The second in a series of articles on Ontology’s contribution to the coming Web 3.0 era.  

In Part 1, we described how Web 3.0 improves upon Web 2.0 through decentralization and how Ontology is facilitating the transition to Web 3.0 via its decentralized identity and data solutions.  

Part 2 continues our exploration of Web 3.0 by discussing co-governance rules and the co-construction ecosystem.

Principles of Co-Governance  

From Web 2.0 to Web 3.0, it is a more data-based and Internet-based uploading process for our lives. Correspondingly, all users’ (including developers and enterprises) demand for infrastructure not only at the physical level, but also contain the requirements for governance guidelines. Web 3.0 may have its own attributes of equality and user autonomy, but it does not mean the absence of governance.  

In moving towards the Web 3.0 era, Ontology strives to establish a foundation founded upon on-chain governance, inter-chain governance, and chain-network governance.  

The core of governance within the Ontology chain is based on one hypothesis, three roles and two processes.  

Hypothesis  

• Most of the network nodes on the Ontology chain (within the fault tolerance of the consensus algorithm) are operated by rational actors.  

Roles  

• Rule Maker, Executor, and Supervisor.  
• The Rule Maker is responsible for the formulation of the rules, the Executor is responsible for the implementation of the rules, and the Supervisor is responsible for supervising the formulation process and the implementation of the rules.  

Processes  

• The process of rule-making and the process of work execution.  
• The process of inter-chain governance decision-making and the process of meeting consensus decision-making can reuse the on-chain governance framework, or use traditional consensus tools.

In and outside the chain, in order to maintain a sustainable, open and co-governance Ontology chain network system, we have formulated the chain network governance guidelines, which include: network governance, consensus governance, and economic governance. The basic idea is to manage the consensus network in a single ecological chain, in conjunction with the governance model. According to the variation in server computing power, the networking nodes of different ecological chains in the chain network are deployed to different servers. The same server can participate in multiple ecological chain contributions. When the ecological chain exceeds the consensus fault tolerance, the malicious nodes will be removed from the network and the nodes with benign competition will be re-selected to participate in the consensus.  

In sum, Ontology has formed a complete set of governance guidelines from chain to network. Their effectiveness has been verified through years of operation, allowing more developers and users to participate in the development of blockchain Web 3.0 and open co-governance.

Co-Constructed Ecosystem  

The openness and co-governance of Web 3.0 means that multiple parties jointly develop key infrastructure. Based on the hyper-converged chain network system and multi-virtual machine solution that Ontology has built, as well as the governance principles of co-governance, Ontology can easily integrate with a variety of infrastructure builders, enterprises, and centralized Internet platforms Together we can develop and accelerate the transition to the decentralized Web 3.0 landscape. 

ONTO, Ontology’s decentralized cross-chain wallet, currently supports 14 blockchains, along with over 400 dApps. At present, Ontology is the only designated technology provider of decentralized identity solutions on Binance Smart Chain.

In addition to Binance, Ontology is also collaborating with other decentralized infrastructure builders including Chainlink, Polkadot, Waves, Neo, and NEAR Protocol. Commenting on this network of collaborators, Ontology’s Founder, Li Jun, stated:  

In such a close-knit industry, I think we are all on the same team. Any breakthrough in any direction is a breakthrough and a benefit to the entire industry.  

Ontology has been actively collaborating with a variety of partners interested in adopting decentralized solutions. At present, we have provided solutions in multiple sectors including mobility, inventory management and logistics, professional marketplace, corporate data attestation, digital content, music copyright, and smart banking.  

Ontology has also partnered with traditional centralized Internet platforms. As an official Google Cloud Partner, Ontology is currently undertaking three projects related to copyright, logistics and blockchain.  

As a contributor to Web 3.0 infrastructure, Ontology will work with other builders across various industries including traditional centralized giants to facilitate the construction of specific decentralized application scenarios to create an open co-governance and co-construction Web 3.0 landscape. 

In Part 3, we will explore mutual trust as it relates to Web 3.0.  

Want more Ontology?

Learn more about our decentralized data and identity solutions on our website and official Twitter account. You can also chat with us on Telegram and keep up-to-date with the latest news via our Telegram Announcement account.

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