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Ontology x GetBlock May 2023 AMA Brief Recap

Vance Wood

Vance Wood

May 18, 2023

12 min read

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Last week, Ontology’s Community Manager Geoff Richards and Joan Williams, Head of Marketing in GetBlock, sat down to talk about Ontology’s mission and Web3 disruption as a whole. Here’s why GetBlock and Ontology work together - and which products are next big things in brewing under Ontology umbrella.

By the way, don’t hesitate to try the power of Ontology itself: set up your GetBlock RPC endpoint today.

Section One: What is Ontology?

J.W., GetBlock: Can you tell us briefly what Ontology is and what it aims to do?

G.R., Ontology: Ontology is a high-performance, flexible public blockchain platform that's all about making decentralized identity and data solutions a reality. It aims to lay the groundwork for web3 by offering out-of-the-box solutions for developers and supporting a variety of smart contract languages, making it super easy for anyone to jump in and start building.

What makes Ontology stand out is its unique dual-token model, using ONT tokens for governance and ONG tokens for transaction fees and smart contract execution. This cool setup helps preserve voting power for ONT holders while keeping gas fees stable. Plus, Ontology's multichain and cross-chain architecture means it plays well with others, allowing for smooth integration with different blockchain networks.

But here's the kicker – Ontology is all about decentralized identity. ONT ID, our digital identity framework, gives users and businesses a secure, self-sovereign, and privacy-preserving way to manage their identities online. It's like giving people the keys to their own digital lives, making the online world a more trusted place.

J.W.: How is Ontology unique compared to other blockchain solutions and what benefits does it offer to people who want to build on it, like businesses or developers?

G.R: Ontology brings a unique blend of features and benefits to the table for businesses and developers who are eager to build in the web3 space. Here's what sets it apart from other blockchain solutions:

Decentralized identity focus: Ontology's ONT ID provides a secure, self-sovereign, and privacy-preserving digital identity solution, empowering users and businesses to take control of their data and fostering trust in the online world.

Out-of-the-box solutions: Ontology offers ready-made tools and modules that make it easy for developers to create and deploy decentralized applications (dApps) quickly and efficiently, saving time and resources.

Multichain and cross-chain architecture: Ontology's compatibility with different blockchain networks ensures seamless integration and collaboration across various ecosystems, which is vital for interoperability and expanding the reach of web3 applications.

Variety of smart contract languages: By supporting multiple smart contract languages, Ontology removes barriers for developers, allowing them to use their preferred programming languages and making the platform more accessible.

Dual-token model: The ONT (governance) and ONG (utility gas) token system helps to balance the voting power of token holders while maintaining a stable gas fee structure, ensuring a fair and efficient ecosystem.

J.W.: How do you make sure that smart contracts are reliable and trustworthy before they are used?

G.R.: As a public chain, Ontology acknowledges that individual developers and projects are responsible for their smart contracts. However, we are committed to ensuring a secure and reliable ecosystem for all participants. With this in mind, we take the following approach to smart contract development and testing:

Leverage established libraries: We utilize mature component libraries, like OpenZeppelin's smart contract library, which offers a wide range of well-audited and commonly used functions in smart contracts.

Internal review process: Once a smart contract is developed, it undergoes a thorough review by our internal technical team. This process helps improve the contract's quality and contributes to the continuous growth of our developers' skills.

External audits: For complex and critical contracts, we engage reputable smart contract audit firms to perform comprehensive code reviews. These external audits play a significant role in enhancing the reliability of our smart contracts.

Embrace open source: For some projects, we make the code open source and set up bug bounties, encouraging community developers to participate in improving the code's trustworthiness.

By combining these approaches, Ontology strives to maintain the highest level of security and trustworthiness in our smart contracts, ensuring the protection of our users and the overall success of applications built on our platform. It is essential for developers and projects building on Ontology to take a proactive approach to ensure the security of their smart contracts, as well.

Section Two: Ontology and GetBlock

J.W.: How does Ontology work with other blockchain networks to make sure they can all communicate with each other? What solutions do you have for connecting different blockchains?

G.R.: Ontology is committed to promoting interoperability and communication between various blockchain networks. We have developed the Ontology EVM (Ethereum Virtual Machine) to ensure compatibility with Ethereum-based projects and enable seamless integration with the growing Ethereum ecosystem.

We're also proud to incubate innovative layer-2 projects like Goshen Network, which focus on developing cutting-edge solutions for the blockchain industry, further enhancing our ecosystem's capabilities and interoperability.

A key feature of Ontology is ONT ID, our decentralized identity solution that can be integrated across any blockchain. This flexibility empowers users and developers to leverage ONT ID for secure and seamless identity management, regardless of the underlying blockchain network.

By implementing solutions like Ontology EVM, fostering layer-2 projects such as Goshen Network, and offering versatile tools like ONT ID, Ontology remains dedicated to creating a more interconnected, accessible, and user-friendly digital environment for everyone involved.

J.W.: What kind of help and resources are available for developers who want to use Ontology? How can they get involved with the community?

G.R.: Ontology offers a variety of resources and support for developers looking to build on our platform. One way to get started is by utilizing services like GetBlock, which provide convenient API connections to full nodes from various leading blockchain platforms, including Ontology.
Furthermore, to encourage and support development on Ontology EVM, we have established a $10 million fund. This initiative aims to provide financial assistance to developers and projects that contribute to the growth and innovation of the Ontology ecosystem.

J.W.: What are some examples of how Ontology can be used in practical ways? Describe your most impressive use-cases

G.R.: Ontology's unique features have been leveraged in various practical ways, with notable examples including Daimler, Wing Finance, and BloxMove. These use cases demonstrate the diverse benefits Ontology offers across different industries and applications.

Daimler Mobility AG: In partnership with Ontology, Daimler Mobility AG developed a blockchain-based solution for driving digital transformation in the automotive industry. This project utilizes Ontology's decentralized identity and data solutions to enhance data security, user privacy, and streamline processes such as vehicle and driver identity verification, as well as vehicle registration and maintenance history tracking.

Wing Finance: Wing Finance is a decentralized finance (DeFi) platform built on Ontology that offers a range of financial products, such as lending, borrowing, and insurance. By leveraging Ontology's unique features like ONT ID, Wing Finance can provide users with a secure and privacy-preserving experience while accessing DeFi services.

BloxMove: BloxMove is a decentralized urban mobility platform that uses Ontology's blockchain technology and ONT ID to provide seamless and secure access to various mobility services. By integrating Ontology's decentralized identity solutions, BloxMove can offer users a unified digital identity that simplifies access to multiple mobility services while ensuring data privacy and security.

These examples showcase how Ontology's unique features can be applied across various industries to address specific pain points, enhance user experiences, and foster innovation.

J.W.: Can you explain how partnerships with projects like GetBlock benefits developers and businesses looking to build decentralized applications on Ontology?

G.R.: Collaborating with partners like GetBlock plays a crucial role in enhancing the accessibility and user experience of Ontology's infrastructure. As a powerful RPC endpoint service provider, GetBlock offers developers and users a reliable alternative to the official RPC endpoint.

This partnership benefits both parties by distributing traffic pressure and allowing developers and users to select endpoints with faster response times tailored to their needs. The result is a smoother application experience and expedited transaction processing, making it even more appealing for developers and businesses to build decentralized applications on Ontology.

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Section Three: What’s next for Ontology?

J.W.: What updates and improvements do you plan to make to Ontology in the near future?

G.R.: In the near future, we have several updates and improvements planned for Ontology. On the blockchain side, we're working to enhance the user experience of ONT Staking. As a PoS blockchain, users can stake our governance token, ONT, to participate in network governance and earn incentives. We're exploring the use of pledge certificates to release the liquidity of user pledges, combine them with other applications for higher returns, and introduce new on-chain gameplay and applications.

Additionally, we're focused on improving our decentralized identity system, ONT ID. We're integrating recent advancements, optimizing the ONT Login component, and developing a comprehensive set of service layer protocols and components to help developers quickly integrate decentralized identity systems.

J.W.: What advice would you give to people who are new to blockchain and interested in using it for their business or project?Why do you think Ontology is a good choice for them?''

G.R.: For those new to the blockchain space and considering using it for their business or project, my advice would be:

Educate yourself: Take the time to learn about blockchain technology, its fundamentals, and its potential use cases. Understanding the technology will help you make informed decisions about how it can benefit your project.

Define your goals: Clearly outline the problems you want to solve and the goals you want to achieve using blockchain technology. This will help you determine which features are essential for your specific needs.

Research available platforms: Explore various blockchain platforms and evaluate their features, scalability, security, and community support. Consider the platform's ease of use and ability to integrate with existing systems.

Seek expert guidance: Engage with experienced developers or consultants in the blockchain space to help you navigate technical challenges and provide insights on best practices.

Start small and iterate: Begin with a small-scale pilot project, learn from the experience, and iterate to refine your solution as you scale up.

Ontology is an excellent choice for newcomers to the blockchain world because it offers:

Flexibility: Ontology supports a variety of smart contract languages, removing barriers for developers and making it easier to build and deploy dApps.

Out-of-the-box solutions: Ontology provides pre-built tools and components for developers, enabling faster and more efficient dApp development.

Decentralized identity and data solutions: ONT ID, Ontology's decentralized identity solution, can be integrated across any blockchain, making it a versatile option for businesses and projects.

Cross-chain compatibility: With Ontology EVM and Goshen Network, Ontology ensures seamless communication between various blockchain networks, allowing businesses to leverage the benefits of multiple platforms.

By choosing Ontology, newcomers can benefit from its user-friendly, feature-rich platform, empowering them to effectively harness the potential of blockchain technology for their projects.

Section Four (The Spiciest One!): Questions from community

Spot, blockchain enthusiast: How does Ontology plan to address the issue of front-running and other types of market manipulation on the platform?

G.R.: Ontology recognizes the potential risks of market manipulation tactics, like front-running, in the cryptocurrency space. While we provide a secure, reliable, and efficient platform for transactions and smart contracts, addressing issues like front-running involves more than just technical solutions.We actively support efforts towards comprehensive regulatory frameworks that can deter such manipulation. Additionally, we are committed to educating our community about these tactics and promoting responsible behavior.

Hot Pizza, crypto enthusiast: What are your major goals to archive in the next 3–4 years? Where can we see your ecosystem in this period?

G.R.: Ontology has a clear vision for the future and a robust roadmap to guide our progress over the next 3-4 years. Our technological focus includes optimizing Ontology's MainNet performance, improving our EVM Web3 interface, and furthering our security measures. We are also keen on enhancing our Ontology EVM and offering value-added services for integrating decentralized identity, data, and reputation management into more projects.In terms of decentralized identity, we aim to broaden the use cases for our comprehensive ONT ID and data framework. We envision a future where ONT ID powers applications across various sectors, from DeFi to automobiles and beyond, bringing enhanced user privacy and data protection. Additionally, we have committed a $10 million Ontology EVM Fund to simplify the onboarding process for developers.

Joseph Idache, trader: How do you convince us you have adequate marketing power and capital to push this project to the top project?

G.R.: Ontology understands the critical importance of both effective marketing and sufficient capital investment in driving a project to its success. Our marketing strategy is multifaceted, encompassing community engagement, strategic collaborations, and comprehensive educational initiatives. Financially, Ontology is strongly backed and continues to demonstrate its commitment to the project's growth through substantial investment. For instance, we have launched a $10 million Ontology EVM Fund, designed to support developers building on the Ontology EVM. Additionally, we recently committed $3 million to liquidity in our Uniswap V3 proposal, which underscores our commitment to ensuring smooth trading experiences for our community.

Nancy, crypto analyst and researcher: Almost every investor holds the token for the short-term without understanding the long-term value. So, how can you ensure for us that holding this token is more beneficial for the long-term?

G.R.: Ontology is focused on delivering substantial, long-term value to its token holders. A key part of this strategy is our industry-leading staking model which offers an annual percentage return (APR) of 20-30%. This return rate is significantly higher than the industry standard, providing a compelling incentive for long-term holding of Ontology tokens.Our unique two-token design - ONT and ONG - serves to further enhance long-term value. Holding ONT, the governance token of the Ontology network, grants users voting power, giving them a voice in the development and direction of the Ontology ecosystem. Meanwhile, ONG is used for on-chain services and also distributed to ONT holders as a reward for their contribution to the network.

J.W.: Thank you Geoff for sharing your thoughts!
G.R.: Many thanks Joan! See you!

Vance Wood

Vance Wood

May 18, 2023

12 min read

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