Ontology’s founder, Li Jun, and chief strategy officer, Andy Ji, recently held a live question and answer (Q&A) session where they discussed Ontology’s future plans. The Q&A write-up was divided into six primary areas of topics: technology; consensus; use cases; ONT, ONG, and the market; ONTO Wallet; and the team.
In the technology section, the Ontology team covered private transactions, decentralized applications (dApps), Ontology’s relationship with NEO, bug/security bounties, and more.
Ontology will have private transaction options (similar to projects like Zcash), and will support both private and public transactions depending on future scenarios. For dApps, Ontology’s blockchain is focussed on serving enterprise needs, so it aims to support different legal systems and regulations. With regards to NEO and Ontology, the two entities have a technical cooperation, but the two teams are distinct and separate. Lastly, Ontology will be releasing a bug bounty program through their website in two weeks.
Questions regarding consensus surrounded Triones Consensus Nodes, decentralization, governance, and hosting/supporting a node.
Dedicated nodes will begin operating on August 24th, and the second round of the node competition will begin on October 7th. The consensus nodes will continually remain open for those who are interested in participating in through the deposit of ONT into a smart contract. As time progresses and more individuals join the network, the VBFT consensus protocol aims to support thousands of consensus nodes. Users with any amount of ONT can choose to support a consensus node. Users who are interested can run node on a cloud-based server, or put their ONT into a public smart contract and select nodes they support.
Ontology is currently building dApps and sub-blockchains for enterprise partners, which are specially customized and are under constant testing prior to final release. Beyond identity verification, Ontology seeks offer a distributed data exchange mechanism, distributed electronic contract module, and signature services. These areas of focus will aim to synchronize with one another, and build a bridge to link different business scenarios. Lastly, Ontology isn’t simply focussing on enterprise, but also government partners and building consortium blockchain solutions for various levels of governments.
ONT, ONG, and the market
With regards to the market, Ontology isn’t deterred by the current bear market as they have “enough funding and resources to support development in the long term.” As Ontology’s MainNet has launched on time, and has quarterly planned upgrades, the company strives to consistently showcase its engineering capability.
When ONG is accrued by holding ONT (like GAS is claimed on NEO), there will be a small transaction fee attached to claiming the ONG. This is done because the ONG claim will be recorded onto the blockchain, which requires resources to store that data. Currently, claiming ONG can be done so at no cost, but the development team plans to incorporate a fee structure in the future.
With regards to distributing ONT into the market, the Ontology team’s “co-builder plan” aims to release 5% of the total token supply (1,000,000,000) every 6 months for the next two years. Additionally, Li Jun said of the teams supply, Ontology has “one of the longest lock periods for a public blockchain project.” Beyond the team lockup and co-builder distribution plan, Ontology aims to also airdrop tokens through a community airdrop on the ONTO client.
Ontology doesn’t believe ONT will be listed as a security by the US Securities and Exchange Commission (SEC) as ONG “is only rewarded for ONT holders who participate in the consensus mechanism, so this isn’t like a security, it’s like a reward for a job or task.”
Lastly, Jun Li stated ONT will remain indivisible.
The ONTO wallet is scheduled to be upgraded every two weeks, with more functionality (such as multiple signatures) planned for the client. Additionally, Ontology seeks to include “more identity verification services on ONTO so every user can manage and control their identity data”, as well as “soon provide KYC and AML functions, OTC exchange, candy box (airdrops from different tokens of Ontology applications for ONT holders), and a data exchange.”
The Ontology team is currently comprised of more than sixty full-time developers, and thirty community developers.
Regarding rumors that Da Hongfei is working for the Ontology team, Jun Li stated “Hongfei is the Founder of NEO and he still works for NEO. Since Ontology is supported by the Onchain team, and since Ontology and NEO are strategic partners, we are still doing technical cooperation.”
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