ONT Developer Behavior increased 27-points (3.28%) in the past month with the release of Ontology 2.0 and ONT ID.
ONT FCAS climbed 21-points (2.88%) in the past month, driven by a 27-point (3.28%) increase in Developer Behavior. Market Maturity and User Activity also increased 14-points (1.77%) and 22-points respectively.
- On June 1st, the team started rolling out a new version of its platform called Ontology 2.0. It introduces a new staking model (which took effect on July 7th) that lowers the requirements for users to stake their tokens and to run a node. This also makes it easier for users to earn rewards and participate in governance.
- ONT ID 2.0, the network’s decentralized digital identity framework, was also introduced as part of the new release. It enables users to fully control their personal data and identities, using blockchain technology to do so securely.
- On June 28th, Ontology revealed a new version of its data wallet ONTO.
Ontology is famous for its core values of privacy and trust. Accordingly, its new identity framework and wallet upgrade present an important breakthrough in Identity and Access Management (IAM).
IAM has become central to our online interactions, and yet, when well designed, it is largely invisible to users. This is so third parties can gain access to this data without the subject’s knowledge or consent.
Ontology is developing an identity management system that gives full control to users. Their wallet provides a mobile app where users can manage their digital IDs, data and assets all in one place. This wallet is then linked to users’ ONT ID, which stores their information in a trusted cloud storage behind a private key. The more recent “Claims” feature lets third parties authenticate any personal claim an individual makes, from their academic credentials to their finances and health.
At the same time, Ontology’s unique multi-chain design lets businesses build strong blockchains tailored to their particular needs. This allows for a greater variety of use cases to exist as many industries tackle distinct issues of authentication and reconciliation.
“ONT ID is a decentralized identity framework that gives users sovereign control over their identity and data and introduces an entirely new vertical for decentralized applications to explore. We are collaborating with several prominent projects in the space like Celo and Chainlink to enable their ecosystems to easily integrate decentralized identity into various use cases, including decentralized credit scores, data privacy, data marketplaces, reputation scores, notarization, and more.” – Erick Pinos, ONT ID Product Manager
About Ontology (ONT)
Ontology is a high-performance public blockchain and distributed collaboration platform. Ontology’s unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain system that suits their needs. With a suite of decentralized identity and data sharing protocols that enhance speed, security, and trust, Ontology’s main features include ONT ID, a mobile digital identity and data management application, ONTO, a DID protocol used throughout the ecosystem, and DDXF, a decentralized data exchange and collaboration framework.