WEEKLY RECAP✨ - Ontology launches Mercury, a DID communication protocol, alongside ONT Login and ONT TAG enhancements 🙌 - ONTO Wallet v4.2.6 launch brings support for HALO Network & NEAR Protocol. Full Report👇
Ontology Weekly Report (May 17–23, 2022)Highlights
Ontology has launched the decentralized identifier communication protocol Mercury, alongside enhancements to ONT Login and ONT TAG.Latest Developments Development Progress We are 95% done with the Rollup VM design. We are 70% done with the RISCV instruction set contract implementation. We are 60% done with the Rollup RISCV EVM actuator. We are 52% done with the Rollup L1<->L2 cross-layer communication design. We are 60% done with the Ontology EVM that supports the filter function. Product Development On-Chain Activity 136 total dApps on MainNet as of May 23th, 2022. 7,004,841 total dApp-related transactions on MainNet, an increase of 6,904 from last week. 17,463,683 total transactions on MainNet, an increase of 22,282 from last week. Community Growth We held our weekly Discord Community Call, with the theme “The history of blockchain development”. On May 22, 2010, a programmer bought a pizza with 10,000 bitcoins. Later, May 22 became the “pizza festival” for the blockchain industry. Ontology community members recalled the original intention of joining the blockchain industry. We held our Telegram weekly Community Discussion led by Benny, an Asian community Harbinger. He shared the key reasons why decentralized identity (DID) has become the underlying foundation for dApps to integrate, emphasizing the importance and necessity of protecting user identities and data security. He also discussed with community members “how Ontology promote the Web3 development team to build innovative applications based on DID technology”. As always, we’re active on Twitter and Telegram, where you can keep up with our latest developments and community updates. Global News Ontology has launched the framework upgrade which saw additional enhancements to ONT ID’s product suite, as well as some important upgrades, including the upgrade of Mercury, a secure, trustless, DID based peer-to-peer communication protocol. There are also additional upgrades being made to ONT Login, the trustless universal authenticator, and ONT TAG, Ontology’s Trust Anchor Gateway, providing easier integration of decentralized identity solutions for Web2 and Web3 application developers. Ontology in the Media
Cointelegraph — “The loss of privacy: Why we must fight for a decentralized future”
“With time and distance no longer problematic in the internet age, Big Tech’s drive toward centralization is less surprising. Can we be astonished by the horrific results of attention-grabbing algorithms, such as attempted genocides or political manipulation based on psychometric analysis of user data? Centralization has consequences. Distributed ledger technology provides a practical alternative. Social media, messaging, streaming, searching and data-sharing on the blockchain can be fairer, more transparent and accessible, and less centralized. Conversely, this does not mean data has to be less private.”
Decentralization is not an accident of historical development, but a necessity. Decentralized identity (DID) is an important part of this development. The mature decentralized identity framework ONT ID, built by Ontology, truly guarantees the security of privacy by returning the autonomy of identity construction and data storage to users. Users can choose to sell part of their data, or users can gain higher status and rights in society by accumulating reputation.