, our Head of Community, invited Charles Wayn, co-founder of Project Galaxy, to discuss “NFTs as a service infrastructure”. Charles said: Project Galaxy is providing services related to on-chain certificates (NFTs) for communities and enterprises. These certificates (NFTs) contain a lot of user data and provide users with credibility in the network.
  • We held our Telegram weekly Community Call, led by Astro, an Ontology Harbinger from our Asian community. He discussed with community members about Ontology’s upcoming 4th anniversary NFT event; community members provided many novel ideas for this program.
  • As always, we’re active on Twitter and Telegram where you can keep up with our latest developments and community updates.

Ontology in the Media


VentureBeat — Decentralization may be key to protecting our digital identities



Researchers around the world are working to create alternatives to our existing digital identities through the decentralized web, or Web 3.0. These alternatives use new protocols that remove the need for intermediaries during transactions, while further democratizing the web and bringing value back to creators and participants. The goal is to enable internet users to verify their credentials without the dependence of intermediaries while managing their own identities. This will create a fair, secure, fast, and scalable new internet with a stronger focus on security and privacy. 


With Ontology’s ONT ID and OScore technologies, users can manage decentralized digital identities and reputation scores. ONT ID is Ontology’s decentralized identity framework that enables users to control their data and decide whether a third-party can access a particular piece of information about them. It protects user privacy and ensures data security, enabling trusted collaboration. Ontology uses technical means to provide trust guarantees between unfamiliar users, combines a decentralized credit system with traditional finance, has created a credit-based cross-chain decentralized asset management platform (Wing Finance), and realizes Web 3.0 peer-to-peer transactions and disintermediation.