Web3 is here to “revitalize” the way in which our entire society operates, “ushering in a new era of trust and collaboration,” according to an update from Ontology.
When it comes to building the infrastructure for #Web3, we believe you should #OWN your value.
We are proud to present the #Ontology Web3 Network (OWN) Infrastructure, bringing full accessibility to building & using Web3.🙌
Read on to discover the layers that make up OWN.
— Ontology #BUIDL4Web3 (@OntologyNetwork) June 9, 2022
With its advantages in the fields of technology and economy, users now have “more autonomy in the online world, with data no longer in the hands of a few tech giants.”
The Ontology team further noted that as more people participate in common governance, principles “such as rights, information privacy, and copyright can be better protected.”
Ontology wrote in a blog post that this new type of production relationship also “exposes certain problems, which are mainly manifested in decentralized scenarios such as content creation during social collaboration, community governance, and on-chain transactions.”
These actions still “rely on centralized platforms; over-collaterailization is still not very mainstream in financial activities in the DeFi ecosystem.”
The reality is Web3 social relations “still lack the basic elements needed to create real trust.”
With the right infrastructure, we could “remove bottlenecks in current systems, creating a long-term, effective social trust and collaboration within Web3.”
A high-performance and fully scalable underlying public chain “is essential to building long-term growth of the on-chain trust ecosystem.”
Ontology Web3 Network (OWN) Infrastructure “provides an efficient, compatible and secure public chain at the base layer.”
The development of decentralized applications, network congestion, high transaction fees, and long transaction confirmation times “can often affect user experience.”
In contrast, the OWN infrastructure “helps solve these problems through its own Verifiable Byzantine Fault Tolerance (VBFT) consensus mechanism and Optimistic Rollup’s Layer2 solution.”
With this, the platform can “process more than 5,000 on-chain transactions per second.”
In terms of platform scalability, OWN “supports multiple languages and protocols.”
Following the EVM integration, it has “realized support for 4 types of contracts, as well as multi-chain and cross-chain collaboration.”
In practice, if a project party builds an application based on OWN, it can easily “migrate to the Ethereum platform.”
Its data can also be “synchronized on multiple chains to achieve overarching integration across multiple chains.”
The underlying protocol layer is an important bridge “for promoting trust cooperation.”
In Web2, identity mainly “refers to information surrounding ancestry and real-life occupations.”
In the Web3 era, identity is “endowed with richer connotations.”
For users to carry out various activities on the chain, they “need a digital identity in the form of an address.”
Many people may think that the activities on the chain “mainly focus on financial activities, such as transfers and pledges, but this is not the case.”
The most important element is “the users themselves.”
Based on blockchain technology, the required data and information “will go hand in hand, accompanied by a valid on-chain user who has been verified by KYC from beginning to end.”
Therefore, the protocol layer technology that supports trust collaboration also “plays a key role. Academic fraud, impersonation, and online fraud are all manifestations of blind spots in trust and cooperation.”
For example, tools such as the SDK in the ONT ID decentralized identity protocol “can help solve issues such as academic fraud.”
By issuing a Verifiable Credential (VC) the institution can “view the signature and validity period of the credential to ensure it is trustworthy information.”
For the issuer, the VC can also be “used to mark the status of the individual’s license for the verifier.”
These VCs can be “bound with decentralized identities, created and managed by users, to be selectively displayed in line with the needs of various scenarios.”
Once issues surrounding identity have been addressed, there will be “a higher demand for reputation and data processing management.”
As such, Orange and POD can “further provide solutions to help reputation and data processing reach their full potential.”
Orange is “a protocol based on decentralized reputation.”
It uses a range of algorithms “to calculate the data related to the user’s decentralized identity in different blockchain ecosystems, integrates the user’s reputation across the wider web, and can be used and circulated anywhere in Web3.”
POD is “a Web3 on-chain data middleware for data collaboration that enables metadata processing across multiple blockchain networks.”
It helps “to solve data management across the board, from obtaining the data, to correlation and utilization.”
In turn, POD makes it easier for developers, builders, and users “to work with metadata and build a richer ecosystem when it comes to managing all metaverse data within a single interface.”
The exploration of protocol layer technologies “continues to develop.”
Both ONT ID and other community projects within the OWN network “provide solutions to solve pain points and promote the construction of a more efficient and transparent trust cooperation mechanism.”
With the continuous development of Web3, there will be “more object-oriented authentication requirements, and more innovative solutions will emerge.”
In the Web3 production relationship dominated by the token economy, the public is “prone to fall into a misunderstanding that trust collaboration is only related to financial activities.”
Yet, this is “not the case.”
As the widespread adoption of crypto continues to rise, “so does the appetite for data control and security of users’ assets.”
As such, asset management applications alone “are no longer enough.”
ONTO Wallet not only provides basic on-chain asset management functions, but also “leads the way towards innovative functions that can meet wider Web3 needs, including decentralized identity.”
Each wallet user can “create their own decentralized digital identity through the mobile client or desktop plug-in application.”
The assets that the user owns and the transactions on the chain will be “recorded in the KYC-verified identity, and the individual can then independently manage their data. ONTO Wallet is regarded as a “Web3 gateway” and currently supports up to 25 chains, constantly expanding to meet the needs of a wider range of Web3 users.”
Additionally, users can “generate corresponding credit points based on their on-chain behavior by using ONTO Wallet.”
The DID (ONT ID) owned by a user in ONTO Wallet “represents their social relationship and can be used as a reference point when interacting with other users or applicants.”
In practice, a user with a high credit score (OScore) can “rent a vehicle through the digital wallet without a deposit.”
The individual’s educational background, qualifications, and other key information “are also closely related to the DID and stored on the wallet.”
In OWN, the related ONT ID protocol-level products also “include a suite of other protocols: ONT Login, the decentralized login component which optimizes the user login experience; ONT TAG, which provides KYC services; and Mercury, a peer to peer communication protocol for Web3 applications.”
Together, these products create sufficient channels “for all parties to provide or use Web3 services, as well as to assist and accelerate the construction of decentralized applications.”
When working towards creating total social trust, “the base layer, the protocol layer, and the application layer become one.”
Together, they “play a multi-dimensional role in laying a solid foundation and providing an advanced experience.”
The token model, node economy and identity authentication “promotes the prosperity and development of the entire ecosystem.”
In this regard, OWN fully reflects its versatility, specifically in:
- Multi-language support: OWN supports multiple languages such as Java and GO, offering developers sufficient choice and insisting on an open source code;
- ‘Multi-chain support: After the integration of EVM, 4 contracts, Native, NeoVM, WasmVM and EVM are now supported. With this, developers can migrate on-chain at a lower cost to achieve full integration with the Ethereum ecosystem and share with users;
- Multi-asset support: ONT is OWN’s native asset, while ONG is the on-chain fee that provides the Ontology Bridge to support the conversion of multiple assets;
- Multiple development tools: OWN offers users multiple development tools such as Web3 API, smart contracts, and blockchain browsers, with detailed documentation for developers’ reference.
The decentralized digital identity “represented by ONT ID in OWN allows users to perform multiple functions such as asset management, on-chain governance, dApp, wealth management and lending.”
Identity-related solutions in the OWN infrastructure will “play an important role when it comes to screening member structures in DAOs.”
Firstly, it can “help to set the entry threshold.”
Users who want to become DAO members must pass KYC verification and achieve a high credit score “before they can formally participate in any voting.”
This will “filter out a large number of fake accounts and ensure that there is activity from users on the chain.”
In turn, the development of a DAO can be “closely integrated with the services provided by Orange in OWN and reduce problems caused by centralization.”
This is “achieved by determining the weight a vote carries in line with the user’s reputation.”
Users’ with high participation and a good credit score “will have relatively greater rights to participate in governance.”
For more details on this update, check here.