Ontology, the NEO-based high-performance blockchain / distributed trust and collaboration platform, has been churning out updates and announcements at a remarkable rate.
Ontology is still quite a new platform, having only launched in early March 2018. Yet, despite the fact that they didn’t even have an ICO, Ontology managed to achieve a $1 billion market cap in just one month.
The team has already made more strides in their project than a lot of much older blockchain companies, and the stream of exciting announcements and press releases doesn’t seem to be slowing down anytime soon.
Here we have a roundup of Ontology’s most recent reveals on everything the platform has been up to lately. Prepare yourself, because they’ve accomplished a lot in a very small amount of time.
Ontology was co-founded by Da Hongfei, who also co-founded NEO, so it should come as no surprise that the two companies have close relations with one another.
There were announcements made in May that Ontology and NEO have signed agreements to collaborate on several projects together to further their shared goal of mass blockchain technology adoption.
As the Ontology team said in a press release:
Both Ontology and NEO share a common technical understanding and vision, and both wish to promote blockchain technology and its applications.
The two projects announced that they will be working together to build a smart contract ecosystem, fully support the development and adoption of NeoVM and NeoContract, and collaborate on developing smart contract open standards. The partners are also working on data integration between Ontology and NEO, as well as cross-chain research so the pair can produce integrable mainnets.
To complete these ambitious tasks, Ontology and NEO have made the decision to co-fund a Joint Task Force, into which they have contributed a total of 4 million Chinese yuan (US$624,580).
The Joint Task Force includes core developers from Ontology and NEO Global Development (NGD), plus some select community members. These team members are dedicating the next 6 months to completing a long list of goals, including API standardization, a shared smart contract ecosystem, building open standards for smart contracts, and cross-chain technology innovation.
Ontology announced on May 29 that they are partnering with a general-purpose intelligent hardware infrastructure platform named COT, which stands for Chain of Things. COT uses multi-chain blockchain technology to solve the pain points of physical business scenarios.
Ontology and COT will be building a platform that combines Ontology’s chain network model and COT’s IoT and intelligent hardware in order to support community and business-based trust identification, collaboration, transactions, and trust transfer. Wen Wang, the founder of COT, said the two projects aim to “establish a data exchange and digital identity collaboration platform to jointly promote the development and success of a system which fully integrates objects with our digital world.”
One of Ontology’s founders, Jun Li, stated in the press release:
Ontology is very optimistic about blockchain application and innovation within the IoT and intelligent hardware. Application scenarios which involve different entities cannot be separated from their interaction with objects. We look forward to future cooperation with COT to continuously enrich blockchain, the IoT, and their related industries.
On June 1, Ontology officially opened recruitment for the first cycle of their Triones seed node group.
For their chain network, Ontology will be using a governance plan they invented called the Triones Consensus System.
Co-Founder Jun Li explains:
The Triones Consensus System governance takes into account fairness, performance, and distribution. Users of different sizes can participate in the governance model through different forms and methods.
The Trinones Consensus System utilizes a stake-based consensus algorithm to optimize performance, which requires ONT for node staking. Learn more about the technical details here.
Participants of the Triones consensus node group include communities, professional organizations, and individuals around the world. They will act as co-builders of the Ontology trust ecosystem. For their help, participants will receive ONG (Ontology’s utility token) from basic consumption of the entire chain network system (such as network fees, storage fees, and smart contract fees), plus an additional 1% ONG per year from the community incentives allocation.
Requirements for participation include:
To apply, you must fill out the application form here.
Ontology also just launched a new program called the Ontology Olympus Accelerator whose purpose is to bring together technology and product experts across fields to build applications on Ontology’s public chain infrastructure.
The Ontology Foundation is pumping approximately US$1.5 billion into this program to provide complete technical, marketing, funding, talent, and legal compliance support to the startups and teams chosen. Applications will open in July.
Building the trust ecosystem goes hand in hand with the technology, applications, and governance of Ontology. This is nevertheless a huge and arduous task. We decided to launch the Ontology Olympus Accelerator precisely to develop the Ontology trust ecosystem and accomplish its goals.
– Jun Li
Points (PTS) is a blockchain-based credit service network, and Ontology has partnered with the project to build a network that provides a range of services including credit data exchange, credit scoring, and financial services.
PTS will integrate Ontology’s distributed trust platform with the credit and financial service industries to advance the adoption of blockchain technology within these industries.
To quote PTS founder Sarah Zhang:
With Ontology’s robust technology and strong community, together with PTS’ top-notch team and abundant industry resources, the two teams will work together to bring alive distributed financial services that are more inclusive and convenient. We will build the world’s first blockchain-based credit service network that can accommodate data of more than 100 million consumers and push towards the vision of personal data sovereignty.
On June 6, the Ontology team released information about the first advisors they have taken on.
Six highly qualified professionals will be advising Ontology, including a Stanford University professor and scientist named Shoucheng Zhang, and the CEO of China Chengxin Credit, Bin Zhang, among others.
Under the guidance of the advisors, the Ontology ecosystem will increasingly focus on physical businesses, building distributed business applications, expanding the Ontology ecosystem, continuing to promote the development of the Ontology Olympus Accelerator and Ontology’s overall globalization efforts. We hope that more experts will join the Ontology Advisors Group to create a world-class infrastructure platform for real business applications.
– Jun Li
For full information on the new team of advisors, read Ontology’s press release.
Ontology Global Capital (OGC) officially launched on June 8. This project will be dedicated to supporting blockchain technology and blockchain industry ecosystems globally, increasing industry participation. OGC will be on the lookout for exceptional projects to partner with to carry out these goals.
The founding venture partner is Selina Xu, a partner of Danhua Capital. Xu has led Ontology, NEO, and Fcoin investment and incubation projects, among others.
Ontology has high hopes that OGC will eventually grow to “have a global, professional, and influential investment team involved in the management of ecosystem funds.”
Last but not least, the most recent announcement made by the Ontology team, on June 12, is that they have partnered with a company called CarBlock, that describes itself as “the world’s first blockchain-based transportation solution backed by working applications.”
Ontology and CarBlock will be collaborating to build a blockchain-based transport data platform, combining Ontology’s chain network model with CarBlock’s intelligent hardware and IoT solutions.
The end result? A brand new smart transport ecosystem that efficiently and fairly circulates vehicle data within the ecosystem.
CarBlock Founder Jia Li states:
CarBlock is the fastest growing blockchain application in the automobile industry with the most abundant industry resources. We will be using our position to promote the Ontology ecosystem and help Ontology provide more diversified industry solutions.
Congratulations! You now know what Ontology has accomplished in the past month. That’s right—the Ontology team are making huge strides and growing their platform at lightning speeds. Several times a week, Ontology seems to have a huge new announcement to make. It’s quite refreshing to see a blockchain platform being so productive at such a fast pace, since so many projects in this field are lagging behind and missing their milestones.
So keep a close watch on Ontology, or you might blink and miss another announcement of some big, impressive accomplishment they’ve made. At this rate, Ontology is well on its way to becoming a giant in the blockchain industry.
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