Ontology- a Multi-Sharded Blockchain Infrastructure Leading Web3

Ontology is a cryptocurrency that describes itself as a “public blockchain infrastructure, decentralized identity, and provides data solutions”. It is consistently working on its network so as to gain a leadership position in providing blockchain solutions to support the Web3 ecosystem. It provides multiple high-performance, multi-sharded blockchain frameworks and a distributed trust collaboration platform. It is based on the dual token model- Ontology (ONT) and Ontology Gas (ONG).

While ONT is the primary mode for the transfer and storing of value on the network, ONG token is used for payment of transactions and fees. ONT allows users to take part in the Proof-of-Stake (POS) consensus mechanism and helps to participate in on-chain governance. On the other hand, ONG also allows you to pay for deploying smart contracts or a decentralized application (dApp).

It is a layer2 blockchain that is highly performable and low cost. It can help you to deploy smart contracts. It is a multi-chain network that supports multi-ecosystem sharding. It has comprehensive infrastructure support and at the same time also supports a complex business ecosystem. Ontology 1.0 was the first public chain capable of executing smart contracts.

Advantages of Ontology:

It has a decentralized infrastructure which means that no central authority is prevalent.
It has a multi-sharding ability which provides it efficiency and can record up to 1000 transactions per second.
It has full compatibility with the Ethereum ecosystem through the integration of Ethereum Virtual Machine (EVM).
It has a scalability feature as it is a layer2 blockchain.

Disadvantages of Ontology:

It is based on a dual token model which makes it difficult for users to use tokens for different purposes.
It is operating in a high competition field where there are a lot of companies working on the development of decentralized applications.
The development base of the project is in China, a country with high regulation for crypto space.

Roadmap of Ontology’s Way to Web3

Year 1 (2017-18)

2017-18 has been remarkable for the history of Ontology. It was in 2017-18, that Ontology launched its mainnet as a high-performance blockchain. It was the first public blockchain capable of executing smart contracts. It had also introduced the new consensus algorithm, Verifiable Byzantine Fault Tolerance (VBFT). It is a hybrid algorithm that combines Proof of Stake (POS), Verifiable random function (VRF), and the Byzantine Fault Tolerance algorithm (BFT).

Year 2 (2018 -19)

This year it focused on building more infrastructure to step toward its mission. While focusing on the mainnet, it had also launched Wasm TestNet, as well as the first-ever cross-chain TestNet. It had also launched the Sharding Design which would provide linear stability and support for cross-shard transaction processing.

Year 3 (2019-20)

This year, the company had decided to outreach its global expansion. It has deployed its cross-chain solutions to various blockchains such as Ethereum, Polkadot, TRON, and many more. It has also partnered with Patract Labs to accelerate the smart contract ecosystem. It further decided to take its steps into decentralized finance (DeFi). So, the company launched Wing Finance, a credit-based, cross-chain DeFi lending platform.

Year 4 (2020-21)

The company achieved a milestone of reaching over 1.5 million users having ONT ID. It had taken major steps for the upliftment of its technology in Web3. It had completed the EVM development which made it fully compatible with Ethereum. It even partnered with Daimler to launch the ‘Welcome Home’ app.

Year 5 (2021-22)

The company had launched the Ontology Web3 Network (OWN) infrastructure in 2021-22. It went on to open its office in Germany.

Year 6 (2022-23)

The company is now constantly working on its infrastructure so as to make a greater move in Web3. The company’s main focus is transparency, trust, scalability, and privacy.

Deepika