Ontology 1.0 MainNet Officially Launches, ONT Network Features & Product Updates
Introducing Ontology MainNet: Network Features And Product Pipeline
Ontology made a large step forward on June 30th, when they finally held an official launch of their MainNet. The network's name is Ontology 1.0, and the team has decided to publish some of the details regarding the network and its features, as well as the project's pipeline.
Ontology Launches MainNet
Ontology's MainNet finally went live just a little over a week ago, on June 30th. The team even decided to release some of the network's details, including the fact that it was created with brand new public blockchains. The blockchains are top performing, and contain numerous mechanisms that allow for the creation of smart contracts, as well as distributed ledgers.
The MainNet, called Ontology 1.0, contains several chain networks that are in a strong and stable collaboration. Additionally, the public chain is fully customizable, and it will even contain common modules in various distributed dApps.
When it comes to Ontology's infrastructure, it contains three vital components – public chain standard services, protocol groups, as well as a high-performing blockchain framework that is completely customizable.
Additionally, Ontology 1.0 also contains three protocols, which include a credit score protocol, a protocol for decentralized used identification authentication, as well as a protocol for distributed data management. On top of that, Ontology 1.0 will offer technical support at the application stage.
Ontology 1.0 – Most Important Features
Obviously, Ontology 1.0 was created with a lot of features in mind – some already present, and some have yet to make an appearance. Those include an identification protocol for smart contracts, a high number of TPS (5,000 on the core chain's first version), smart contract support, secure nodes, as well as tools needed for smart contracts development.
Other important parts of Ontology include VBFT consensus algorithm, SmartX, as well as Triones consensus group.
When it comes to VBFT, this is a completely new consensus algorithm that Ontology itself developed. It integrates the Verifiable Random Function, the BFTm, and PoS. Together with the governance model provided by the network, VBFT is capable of improving the performance of the public chain, as well as its usability.
Next, we have Smart X. This is a tool for smart contracts, and despite its simplicity, it is still pretty powerful. It can be used for starting up the contracts, but also for assembling them, and even deploying them. It has a large collection of various templates used for smart contracts creation, and even a dynamic online editor.
Through the use of this tool, pretty much any user of the Ontology community can easily create smart contracts. Additionally, they can also task the developers of dApps to do it for them.
Finally, there is Triones Consensus Group. This is often referred to as the first version of the Ontology's chain governance model that is completely public. It offers a new incentive scheme, as well as high-performing distributed support on a large scale. Additionally, it nurtures a special kind of ecosystem that is trustworthy, concerted, as well as open-source.
Plans For The Future
At the very end, the team has released another announcement that states that they are planning to launch ONTO in July. This means that ONTO may be only days away at this point, and it will have several features. Those include the digital assets management for the Ontology MainNet, a token swap, as well as digital identification, that can be autonomous, as well as controllable.
This is still not the end for Ontology, as the team plans to soon launch the new version of SmartX, called SmartX v2.0. As part of the announcement, the team also stated that they will publish the new guidelines that can be used for smart contracts creation. It would seem that the platform is doing everything in its power to make the process as easy as possible, and available to everyone interested in participating.