Recently, Jun Li took his company, Ontology around the United States and the world where he was received with warmth and welcome. Ontology has a goal to create a decentralized system that cover multiple systems, industries, and applications.
As Ontology is celebrating its first anniversary, it's a great time to do a little stocktaking, on the milestones that have taken us thus far. Over the past year, Ontology proposed the first generation of governance model-the Ontology Triones Consensus System, saw the launch of its MainNet Ontology 1.0, released ONTO wallet app and Owallet, joined hands with Danhua Capital, Matrix Partners China and Zhenge Fund for the "co-builder plan", welcome DAD, Contentos, COT and CarBlock into our ecosystem. Our Seed Nodes application attracted 100 partners and we established presence in five continents. The Ontology "new generation of public chain" and "decentralized trust ecosystem" are in shape.
Technology, from 0 to 1
Technology is the make or break factor to any blockchain project. With this in mind, Ontology has put technological development first priority since the 1st day.
After publishing the first tech White Paper on December 27th 2017, Ontology released VBFT algorithm based on Ontology Consensus Engine, the Ontology Triones Consensus system and the first roadmap. In addition to the several tech innovations, our roadmap is also a blueprint for what we plan to achieve in the next 2 - 3 years.
On the whole, technology will develop in two parallel lines, one being the new generation high-performance public chain and the other being the distributed trust collaboration platform and ecosystem. As of today, we have completed development of the public chain and modular architecture framework. Important modules such as the distributed identity framework and distributed data exchange framework are also in place.
On June 30th 2018, Ontology Mainnet 1.0 became live, packaging the new generation high-performance blockchain and complete support for distributed ledger and smart contract system. It also supports customizing public chains and chain networks, with general-purpose modules suitable for all kinds of distributed applications. In order to devote more resources to the development of core blockchain technologies and exploring new technology and applications possibilities, on November 7th 2018, Ontoloy Research Institute was officially established, with the great mission of serving the entire industry.
At the current stage of blockchain development, technology holds the key to winning the game. Daniel Wen, Business Development Director of Ontology said that technology is also Ontology's center of focus and it would go all out in developing cutting-edge technologies.
Multi-pronged Approach to Building a Prosperous Community
Jun Li once said, to build this new generation of trust ecosystem, efforts of our in-house team must be complemented by the support of a larger community. Community is also the force driving blockchain development.
In April this year, we announced the "co-builder plan" together with Danhua Capital, Matrix Partners China and Zhenge Fund to help and serve other industry players for the "new generation public chain infrastructure" and "distributed trust ecosystem".
In order to build a dynamic tech community, Ontology launched the community incentive plan in July 2018, offering 10% of ONT to the community, on par with, if not more than incentive to the in-house team, to encourage quality input from the community.
We recruited Ontology Triones Seed Nodes on June 1st and October 15th 2018 to build a more globalized, transparent network. Top VCs such as Danhua Capital and ZhenFund are among the first round of nodes.
And we continue to grow. Down the road, we will continue to work with our community and make a better ecosystem.
The Ontology trust ecosystem relies on the collective efforts of all the partners. After a year of development, Ontology has established partnership with multiple industry players.
Our partners include COT(Chains of Things), a smart hardware solutions platform, CarBlock, the world's first car data-based distributed market for car business, DAD (Decentralized Advertising), blockchain-based digital ads platform, BDN (Business Data Network), blockchain-based business data network and Cocos, a mobile game development solutions platform.
In June 2018, we joined the Institute of Electrical and electronics Engineers (IEEE) as its first public blockchain member. We also struck partnership with China Financial Certification Authority, who will provide us with identity authentication service.
As of November 2018, we have more than 30 partners in areas ranging from Fintech, governance management, IP protection, healthcare, IoT, supply chain, auto business, digital content, gaming, advertising to music, with the support of famous KYC agencies and auditing firms.
One year is not a long time. But over the past year, blockchain industry has gone through a lot. As more people start to reflect on this industry's way forward, where should Ontology head to? The answer, as founder Jun Li put it, is "we are ready to be here for the long run". Without mature technology and practical applications, no project will survive and thrive.
Ontology has achieved a lot over the previous year including new standards in marketing, partnerships, and technology.
Edited by M. Hunt
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