Ontology and COT Joint R&D Team IoT Blockchain Platform Progress Update
After a lot of effort, COT and Ontology have made strides with the establishment of a joint research and development team into IoT blockchain platforms. They completed the first version of their BFT-based consensus algorithm and the COT token model research. Additionally, they completed the preliminary construction of a blockchain-powered smart hardware solutions platform.
Considering how diverse IoT smart devices are, the joint R&D team had a focus on making the platform versatile. They made a comprehensive plan for the R&D direction by utilizing research data. This platform is going to serve IoT and smart device systems. It will provide real-world testing, verification, and the commercial use of the blockchain in IoT and intelligent hardware.
The 2+1 Model
Ontology and COT proposed a 2+1 model. It is the first adoption by intelligent hardware and IoT. It uses the ONT governance tokens and ONG utility token as core dual tokens. There will also be a third token for different players in the ecosystem. This scalable economic model will enhance the flexibility and versatility of this ecosystem. It will provide a viable solution for the IoT enterprises so that they can operate on-chain. Not only does it lower the threshold for providing distributed services, but it also enables the adoption of blockchain in real businesses.
The intelligent hardware platform is called NUWA. It will offer a test environment for intelligent hardware solutions. The team already completed the overall designs and parts of the module design. In the next stage, they will begin construction of the module and testing.
What The Top Leadership Had To Say
According to Chi Jinya, the Director of COT software architecture for the joint team, the cooperation between COT and Ontology is solid. The professionalism and experience of these joint team from various fields ensure that this project will be a success. He added that COT was fully engaged in this research and development project. In conclusion, he said that he was looking at achieving more exciting outcomes using the blockchain in IoT.
Hu Ning, the senior protocol architect of Ontology, said that Ontology architecture supports a public chain network system. Besides providing public chain services, the Ontology blockchain supports customization of the public chain. It also supports network collaboration via different protocol groups.
Hu Ning said that he was glad COT and Ontology were working together to develop an ecosystem that is based on the Ontology chain network. He concluded by saying that he was looking forward to enriching the ecosystem development of IoT, the blockchain, and real businesses.
COT or the Chain of Things is a multipurpose intelligent hardware platform that is based on the multi-chain blockchain tech. It offers a variety of links with the bottom line of IoT intelligent, hardware customization, and support services.
Ontology is a high performance public multi-chain project and a distributed collaboration platform. It offers high-performance public blockchains that include a series of smart contract and distributed ledger systems. The framework has support for public blockchains. It is able to customize blockchains for various purposes.