• Li Jun, Founder, the project bringing trust, privacy, and security to Web3 through decentralized identity and data solutions at Ontology


• 30.11.2021 01:33 pm

1. Can you tell me more about Ontology and what your company does? 

Ontology brings trust, privacy, and security to Web3 through decentralized identity and data solutions. We have developed a comprehensive ecosystem that allows users to easily create their digital identities and build trustless, decentralized, and portable online reputations in Web3, the next iteration of the internet. Our protocol is created with privacy, transparency, and trust in mind. Our high speed, low cost, layer 2 blockchain is designed to give users and enterprises the flexibility to build blockchain-based solutions that suit their needs, while also ensuring strict regulatory compliance. 

2. Have you had any interesting announcements or developments recently?

In September we announced that ONT ID, our decentralized digital identity application, had surpassed 1.5 million users. The application is designed to allow users to securely manage their digital identities by giving them control of how and when their information is shared, and with whom.  The application’s user base is predominantly based in Asia (50%), reflecting a strong appetite for decentralized digital identity applications there, followed by the United States (7%). This milestone highlights the significant appetite amongst users for decentralized solutions that manage online data securely, particularly against the backdrop of recent high-profile data breaches and hacks. We believe the adoption of decentralized apps like ours is imperative to combating hacks and breaches and safeguarding data, especially as more of our lives shift online.

3. What have been the key drivers of development and growth for Ontology over the last two years? 

As data breaches, hacker scandals, and misuses of digital information have become more prevalent and impactful, the appetite for decentralized solutions to safeguard data has grown extensively. Ultimately, this has driven our team at Ontology to strive to create more secure solutions for the internet in Web3. Over the past few years, we have focused on creating a new trust candidate for privacy and security. Verification mechanisms on current blockchains are often time-consuming, costly, and can put data at risk. What’s more, users lack control of their data, hindering exchange, security, and collaboration. Looking to remedy this, ONT ID, our decentralized digital identity application, aims to break down barriers to decentralized adoption by offering an easy-to-use app that helps users easily manage and secure their data through encrypted technology.

The need for greater interoperability across the blockchain industry has also been a key motivator of recent developments at Ontology. This year we announced that we would be adding to our existing multi-virtual machines, which include three types of smart contract deployment on Native VM, Neo VM, and Wasm VM, by adding an Ethereum Virtual Machine (EVM). Now on Testnet, we are proud to be bringing greater interoperability to our ecosystem and expanding our decentralized solutions to new markets through our EVM.

4. So tell me more about Ontology’s decentralized identity solution, ONT ID. How is this filling the gap when it comes to the usability of decentralized applications?

ONT ID offers our users far more security than traditional data storage methods on centralized systems. It is built using blockchain and cryptographic technology which connects people, data, and services in a decentralized way, minimizing the risk of data leaks via attacks on centralized authorities. It gives users the opportunity to take charge of their digital identity, giving them control over how they share their data, with whom, and for what purpose. As well as this, it allows users to manage their online data in one place, minimizing the need for multiple insecure logins and passwords across various channels. It is a revolutionary step forward and sets the standard for data control in Web3.

5. I spotted that some significant companies have partnered with Ontology and are making use of ONT ID. Can you tell us about some of the use cases they have created? 

We have greatly enhanced our ecosystem by signing some landmark partnerships over recent years and ONT ID has contributed massively to the widespread adoption of our solutions across a range of different sectors. For example, last year, we joined forces with Daimler Mobility AG’s Blockchain Factory to develop MoveX, a first-of-its-kind blockchain-based mobility platform for the automotive and mobility industry. This year, we partnered with ROCKI, a next-generation music streaming service, and NFT platform. ROCKI will use our decentralized identity solutions to prevent bad actors from impersonating artists and peddling inauthentic NFTs. We also announced a partnership with ZAICO, a real-time cloud storage inventory management application based in Japan. Each of these partnerships has not only helped our development and growth but has also significantly contributed to our goal of helping users secure their data.

6. What are the main trends that will determine how your company develops over the coming two years or so?

We believe the development of the Metaverse will have a significant impact not only on Web3 but the entire interconnected digital world. With the recent news that Mark Zuckerberg has rebranded Facebook to “Meta”, we think that the space is likely to grow significantly in terms of mainstream adoption. Zuckerberg’s announcement means that the Metaverse now has a multi-billion dollar corporate giant fuelling its development. Going forward we want to ensure that products like ONT ID are used in the metaverse to ensure user privacy and security are upheld. 

The fact that many mainstream platforms use technologies with a centralized data storage and control system will be a challenge. Many people will not want a single entity controlling the entire Metaverse. The concept of the metaverse is likely to infuse different products built by different companies across the web in virtual reality worlds using artificial intelligence, augmented reality, and blockchain technologies. We will be closely watching out for how this comes to fruition over the next number of years, identifying how we can offer solutions that will create a more secure infrastructure in the Web3 era.