Web3 is here to revitalize the way in which our entire society operates, ushering in a new era of trust and collaboration. With its outstanding advantages in the fields of technology and economy, users now have more autonomy in the online world, with data no longer in the hands of a few tech giants. As more people participate in common governance, principles such as rights, information privacy, and copyright can be better protected.
This new type of production relationship also exposes certain problems, which are mainly manifested in decentralized scenarios such as content creation during social collaboration, community governance, and on-chain transactions. These actions still rely on centralized platforms; over-collaterailization is still not very mainstream in financial activities in the DeFi ecosystem.
The reality is Web3 social relations still lack the basic elements needed to create real trust. With the right infrastructure, we will remove bottlenecks in current systems, creating a long-term, effective social trust and collaboration within Web3.
A high-performance and fully scalable underlying public chain is essential to building long-term growth of the on-chain trust ecosystem.
Ontology Web3 Network (OWN) Infrastructure provides an efficient, compatible and secure public chain at the base layer. The development of decentralized applications, network congestion, high transaction fees, and long transaction confirmation times can often affect user experience. In contrast, the OWN infrastructure helps solve these problems through its own Verifiable Byzantine Fault Tolerance (VBFT) consensus mechanism and Optimistic Rollup’s Layer2 solution. With this, the platform can process more than 5,000 on-chain transactions per second.
In terms of platform scalability, OWN supports multiple languages and protocols. Following the EVM integration, it has realized support for 4 types of contracts, as well as multi-chain and cross-chain collaboration. In practice, if a project party builds an application based on OWN, it can easily migrate to the Ethereum platform. Its data can also be synchronized on multiple chains to achieve overarching integration across multiple chains.
The underlying protocol layer is an important bridge for promoting trust cooperation. In Web2, identity mainly refers to information surrounding ancestry and real-life occupations. In the Web3 era, identity is endowed with richer connotations. For users to carry out various activities on the chain, they need a digital identity in the form of an address. Many people may think that the activities on the chain mainly focus on financial activities, such as transfers and pledges, but this is not the case. The most important element is the users themselves. Based on blockchain technology, the required data and information will go hand in hand, accompanied by a valid on-chain user who has been verified by KYC from beginning to end.
Therefore, the protocol layer technology that supports trust collaboration also plays a key role. Academic fraud, impersonation, and online fraud are all manifestations of blind spots in trust and cooperation. For example, tools such as the SDK in the ONT ID decentralized identity protocol can help solve issues such as academic fraud.
By issuing a Verifiable Credential (VC) the institution can view the signature and validity period of the credential to ensure it is trustworthy information. For the issuer, the VC can also be used to mark the status of the individual’s license for the verifier. These VCs can be bound with decentralized identities, created and managed by users, to be selectively displayed in line with the needs of various scenarios.
Once we have addressed issues surrounding identity, there will be a higher demand for reputation and data processing management. As such, Orange and POD can further provide solutions to help reputation and data processing reach their full potential.
Orange is a protocol based on decentralized reputation. It uses a range of algorithms to calculate the data related to the user’s decentralized identity in different blockchain ecosystems, integrates the user’s reputation across the wider web, and can be used and circulated anywhere in Web3.
POD is a Web3 on-chain data middleware for data collaboration that enables metadata processing across multiple blockchain networks. It helps to solve data management across the board, from obtaining the data, to correlation and utilization. In turn, POD makes it easier for developers, builders, and users to work with metadata and build a richer ecosystem when it comes to managing all metaverse data within a single interface.
The exploration of protocol layer technologies continues to develop. Both ONT ID and other community projects within the OWN network provide solutions to solve pain points and promote the construction of a more efficient and transparent trust cooperation mechanism. With the continuous development of Web3, there will be more object-oriented authentication requirements, and more innovative solutions will emerge.
In the Web3 production relationship dominated by the token economy, the public is prone to fall into a misunderstanding that trust collaboration is only related to financial activities. Yet, this is not the case. As the widespread adoption of crypto continues to rise, so does the appetite for data control and security of users’ assets. As such, asset management applications alone are no longer enough. ONTO Wallet not only provides basic on-chain asset management functions, but also leads the way towards innovative functions that can meet wider Web3 needs, including decentralized identity. Each wallet user can create their own decentralized digital identity through the mobile client or desktop plug-in application. The assets that the user owns and the transactions on the chain will be recorded in the KYC-verified identity, and the individual can then independently manage their data. ONTO Wallet is regarded as a “Web3 gateway” and currently supports up to 25 chains, constantly expanding to meet the needs of a wider range of Web3 users.
Additionally, users can generate corresponding credit points based on their on-chain behavior by using ONTO Wallet. The DID (ONT ID) owned by a user in ONTO Wallet represents their social relationship and can be used as a reference point when interacting with other users or applicants. In practice, a user with a high credit score (OScore) can rent a vehicle through the digital wallet without a deposit. The individual’s educational background, qualifications, and other key information are also closely related to the DID and stored on the wallet.
In OWN, the related ONT ID protocol-level products also include a suite of other protocols: ONT Login, the decentralized login component which optimizes the user login experience; ONT TAG, which provides KYC services; and Mercury, a peer to peer communication protocol for Web3 applications. Together, these products create sufficient channels for all parties to provide or use Web3 services, as well as to assist and accelerate the construction of decentralized applications.
When working towards creating total social trust, the base layer, the protocol layer, and the application layer become one. Together, they play a multi-dimensional role in laying a solid foundation and providing an advanced experience. The token model, node economy and identity authentication promotes the prosperity and development of the entire ecosystem.
In this regard, OWN fully reflects its versatility, specifically in:
- Multi-language support: OWN supports multiple languages such as Java and GO, offering developers sufficient choice and insisting on an open source code;
- Multi-chain support: After the integration of EVM, 4 contracts, Native, NeoVM, WasmVM and EVM are now supported. With this, developers can migrate on-chain at a lower cost to achieve full integration with the Ethereum ecosystem and share with users;
- Multi-asset support: ONT is OWN’s native asset, while ONG is the on-chain fee that provides the Ontology Bridge to support the conversion of multiple assets;
- Multiple development tools: OWN offers users multiple development tools such as Web3 API, smart contracts, and blockchain browsers, with detailed documentation for developers’ reference.
The decentralized digital identity represented by ONT ID in OWN allows users to perform multiple functions such as asset management, on-chain governance, dApp, wealth management and lending.
Identity-related solutions in the OWN infrastructure will play an important role when it comes to screening member structures in DAOs. Firstly, it can help to set the entry threshold. Users who want to become DAO members must pass KYC verification and achieve a high credit score before they can formally participate in any voting. This will filter out a large number of fake accounts and ensure that there is activity from users on the chain. In turn, the development of a DAO can be closely integrated with the services provided by Orange in OWN and reduce problems caused by centralization. This is achieved by determining the weight a vote carries in line with the user’s reputation. Users’ with high participation and a good credit score will have relatively greater rights to participate in governance.
Whilst assets are typically interchangeable, there is another non-fungible asset class that is typically represented by NFTs. From the earliest game props of CryptoKitties, to the series of avatars created by platforms such as the Bored Apes Yacht Club, NFTs have become a central product in the Web3 field, attracting a large number of creators and buyers. NFTs go through a series of circulation processes from generation, to attribution, and even destruction. Due to the value attached to NFTs, copyright, metadata, and attribution rights must be reviewed and defined. To this end, POD features methods for storing, organizing, managing, and using on-chain metadata to achieve entity-based storage, definition, and cross-platform data consistency.
Decentralized finance (DeFi) is a remake of traditional finance in the blockchain field. Most notably, DeFi prevents the risk of malicious acts by centralized financial platforms. Among the many forms of DeFi, decentralized lending has become a key component. Decentralized lending lowers the high threshold for participation enforced by centralized institutions, as users do not need to provide a series of personal identification certificates. Instead, individuals only need to provide asset mortgages in the form of over-collateralization to complete loans. Evidently, over-collateralization is not an advanced financial resource allocation method. However, credit lending in the form of “borrowing” has begun to take shape through decentralized lending.
Wing Finance was the first DeFi project for credit lending when the Inclusive Pool and OScore scoring system were launched. When users independently authorize OScore to read their own digital asset transaction records, holdings, KYC (real-name authentication) status, default, historical credit data, they will automatically generate their own OScore scores.
In order to ensure that credit lending is entirely secure, Inclusive Pool has established a risk control mechanism synchronously. Once a user defaults it will be included in OScore’s default list, but the defaulter’s private information is hidden and protected. At the same time, there are mechanisms such as liquidation and fines that allow users to complete credit lending through the OWN infrastructure while protecting their privacy. Individual users can also participate in governance to varying degrees based on their own reputation on the chain.
The metaverse refers to a virtual world parallel to the real world, creating monumental transformations of content production, economic systems, user experience, and physical world content. It builds an economic system based on blockchain technology, closely integrating the virtual world and the real world in the economic system, social system, and identity system.The metaverse presents a wide variety of manifestations, including games, virtual characters, and more, which have proven to be vastly popular across the globe.
The way in which users connect their real-world identities to the metaverse, while protecting their rights and personal assets, should be at the forefront of these rising innovations. ONT ID can help users to connect on-chain and off-chain identities, confirm the ownership of virtual assets, issue certificates, and further attribute them to users’ identities. These features will become an essential component for users to safely interact with each other in the metaverse, further promoting the establishment of trust and collaboration in virtual worlds.
Decentralized trust collaboration will become crucial across all industries in order to eliminate the drawbacks of previous methods and bring true cost-free trust collaboration.
As the general blockchain infrastructure provided by Ontology for the Web3 ecosystem, OWN offers comprehensive infrastructure support, including basic blockchain underlying technologies, blockchain protocol-level technologies, and general-purpose tools. Moreover, OWN provides project parties with a platform that supplies developers with well-equipped tools and helps them to achieve faster results with less effort. These features, along with catering to the core demands of individual users, allow them to have independent control over their assets and data.
Trust infrastructures, such as OWN, can’t be built overnight. It is essential to ensure that the framework is flexible enough to function independently and when combined with other components to create a variety of different outcomes. OWN has the potential to combine these elements to achieve multi-chain co-prosperity and finally build the Web3 trust ecosystem that users deserve.