⚡️⚡️[ANN] ⚡️⚡️ Ontology Network Official Regular Updates

[ganeshramk]

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Today's Update dated 28 April 2019

Ontology introduced its VBFT consensus algorithm last year and the project has continued to build momentum over the past several months. This is big news in the world of blockchain as the PoW and BFT consensus algorithms are what most mainstream public chains are using today. Ontology hopes that the VBFT algorithm will replace those commonly used, as they believe they have solved some of the major problems that lie within them. VBFT improves on the performance and scalability of public chains all while guaranteeing the randomness and fairness of a consensus network. Other algorithms have been known to cause problems that hinder both the performance and the scalability of public chains. Ontology’s improved platform will help dApp developers harness their creativity to its maximum potential and remove limitations imposed by inefficient algorithms with poor performance. As the dApp developers lie at the center of the blockchain ecosystem, Ontology believes that the changes they are implementing will provide greater flexibility and further the ability of the developers to create new and innovative applications. Constant improvements are being made to VBFT, and large-scale and long-term practices are in progress to track the performance of this new consensus mechanism.

To read more on this, visit their recently published blog>>>>>>>>>>>>>>   Blog Link

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Note: I am not a part of the Ontology team and am not a point of contact for this project. For any questions related to the project, kindly contact the team members via Telegram.

[Mrcharles]

The VBFT algorithm would be instrumental to the development of better dApps in the platform and would lead to increased creativity for the developers in the ontology platform. Am of the opinion that this would create a new era in the blockchain Consensus algorithm.

[ning_aric]

Ontology VBTF is a huge improvement from NEO dBTF. With more improvements providing solutions to blockchain scalability issues, we would have more developers interested in blockchain technology.

[faulerwilli]

The plans of Ontology sound very good and seem to be very well thought out. But at the moment it's a shark tank, so many new projects that want to improve the blockchains. Those will be exciting years. I hope ONT is successful, I like this project.

[Kinkadeinspired]

The VFBT algorithm is definitely a good and welcomed development from the ONT team. I have always been one who believes in ONT and this move will prove to be awesome.

[Anilbg]

There are many projects claiming that they are developing high performance Blockchain, only 2-4 manage to develop solutions which is okay but not good enough. Will ONT break the barriers and come with actual high performance Blockchain?

[chan001]

ONT's blockchain is compatible with existing 3rd party blockchain?  I mean if any existing dAPPs wants to move to ONT blockchain,  how easy or difficult it would be?

[Mrcharles]

The plans of Ontology sound very good and seem to be very well thought out. But at the moment it's a shark tank, so many new projects that want to improve the blockchains. Those will be exciting years. I hope ONT is successful, I like this project.

I love the fact that so many projects are determined to improve the blockchain. This would create much more efficiency in the blockchain consensus industry. There's a popular opinion that healthy competition leads to advancement, and that explains why blockchain technology is growing speedily.

[Sozialtourist]

PoW, PoS, DPoS ... there are already a lot of different consensus algorithms. All have their pros and cons. Now we get another one with Ontologys VFBT. Looks definitely interesting. Time will tell which of these algorithms can make it and will be widely used.

[ning_aric]

After the recent USDT and Tron FUD that seems to be a growing issue in crypto markets. More regulated and audited stablecoins would surely be welcomed by blockchain enthusiasts, investors, developers and primarily by cryptocurrency traders worldwide. PAX just had a partnership with ONTOLOGY, and seems like they’ll be moving to ONTOLOGY blockchain which promises faster, safer and more secured transactions.

[Nathan01]

Is there a known dApp using this consensus mechanism and already running? I will like to see the most effective dApp industry running with the mechanism already

[coin_1122]

After the recent USDT and Tron FUD that seems to be a growing issue in crypto markets. More regulated and audited stablecoins would surely be welcomed by blockchain enthusiasts, investors, developers and primarily by cryptocurrency traders worldwide. PAX just had a partnership with ONTOLOGY, and seems like they’ll be moving to ONTOLOGY blockchain which promises faster, safer and more secured transactions.

Based on their improvement with the blockchain transaction Ontology blockchain is becoming more prominent which will help the PAX understand how potential ONT is going to be in the coming days. Already we are seeing in every blockchain meeting Ontology is taking place in order to get more awareness about their improvements.

[Anilbg]

Is there a known dApp using this consensus mechanism and already running? I will like to see the most effective dApp industry running with the mechanism already

I was going through project website ont.io and I can see there is dAPP tab which shows total 27 active dAPPs with close to 15k users.

[em777]

There are many projects claiming that they are developing high performance Blockchain, only 2-4 manage to develop solutions which is okay but not good enough. Will ONT break the barriers and come with actual high performance Blockchain?

when claims such as this are made i usually to like making comment because i believe the best way to see if their claim is true is to watch and see how it unfold in time. so I believe time will tell

[chan001]

There are many projects claiming that they are developing high performance Blockchain, only 2-4 manage to develop solutions which is okay but not good enough. Will ONT break the barriers and come with actual high performance Blockchain?

when claims such as this are made i usually to like making comment because i believe the best way to see if their claim is true is to watch and see how it unfold in time. so I believe time will tell

Rightly said. No one can predict the future. Just keep eye on the projects development/update which will come on regular basis from project team.

[Sozialtourist]

After the recent USDT and Tron FUD that seems to be a growing issue in crypto markets. More regulated and audited stablecoins would surely be welcomed by blockchain enthusiasts, investors, developers and primarily by cryptocurrency traders worldwide. PAX just had a partnership with ONTOLOGY, and seems like they’ll be moving to ONTOLOGY blockchain which promises faster, safer and more secured transactions.

So this means PAX will be the first stable coin that makes use of this new VBFT consensus algorithm? Wondering if they choose the ONT blockchain because of VBFT.

[Nathan01]

PoW, PoS, DPoS ... there are already a lot of different consensus algorithms. All have their pros and cons. Now we get another one with Ontologys VFBT. Looks definitely interesting. Time will tell which of these algorithms can make it and will be widely used.

I understand that Dpos is great for dapps and Pos as well as Pow are great mechanism working differently to achieve different purpose. I have seen users complain that VFBT refuses the main substance that makes fault tolerance efficient, do you think that's the case here?

[Amelie Poulain]

I think I already read about this project 1 year ago, I thought from the title it would be a medical project, but it turned out that it was not. Is the team planning to create a bounty program for this project?

[Nathan01]

I think I already read about this project 1 year ago, I thought from the title it would be a medical project, but it turned out that it was not. Is the team planning to create a bounty program for this project?

Ontology was quite popular due to its surprisingly price spark just after airdrop distribution and the regrets that followed after for those who dumped earlier

Another bounty opportunity is opened in Gleam but price will be in Ontology Gas. Ong. Check the link. https://gleam.io/2cbXn/ontology-developer-community-rewards-program

[Kinkadeinspired]

I think I already read about this project 1 year ago, I thought from the title it would be a medical project, but it turned out that it was not. Is the team planning to create a bounty program for this project?

Ontology was quite popular due to its surprisingly price spark just after airdrop distribution and the regrets that followed after for those who dumped earlier

Another bounty opportunity is opened in Gleam but price will be in Ontology Gas. Ong. Check the link. https://gleam.io/2cbXn/ontology-developer-community-rewards-program

Thanks for this, I have been looking forward to how to get more $ONG even if it is ONG gas, I don't mind because I have always been a fan of Ontology. Let me hurry to take advantage of this opportunity. Once again. Thank you