Ontology Mainnet Features & Product Pipeline July 9, 2018 July 9, 2018 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
NewsJuly 9, 2018 by Kelly Cromley

Ontology Mainnet Features & Product Pipeline

On the 30th of June, 2018 Ontology officially launched its MainNet, referred to as Ontology 1.0. The Ontology team has provided details regarding the network and the features it carries. Furthermore, a highlight of the project pipeline was also provided. The Ontology MainNet is built with top performing, brand new public blockchains comprising of a number of distributed ledgers and smart contract mechanisms.

The mainnet facilitates both the collaboration of chain networks and the customization of public chain. The common modules in a variety of distributed decentralized applications will also be regularly added for Ontology 1.0.

The three components that make up the Ontology infrastructure are as follows

  • Protocol Groups.
  • A Customisable High-Performing Blockchain Framework and
  • Public Chain Standard Services.

There are three protocols in Ontology MainNet: Ontology 1.0. They are

  • A Decentralised User Identification Authentication Protocol.
  • A Distributed Data Management Protocol.
  • A Credit Score Protocol.

Furthermore, viable technical support is offered at the application stage of Ontology 1.0 by a distributed data exchange structure, trust search engine and ONTO, the integrated client product.

Key Features Of Ontology 1.0

  • It is the first ever decentralised smart contract implementation platform that comes with an identification protocol.
  • Without any modifications or enhancements, the core chain first version recorded more than 5,000 tps. Going forward, performance enhancements will be included.
  • Ontology 1.0 provides total support for smart contracts.
  • The Ontology nodes are secured through continued cooperation with SlowMist, NCC and Baimaohui.
  • The network offers tools for the development of smart contracts.

The VBFT Consensus Algorithm, SmartX And Triones Consensus Group

The VBFT is a unique and innovative consensus algorithm developed by Ontology. This consensus algorithm smartly integrates the Verifiable Random Function (VRF), PoS and the BFT. The VBFT and the network’s governance model can be integrated to vastly improve public chain networks’performance and usability.

Smart X is a simple-to-use, but powerful smart contract tool which can be utilized to assemble, deploy and start up smart contracts. Notably, SmartX has a bouquet of collated smart contract templates as well as a robust dynamic online editor.

Any Ontology community user interested in using smart contracts can utilize the package of smart contract templates of SmartX or they can give the task to dApp developers within the Ontology community to customize smart contracts as per the requirement.

Referred to as the first version of the public chain governance model of Ontology, the Triones Consensus Group offers an innovative incentive scheme and large-scale, high performance distributed support. It also nurtures the creation of a concerted, open source and distributed trust ecosystem.

In June 2018, the seed node hiring plan of Triones was made available by Ontology. In addition to the standard ONG that is consumed in the entire chain network mechanism, there will be a yearly allocation of 1% ONG that will be rewarded to nodes directly from community based incentives.

ONTO Launch

Ontology team has announced that ONTO will be launched in July, 2018. The following features will be supported by ONTO.

  • The Ontology MainNet Digital Assets Management.
  • Digital Identification that can be either controllable or autonomous.
  • An Ontology MainNet token Swap.

Furthermore, Ontology intends to launch SmartX v2.0 soon. Additionally, Ontology will also publish the latest guidelines for building smart contracts. The guidelines will make it easier for the developers to build DApps on the Ontology platform.

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.