Ontology Weekly Report (August 6th — 12th, 2024)

Welcome to the latest edition of the Ontology Weekly Report. This week has been packed with insightful discussions, new content releases, and important development updates. Here’s a summary of what’s been happening:

Latest Developments

• Galactica Talks on Identity: We participated in Galactica Talks, where we explored the critical role of identity in the digital world and how it’s shaping the future of Web3.

• New Article on Identity Published: We’ve released a new article focusing on identity, offering in-depth insights into decentralized identity systems and their significance in enhancing privacy and security.

• Web3 Wonderings — Identity and Privacy: This week’s Web3 Wonderings session delved into the intersection of identity and privacy, discussing how these concepts are evolving within the Web3 ecosystem.

• Node Competition Winner Announced: We’re excited to announce the winner of our node competition! Congratulations to the winner, and thank you to everyone who participated and made the competition a success.

Development Progress

• Ontology Consensus Upgrade: We’ve begun work on upgrading the Ontology consensus, with progress currently at 10%. This upgrade is expected to bring improvements in network efficiency and security.
• ONT Leverage Staking Design: Development of the ONT leverage staking design has reached 75% completion, moving us closer to offering more flexible and rewarding staking options.
• Fixed Ontology RPC Port Service Isolation: We have successfully resolved issues related to the isolation of the Ontology RPC port service, ensuring better performance and security.

On-Chain Activity

• Stable dApp Ecosystem: The total number of dApps on our MainNet remains steady at 177.
• Transaction Growth: This week, we saw an increase of 2,012 dApp-related transactions, bringing the total to 7,781,927. The total number of transactions on MainNet also grew by 7,835, reaching 19,527,601.

Community Growth

• Engaging Community Discussions: Our Twitter and Telegram channels continue to be vibrant spaces for community interaction. This week’s Telegram discussion, led by Ontology Loyal Members, focused on “Exploring Interoperable DID Solutions: Web2, Web3, and Beyond,” examining the future of decentralized identity.