What benefits will Ontology’s integration with Chainlink bring?

By July 7, 2020DApps
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Andy Ji, Co-founder of Ontology
Andy Ji, Co-founder of Ontology

Korea IT Times recently caught up with Andy Ji, Co-founder of Ontology, the high-performance enterprise blockchain, to chat about Ontology’s integration with Chainlink and what plans it has for the future. Ji says, "We are committed to providing Ontology users with the best and most secure platform tailored to their needs while Chainlink is a decentralized oracle network that enables smart contracts to secure access off-chain data feeds, web APIs, and traditional bank payments." and "Integrating Chainlink’s decentralized oracle protocol will boost Ontology’s ecosystem, creating a more robust and scalable platform for Ontology’s ever-expanding community."

The native integration is now live on Ontology’s TestNet, meaning Ontology developers can now build smart contract applications connected to real-world data. The combination of Ontology’s high-efficiency and low transaction fees with Chainlink’s ability consistent to provide secure and reliable oracles will enable mutually beneficial outcomes for both platforms and communities.

Q: Tell me about Ontology’s recent integration with Chainlink.

Chainlink has an impressive track record providing global enterprises such as Google, Oracle, and SWIFT with bespoke oracle solutions. Their experience working with such organizations further bolsters their reputation as the undisputed, market-leading decentralized oracle network.

Our integration with Chainlink not only broadens the accessibility of blockchain applications globally, but expands the capabilities of the Ontology ecosystem. The early stages of the partnership will focus on creating new data management capabilities for Ontology, through the integration of ONT ID, Ontology’s digital identity framework, and the ONTO wallet into a range of dApps and enterprise infrastructure. The deployment of Chainlink’s decentralized oracle network will open up a new wave of developments that will bridge Ontology’s on-chain applications with off-chain resources. The collaboration with Chainlink marks yet another successful milestone for Ontology and we are excited to watch the collaboration come to life over the next few weeks.

Q: Ontology has recently celebrated two years since its MainNet launch. Can you tell us a little bit more about what Ontology has achieved since, and what plans it has for the future?

The two-year anniversary marks a proud milestone in our journey, while also offering us the opportunity to reflect on all we have achieved since the launch of our MainNet in July 2018. Over the past two years, we have not only witnessed significant technical developments to the Ontology platform, but we are honoured to have welcomed a host of new partners too, such as Chainlink, Bitcoin Suisse, and Spherity, amongst many others. It was also our privilege to be part of a project that has had a positive socio-economic impact, through Ontology’s collaboration with Venezuela Blockchain, an organization committed to leveraging emerging technologies as tools for socio-economic development in Latin America. Using blockchain technology to create positive outcomes is important to us and we hope to continue working on projects similar to this in the future.

Over the past two years, we have been keen to expand our global footprint by breaking into new markets such as the US and Europe. The United States has proved to be an important market for Ontology as it has provided us with the means necessary to drive Ontology-led innovation as well as harness new relationships with key partners. Most recently, Ontology’s growth in the European market is steadily on the rise following our signing of an MOU with Berlin’s Hochschule für Technik und Wirtschaft (HTW) University. While Europe and the US remain our strategic focus, we are excited to see what other markets Ontology may expand into in the future.

Q: Can you tell me about any other news and announcements?

In other exciting news, we have recently launched Ontology 2.0, a community-led update to the Ontology platform that is designed to support robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. The community is at the center of all we do here at Ontology so we wanted to come up with a way to involve them in the process. We are appreciative of all the feedback our community provided as it enabled us to make the best changes possible in line with their unique preferences. Primary changes include improvements to the Ontology Governance and Staking Economic Model, which will provide more benefits to the Ontology community while making the system more accessible, attractive, and practical. We are committed to providing Ontology users with the best and most secure platform tailored to their needs while sticking to our core values of privacy and trust. This project is demonstrative of that commitment.

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