Ontology, a new high-performance public multi-chain project and a distributed trust collaboration platform, held a pre-launch of its MainNet in San Francisco on June 26th. It was announced that Ontology 1.0 will be officially released on June 30th.

At the launch, Ontology’s Founder Jun Li gave a detailed introduction to the product structure, technical features, and governance models of the Ontology MainNet (Ontology 1.0) to one hundred blockchain industry elites from China and the USA. Ontology 1.0 provides new high-performance public blockchains that include a series of complete distributed ledgers and smart contract systems, and at the same time supports public chain customization and chain network collaboration, while continuously providing common modules in various distributed applications.

Founder of NEO, Da Hongfei

Founder of Ontology, Jun Li, introducing Ontology 1.0

One hundred blockchain industry elites from China and the USA, as well as media and industry KOLs attended

Public chain basic services, a high-performance customisable blockchain framework, and protocol groups are the three key components of Ontology’s infrastructure. Ontology 1.0 includes a decentralised identity authentication protocol, distributed data management protocol, and credit score protocol. At the application level, the integrated client product (ONTO), trust search engine, and distributed data exchange framework will provide strong technical support.

Innovative smart control tool SmartX, VBFT consensus algorithm, and the Triones Consensus Group

Ontology has helped pioneer the VBFT algorithm, a new consensus algorithm which integrates PoS, verifiable random function (VRF), and BFT. It can be closely combined with the Ontology governance model to greatly improve the performance and usability of public chain networks.

The smart contract tool SmartX is a one-stop IDE that can be used to compile, deploy, and invoke smart contracts. It provides a range of smart contract templates and a powerful online editor. Smart contract users can use it as a reference, use its contract templates, or commission community developers to customize contracts.

Triones Consensus Group is the first generation of Ontology’s public chain governance model. Its distributed, high-performance extended support, and incentive scheme are innovative, and promote the establishment of an open-source collaborative distributed trust ecosystem. In the meantime, the Triones seed node recruitment plan was released by Ontology at the beginning of June. Besides the basic ONG consumption in the whole chain network system, an additional 1% ONG per year will be allocated to nodes from community incentives.

Partnerships for real business scenarios

Ontology partners attended to discuss blockchain technology solutions to real business scenarios. Partners who attended included: Contentos, who are committed to creating the world’s most extensive digital content public chain to reshape the content ecosystem; DAD (Decentralised Advertising), a blockchain digital advertisement platform; COT (Chains of Things), a smart hardware infrastructure solution platform; and CarBlock, the world’s first decentralised car market based on vehicle data.

Bryan Lee, Advisor of DAD

LiveMe Operations Lead

Ivan Chong, Chief Partnership Officer at CarBlock

Ontology also has extensive application scenarios in commerce, finance, and other fields. For example: PTS, a credit service network, which will work with Ontology on a credit data exchange, attestation, and deployment and execution of smart contracts; and German-listed fintech company NAGA, which will work with Ontology to research and develop electronic payment cards, financial settlement, and other applications. With the launch of Ontology 1.0, Ontology blockchain technology will be applied in the real business scenarios on a deeper level.

Early this April, Ontology announced its cooperation with Sequoia China, Danhua Capital, Matrix Partners China, and Zhen Fund, co-initiating the Co-Builder Plan. The partnerships aim to explore application development, outreach, and incubation, and together build a new generation of public blockchain infrastructure and a distributed trust ecosystem. Ontology Advisors Group (OAG) was set up at the beginning of June, formed by Shoucheng Zhang, Bin Zhang, Xiangyang Yang, and other experts, to provide a full range of strategic and industry consultancy for the Ontology ecosystem.

Ontology’s Founder Jun Li said:

“Ontology has always adhered to a ‘real economy’ strategy, through the effective combination of Ontology and various industry partners, to bring more real business application scenarios and create more innovative solutions. Ontology 1.0 could not have been created without the high degree of cooperation and support of all technical teams, partners, co-builders, and industry experts. We look forward to joining hands with more industry partners to create a brilliant future together!”

This article will be updated with the link to the event video when it is online.