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Ontology [ONT] has a private transaction option like Zcash [ZEC] – says its founder

Gautham Kadri



Ontology [ONT] has a private transaction option like Zcash [ZEC] - says its founder
Source: Pixabay

In a recent Live Telegram chat between Li Jun, the Founder and Andy Ji, the Chief Strategy Officer of Ontology, the officials discussed the future of the company and they answered some of the questions regarding ONT.

During the course of the interview, the questions and replies were divided into 6 topics: Technology; Consensus; Use cases; ONT, ONG and the market; ONTO; and the team.

According to Li Jun, Ontology has a private transaction option like Zcash and the blockchain will be able to support both public as well as private transactions depending on future scenarios.

When asked about the next large milestone of Ontology, Jun spoke about the Ontology Oracle services, infrastructure performance enhancements to almost 10k TPS, distributed data exchange protocol and the development of sub-blockchains that are scheduled in the 3rd quarter.

He further added that currently, the team is focusing on a set of 2 directions. He stated:

“One is a continuous enhancement for the blockchain infrastructure and the trust collaboration platform. Another direction is for ecosystem development, we will engage and involve different partners in different industries to build decentralized dApps and sub-blockchains on Ontology.”

Jun was then asked about the estimated time frame required by Ontology to reach 10k TPS and the dApps required for the same.

To this, he replied by saying, since Ontology’s applications are used for business scenarios, lots of transactions can be executed with the help of the apps. However, the team is still looking for good scalability solutions. He explained that Ontology provides the modules to connect to genuine business situations, for instance, the dispersed personality framework and circulated data exchange framework.

Over a series of questions about the consensus,  Andy Ji stated that they would begin to run nodes on 24th August and this consensus mechanism will be functioning continuously for everyone. Users can insert their ONT into smart contracts to join the mechanism and get rewards. These ONT can even be a very small amount and the user would still get the rewards, stated Andy.

Additionally, he said:

“There is no minimum amount, but you will have competitors. If your stake of authorization is less than another, you will be a candidate (you will get a reward as well, but of course, less than normal consensus nodes).”

Another question was asked pertaining to what other use cases the Co-Founder can see for Ontology apart from verification of identity.
He stated that Ontology still has other common modules like the distributed data exchange module. All those common modules build together as a decentralized trust collaboration platform to build a bridge to link different business scenarios.

Further, they discussed the working of ONG and its benefits.

Li Jun mentioned that ONG is a utility token on the Ontology platform. When there is a need to send, conjure, execute, or utilize smart controls on Ontology, one must consume ONG.
According to him, the utilization of BTC or ETH for installments will be too moderate and expensive. For those individuals who add to the governance or consensus of Ontology, they can get an ONG reward for motivation.

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Gautham Kadri is a full time content writer at AMB Crypto. His passion is for writing and interest towards the future of cryptocurrencies and blockchain technology. He does not hold any form of crypto currencies presently.