Ontology leaders Li Jun and Andy Ji performed a Q&A session for the Ontology Team’s Telegram group last Friday. Ontology is a platform that primarily serves as an identity verification and reputation platform. This Q&A informed the group where the project is headed next, now that it has succeeded in launching its mainnet:
“There are two directions, one is continuous enhancement for the blockchain infrastructure and the trust collaboration platform…Another direction is for ecosystem development, we will engage and involve different partners in different industries to build decentralized dApps and sub-blockchains on Ontology.”
The group asked why developers should choose Ontology as opposed to NEO and other blockchains. The leaders replied that they want Ontology to be “one of the best” solutions in terms of offered modules and support, not the only solution. They acknowledged that even Ontology’s ambitious target of 10,000 transactions per second will not be enough to single-handedly serve the needs of every business.
“Maybe we will have competition, but it will also be cooperation,” they concluded.
The Ontology leaders also discussed their relationship with NEO. Both NEO and Ontology share a parent company, Onchain, but share different teams and goals. Both Ontology and NEO have now confirmed that the projects are separate. They do, however, collaborate and share resources.
Next, the group discussed the increasingly open participation in Ontology’s decentralized consensus process. Ontology depends on nodes that verify its blocks. Eventually, everyone will be able to participate in consensus, either by hosting their own node or by putting ONT tokens into existing smart contracts. There will also be rewards for doing so.
Ontology went on to discuss use cases. The leaders described Ontology as modular: beyond verifying identity, Ontology’s future modules will serve different business needs. The leaders also hinted at early adopters, including a few unnamed enterprise and government partnerships.
Finally, the leaders disclosed that the blockchain market’s poor performance has not had a detrimental impact on Ontology and that the project has enough funding for the foreseeable future. They discussed the expected value of Ontology’s ONT and ONG tokens, both as a low-cost payment method and as a reward mechanism. Ontology plans to slowly release the tokens into the market and soon will list the tokens on various US exchanges.
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