ONTO Wallet Integrates Core DAO Mainnet, Broadening Access to Web3 Ecosystem July 19, 2023 July 19, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 19, 2023 by Kelly Cromley

ONTO Wallet Integrates Core DAO Mainnet, Broadening Access to Web3 Ecosystem

ONTO Wallet, a well-known Web3 gateway and multi-chain identity wallet, has recently made an announcement regarding the successful integration of Core DAO’s mainnet into its platform. By implementing this strategic maneuver, users of ONTO Wallet are now able to access the Core DAO ecosystem. This ecosystem is built on Satoshi Plus, a blockchain infrastructure that harnesses the capabilities of Bitcoin.

The Core DAO is the designated decentralized organization entrusted with the responsibility of developing Satoshi Plus. Its primary objective is to build robust Web3 infrastructure and advance public chains that operate on Bitcoin’s Proof of Work (PoW) consensus mechanism. The organization has established a notable on-chain presence, with a total of 53 million transactions and 9.5 million addresses. This demonstrates their dedication to constructing a blockchain ecosystem that is both scalable and secure.

ONTO Wallet recently took to Twitter to share the exciting news of their integration and extend an invitation to users to explore the Core DAO mainnet via the official ONTO Wallet website. The integration of ONTO Wallet significantly expands its range of services, providing support for more than 50 blockchains and serving a user base of over 100,000 registered individuals. ONTO Wallet has experienced significant growth, with a community of more than 310,000 members. It has established itself as a reliable self-sovereign data wallet, providing users with the ability to securely manage their digital identities, data, non-fungible tokens (NFTs), and a wide range of tokens.

By harnessing the capabilities of ONT ID, ONTO Wallet provides decentralized identity management, offering users a secure means of accessing and safeguarding their assets. The wallet presently provides support for well-known blockchain networks such as Ontology, NEO, Ethereum, Tron, Polkadot, Binance Smart Chain, and Klaytn. The development team is consistently striving to incorporate additional blockchain networks into the platform, ensuring that users can conveniently and effortlessly manage their assets using a single wallet.

The Core DAO ecosystem, which is now available on the ONTO Wallet platform, presents a distinctive blockchain solution with the objective of establishing the groundwork for the decentralized internet, commonly referred to as Web3. The Core DAO platform incorporates a unique consensus mechanism known as Satoshi Plus, which combines key aspects of both Proof of Work (PoW) and Delegated Proof of Stake (DPoS). The implementation of this hybrid consensus model guarantees enhanced levels of security, scalability, and decentralization within the Core DAO network.

Core DAO distinguishes itself through its pioneering use of the Bitcoin mining hashrate and the Ethereum Virtual Machine (EVM), resulting in the creation of a blockchain that is Turing-complete. The network has a fixed supply of 2.1 billion Core tokens. To maintain the stability and scarcity of the tokens, a percentage-based burning mechanism is implemented for both block rewards and transaction fees. This mechanism is inspired by Ethereum’s “Ultra Sound Money” model. The precise percentage of burning is established by the Decentralized Autonomous Organization (DAO), which offers economic incentives and fosters deflationary features within the Core ecosystem.

The inclusion of Core DAO into the ONTO Wallet platform marks a noteworthy achievement in the advancement of the Satoshi Plus ecosystem. This highlights ONTO Wallet’s dedication to providing extensive entry to the ever-growing realm of Web3. ONTO Wallet is designed to adhere to the fundamental principle of the Ontology project, which is “I OWN MY DATA.” This principle ensures that users have complete authority over their personal information, transaction records, credit scores, and engagements with decentralized applications (dApps) and DeFi platforms. By providing users with this level of control, ONTO Wallet empowers individuals to manage their data in a secure and autonomous manner.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.