Highlights

Cointelegraph Chinese released the article “People, Platform, Web3” by the Ontology Business Development Manager, Ge Li, which discusses how individuals can maximize their influence in Web3. 

Latest Developments

Development Progress

• We are 100% done with the Rollup VM design, the White Paper will be published soon.
• We are 90% done with the Rollup RISCV EVM actuator.
• We are 40% done with the Rollup L1<->L2 cross-layer communication.
• We are 50% done with the Rollup L1<->L2 Token Bridge.
• We are 80% done with the L1 data synchronization server.We are 60% done with the L2 Rollup Node.
• We are 10% done with the L2 blockchain browser.

Product Development

• ONTO App v4.3.2 updated the Unstoppable Domains function, and improved some notifications.
• ONTO launched a Refer2Earn campaign and hosted various online activities with SIL Finance and Metabit. Earn rewards by participating with ONTO. Follow the @ONTO Wallet Official Announcement on Telegram for more details.

On-Chain Activity

• 147 total dApps on MainNet as of July 18th, 2022.
• 7,097,560 total dApp-related transactions on MainNet, an increase of 3,925 from last week.
• 17,747,183 total transactions on MainNet, an increase of 21,700 from last week.

Community Growth

• We held our weekly Community Call, discussing why the integration of multi-chain and multi-application wallets has become the mainstream trend. It was concluded that wallets will become the gateway for Web3. ONTO Wallet is considered able to stand on its own due to the deployment of its DID and reputation system, providing security for users and projects.
• We held our Telegram weekly Community Discussion led by Benny, an Asian community Harbinger. While introducing Ontology’s fourth Carnival event, he discussed with community members the role and meaning of decentralized identity: it can help users control their digital identity without the intervention of third parties, and create a seamless, accessible and verifiable ecosystem that solves many problems in fields such as NFTs and DAOs.
• As always, we’re active on Twitter and Telegram, where you can keep up with our latest developments and community updates.

Global News

• The Ontology 4th MainNet Anniversary Carnival is still in progress. The current activities include the staking event and the joint celebration activities. Celer Network, Unifi Protocol, and Wing Finance are celebrating the 4th anniversary with Ontology, inviting global users to experience cBridge, uTrade, and the Wing FlashPool (Ontology EVM) to earn a share of the rewards.
• The third OWNInsights “People, Platforms, Web3” was released, written by Ge Li, Ontology Business Development Manager. From the perspective of Web3 participants, it analyzes how individuals can control their own datasets to expand their influence through DID, and effective ways to build Web3 based on the OWN infrastructure. This article was first published on the well-known Chinese blockchain media Cointelegraph Chinese, and was recommended by the platform.
• Ontology and the cross-chain Swap project StealthEX held an AMA event. While introducing the project and development to the community members, it also answered questions for the community members. The selected questions were rewarded with ONT.

Ontology in the Media

Cointelegraph — “AI will help realize the true vision the Metaverse hopes to achieve”

“Many of the metaverse projects that have been launched are in the world of gaming. However, more often than not, these projects simply consist of standard gaming features combined with virtual reality and NFTs. A true metaverse, in the sense of a digital parallel universe to our analog world, a digital simulated reality in which participants can take part in diverse social, economic, entertainment and artistic activities in a variety of self-organized groupings and environments, has yet to be realized.” 

Achieving this full vision requires easy portability for users, a large and diverse set of metaverse fragments, and simple user construction of new locations and spaces. Decentralized Identity (DID) technology is considered to be a more suitable technology to provide digital identity for the Metaverse — users with DID will be able to flexibly (one-stop) log in to different Metaverse scenarios without creating different identity accounts; at the same time the personal data recorded in the DID can be seamlessly ported in different scenarios without worrying about data collection or leakage.