WEEKLY RECAP - Ontology explorer upgrade: OpenSource - Ontology EVM $10M development fund available for Web3 developers. Full Report👇

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Ontology Weekly Report (May 10–16, 2022)

Highlights

Ontology Explorer’s further upgrade has been completed. Global developers can submit the contract source code to make it open source, this allows users to check the source code and understand the specific features of the contract.

Latest Developments

Development Progress

We are 94% done with the Rollup VM design. We are 65% done with the RISCV instruction set contract implementation. We are 55% done with the Rollup RISCV EVM actuator. We are 45% done with the Rollup L1<->L2 cross-layer communication design. We are 50% done with the Ontology EVM that supports the filter function. We are 100% done with the Ontology Explorer that supports the contract verification function.

Product Development

On-Chain Activity

136 total dApps on MainNet as of May 16th, 2022. 6,997,937 total dApp-related transactions on MainNet, an increase of 8,243 from last week. 17,441,401 total transactions on MainNet, an increase of 41,139 from last week.

Community Growth

We held our weekly Discord Community Call, with the theme “Web3 Reputation Value”. In addition to “the identity value and encryption security that reputation can bring to users”, user reputation can also provide convenience in Web3 financial activities such as DeFi and GameFi, and can also help projects attract more traffic and achieve a win-win situation. We held our Telegram weekly Community Discussion led by Benny, an Asian community Harbinger. He shared several decentralized applications incubated by Ontology based on DID technology, including ONT ID, ONTO and Wing Finance. Community members also discussed “how DID can empower the whole industry”. As always, we’re active on Twitter and Telegram, where you can keep up with our latest developments and community updates.

Global News

Ontology’s $10 million development fund is available for all global Web3 developers to deploy on the Ontology EVM. We also have a $100,000 Hackathon fund for the best projects presented on DoraHacks. At present, many global teams are building their applications and we are calling all to build for Web3, especially around user DID and Data security. Ontology in the Media

Forbes — “The Metaverse Is Our Chance To Play Cybersecurity Catch-Up”

“While the metaverse presents a huge new frontier for companies and consumers to engage in, this will absolutely provide yet another space for cybercrime to thrive. Despite having the protections in place, particularly with cryptocurrency and blockchain, regulation in the metaverse is still non-existent, and as we’ve seen with ransomware and extortion tactics, the legal recourse for attacks is also low, which will make it an extremely attractive — and potentially lucrative — space for cybercriminals.”

The root cause of a large number of data security problems is that users have little control over how data is stored and utilized. Therefore, the Metaverse needs a set of targeted solutions, such as ONT ID of Ontology, through the autonomous and sovereign system that provides data authorization and ownership confirmation, all rights can be returned to the user, and the user’s identity and data security are guaranteed through technologies such as decentralized ledgers, public-private key pairs, and encryption.