Co-founder Andy Ji explains
DappRadar recently added tracking for dapps using the Ontology blockchain.
But what is the Ontology blockchain? And what makes it so interesting for dapp developers?
Ontology co-founder Andy Ji is on hand to answer those — and more — questions.
DappRadar: Lots of blockchain protocols are live or in development. Why is Ontology different?
Andy Ji: A distinct feature of Ontology is the high-performance consensus algorithm and dual-token governance model.
Ecosystem-wise, the Ontology multichain and multi-layer scaling design serves applications on the blockchain and with the help of DDXF (Distributed Data eXchange Framework), can achieve partially-fungible and non-fungible assetization of Ontology’s ecosystem resources.
Assets on different chains can access Ontology’s application services through our cross-chain solution. And our Digital Identity solution fully support the next generation digital economy and provides the trust ability to worldwide business .
Why are “distributed trust”, ONT ID and the DDXF protocol important for Ontology?
At its core, a blockchain network is an assumption about node behaviors. Nodes follow the assumption of the consensus algorithm and malicious nodes will be caught and punished, thus creating a “trusted” blockchain network. On-chain applications developed based on this trusted blockchain network are also deemed to be trusted.
It is unrealistic for common business applications to be supported solely by blockchain smart contracts, that’s why most blockchain applications today are for DeFi. Ontology is planning to apply blockchain’s distributed trust to common internet business applications through its ONT ID and DDXF solutions.
ONT ID provides a solution to reforming the traditional internet application account system by giving back the control of user accounts from centralized power to users themselves.
DDXF provides a solution to assetizing valuable resources in the system and offers resource-and-asset-based interaction and sharing services, thus forming a trusted blockchain solution for business information interaction.
Moreover, DDXF can provide trust support for cross-system sharing of valuable resources. For example, data interoperability between different IoT systems can be achieved.
What are the main things you’ve learned from the first year of running the Ontology mainnet?
Over the past year, the blockchain industry has developed at a rapid speed. We have witnessed many ups and downs in the industry. What remains unchanged is that we stay true to our initial mission and are committed to applying blockchain technology to real business scenarios, which is why this year our slogan has been changed to “Ready for all Businesses”.
Thanks to our node ecosystem, the Ontology network is developing rapidly. Since the node application and Delegated Proof-of-Stake (DPoS) stake authorization were launched on the mainnet, the total staking rate across the blockchain has reached 10%, and all of this is supported by 49 Ontology Triones nodes across five continents.
The number of global seed nodes that are providing application services has reached 376, which has ensured the capability of producing a new block within a second and a TPS of 5,000.
The goal of Ontology is to build a public infrastructure for trust collaboration.
In the next phase, Ontology will shape its brand image by striving to lead in technology, be developer- and user-friendly, and widely recognized.
When it comes to dapps, what do you think will be the first sectors to start using Ontology?
We already have quite a few partnerships with sectors such as content production, copyright protection, gaming and etc. I think any industry that is facing the trust problem will find Ontology useful and will be eager to adopt it.
Onboarding users is a big obstacle for most dapps at present. How can Ontology help solve this problem?
In December 2018, we launched the Ontology dapp developer incentive schemes. In January, the OEP-39 proposal submitted by the community was approved, which marked the beginning of the incentive schemes.
According to the “Worker Ant Scheme”, if the number of qualified dapps is less than 20, there will be a prize pool of USD $20,000 in ONG each week. 50% of the weekly $20,000 prize pool in ONG will be given to users who use ONT ID on the ONTO wallet to access the dapps on Ontology.
Users who download ONTO, create their ONT ID and use it to log into the dapps will be eligible for the 50% weekly prize pool. As the number of users increases, so does the 50% weekly prize pool.
BTW Ontology improves the user experience and smoothly transfers traditional users to become dAapp users. One click log-in with ONT ID helps people to get their first digital wallet and asset much more easier.
Game developers are often early adopters of new technology so how are you encouraging them to release games on Ontology?
As already described, according to the “Worker Ant Scheme”, if the number of qualified dapps is less than 20, there will be a prize pool of USD$20,000 in ONG each week.
50% of the weekly $20,000 prize pool will be given to dapp developers who can use the incentives to reward their users. Dapps with good user reviews will also be able to win extra incentives. We will release more rules in the future to make it easier and more rewarding for game developers to use the Ontology platform.
Meanwhile Ontology offers engineer resources to help traditional game developer to transfer their work on top of the blockchain such as the IDE tool, quick guide, and online support.
More generally, can you explain how your dapps incentive scheme works?
The Ontology dapp incentive schemes include four schemes: Early Bird Scheme; Worker Ant Scheme; Angel Investment Scheme; Developer Support Scheme.
Early Bird Scheme — 50% of all transaction fees (ONG) generated by a dapp will be returned to the dapp developer. Ontology hopes this model will encourage intuitive and effective dapps. In order to encourage pioneering developers, we have set a 3-month “early bird period”, which means 60% of all transaction fees generated by dapps will be returned to the dapp developers from April 1st to June 30th, 2019. So the Early Bird Scheme has already ended.
Worker Ant Scheme — As previously described.
Angel Investment Scheme — For developers who start developing without funding, Ontology launched a customized loan program. After the loan application is approved, Ontology will provide developers with financial support for development and operation, and allow them to repay the loans in the method they choose.
Developer Support Scheme — In addition to financial support for development and operation, the Ontology team further provides developers with technical, marketing, and operations support.
As you can see, we provide comprehensive support and incentives for dapp developers and users.
Finally, how quickly do you expect features such as your cross-chain network and sharding to be live within your mainnet?
Ontology has already launched its cross-chain and sharding testnet. We will run the testnet for a while to test the completeness of the system.
According to the Ontology Plato Milestones timeline, we estimate that we will be able to launch the cross-chain and sharding mainnet by Q4 2019.
Of course, the exact time will depend on how the ecosystem develops.Our goal is to link with most popular and active public blockchains. And we are keen to connect with Facebook Libra, Line, Klaytn and Telegram networks, and more incoming powerful platforms.
We hope we can create a new generation internet — blockchain network in the near future.
Find out more about Ontology via its website and via Medium.
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