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🎙️ Wise Crypto & ONTology AMA
Recorded: Sept. 28, 2023 Duration: 0:38:57Space Recording
Full Transcription
Hello, everyone. Good day once again in the Vice Crypto, Sister Tune, and also we're waiting for our honorable guest. So, yeah. Thank you, everyone, for having me here.
Yeah, I think we have Jeff here as well. I can see.
Okay, wait a bit.
Okay, I think Jeff from your official account is that?
Yep, that's him.
Yeah, I'm here hoping you can hear me loud and clear.
Yeah, we can hear you loud and clear.
Yeah, we can hear you loud and clear.
Okay, so I think we can hear you loud and clear.
Okay, so I think we can start now.
Like I said, I think we can hear you loud and clear.
Okay, so I think we can hear you loud and clear.
Okay, so I'm here.
So, first of all, I would like to thank everyone for having me here to listen to this AME carefully and, guys, stay tuned.
So, first of all, could you please introduce yourself one by one?
So, Jeff, first of all.
Yeah, so I'm Jeff.
I'm the European ecosystem leader at Ontology.
I've been around crypto for far too many years now.
I'm actually academic and then gave it all up to come into Web3 like a crazy person, but probably best decision I ever made.
Yeah, my name is Claire.
I'm head of growth at Ontology.
I just recently joined their team, but similarly to Jeff, I've been in the space for quite a while working with tech startups.
So, yeah, really excited to connect with everyone today.
Yes, thank you.
Happy to know about yourself both.
Thank you for having me here once again.
So, yeah, let's talk about like your Ontology and could you say it's a technological ecosystem that are used to build these actually?
And also you can say more about your project.
Sure, I can kick things off there.
I think, first of all, Ontology is all about really like decentralized identity in the space.
You know, we're super focused on pushing the envelope with our ONT ID, which is all about, you know, private and trust free decentralized identity.
It's a key piece, I think, of the puzzle in our like overall plan to kind of further connect Web3 world with more powerful tools and tech.
Like it's super speedy.
We've got lots of transactions get the green light like very fast.
Like we're handling quite a lot every second.
And I think Ontology like really is making strides and making things easy to do.
Like we've coupled that as well with EVMs.
So if you're a developer interested in Ethereum or in the space, jumping in and getting started with Ontology is pretty easy to do.
You know, we've got support for a bunch of languages and extra protocol hookups.
So it's fairly versatile.
I'll hand it over to you, Jeff.
Is there anything else you want to add there?
Yeah, not too much to add, you know, I mean, we've been around.
We've been working on DID decentralized identity since about 2017, which in the world of crypto is a phenomenal, phenomenally long time.
So that's pretty cool.
And as Claire rightly says, that's been our focus all that time.
You can add into that as well, decentralized data and ownership of data.
And I think what underpins all that is this idea that Web3 doesn't just need decentralized identity.
It kind of demands it.
So that's the ecosystem we're building.
That's the technology we're building, allowing people to actually own their own identity, own their own data.
And actually, if they want to even move across and monetize those sorts of things as well.
Okay.
Yeah.
Thank you, sir.
Got it.
I think that's really important for you to know more about, you can check out their website and other information to know more about it, actually.
So, like, what do you say?
Some of your features of your blockchain and also the are there any notable differences between other existing blocks in the crypto industry?
Yeah, I'll jump in there if that's okay, because I wanted to sort of expand on what Claire had already said on that.
said on that you know obviously one of the things we expect from layer one blockchains is speed so
good amount of transactions per second so we're looking at around 5 000 transactions per second
which is pretty quick uh being cheap so you know it's it's exceptionally cheap to make transactions
on the ontology blockchain they're the things you kind of demand we've got to a position where
people demand those so in terms of notable differences i think there are a couple of
things that i think are really important and i'll not talk too much about the tokens but i do need
to mention them we are proof of stake like a lot of systems are but we have a dual token system which
is really important and i will touch on this right now in that one of the problems with single token
system is that the people who are invested in the ecosystem want to stake in the ecosystem if they
then have to pay for their transactions in the same token that they stake in well then they're diluting
their voting power they're diluting their uh their say on that ecosystem so we we run a dual token
system which allows people who are most invested into the ecosystem to maintain that ownership and
voting rights of what they're doing which i think is really important the other big difference i think
is really important to talk about is you know and claire mentioned the evm as well the evm is really
important to us but but actually the different protocols we have ready to go out of the box for people to
use and for developers to build upon that can be ont id our decentralized identity package it could be
something like orange protocol which exists out there as a decentralized reputation protocol you know
and these things are really important for developers beyond just a blockchain but making it easier for people
to build on that blockchain uh yeah and also claire do you want to add it on this like i saw you have
your wallet also like could you mention some of your uh activities regarding to other
claire can you hear me sorry sorry just dropped off there for a second could you repeat that
yeah i said like uh you want to edit something on that question like any features and also i saw you
have your own wallet also so if you wanted to say a little bit about that yeah of course um i think
jeff kind of covered quite a bit there but i'll just kind of wrap up i think on on some of the areas
that he touched on as well so just to i guess to reiterate about the dual token system and to address
um i think the ont and ong address our governance and utility function separately and the high
scalability and obviously our efficiency um like we mentioned supporting thousands of transactions
per second so it's a really like modularized structure i think allowing businesses to implement
blockchain without having specialized knowledge um and as we said like i think we kind of are
really focusing in on decentralized identity tools solutions making massive strides towards a safer web
three um also like with tools like mercury ont login and ont tag as well um i think it's just really
wrapping up for compatibility and security as well yeah and michael you mentioned the the wallet in
there as well you know onto wallet is kind of our gateway for people to access all those things you
know they can set up their decentralized identity they can use it they can access different
decentralized applications they can manage their digital assets and like so much we do actually
ontology it's not just on the ontology chain we make these things cross-chain so what we want to do is
remove those boundaries those barriers for people to either develop or access different parts of web
three so you know when claire talks about those on login and ont id protocols we have they are cross-chain
protocols when we talk about onto wallet that is a cross-chain wallet and that's one of the
big things we're trying to achieve here and and that's that interoperability and cross-chain
connectiveness of that web three ecosystem with everything we offer out there yeah i think that's
actually a really excellent point uh to make where jeff is uh cross-chain interoperability um and like
everything that we both mentioned i think yeah definitely with functionality coming from the wallet
allows people to do that so thanks so much for for focusing in on that jeff yeah thank you both of you
like and also let's talk about one of the most important things security is there you know like
uh in the centralization secret dishes is very much important for any blockchain so what is the
concern about that like how secure your blockchain actually
um i'll just jump in with a couple of points first i think we're we're you know we're all about
keeping data and transactions on the network super secure um i think each algorithm we have
specialized um security guards so each one is essentially is trained to handle different types
of security threats for example um it's almost like having a team of security experts and just
making sure that your data stays safe and sound and we also have like consensus mechanisms there's a
bunch of mechanisms to ensure that transactions and data exchanges you know get the thumbs up essentially
from from multiple people on the network um again it's it's like a group effort that builds trust
um since everybody's in on the decision making process um then again like this setup essentially
helps keep shady activities at bay uh making every transaction just easy to track like unchangeable
and open for for all to see um again yes it's a team approach
absolutely i've not really got anything add to that claire to be honest and what i would say is
i think time time in the market is really important for people and as i said earlier we've been
around since 2017 building these sort of things we've been pushing this technology for such a long
time um that that that security aspect is something that we've really been pinning down and working on
and tweaking to get better and better over time and that's that that comes with time and experience
on that blockchain technology and i think that's really important as well
yes got it some people know worry about the security they are 100 secure you can uh like
take part on their activities no worries and also just follow their own kind of social link
so sir do you have any kind of native token right now i saw actually like could you say more
about that and also the utilities like what can people uh do with your token in your ecosystem
claire already touched on this a little bit i guess in terms of the dual token system
so we've got the ont token which is used for as a staking token um and but also it's we have lots
of partnerships around with people where you can use it to buy products you can use it to
transact there's defi protocol supporting it you know it's got a lot of utility around those areas
um it also gives you voting rights or the right to nominate a a node operator to vote on your behalf
during the consensus mechanisms so you when you put your ont down to stake you you confer the rights
to voting for one ont vote to that node operator uh and then the ong serves as predominantly the gas
token on chain but of course as with so many things in in that blockchain crypto world there are
other applications there are defi applications supporting it and so on
yeah just to add to that thanks so much jeff and pretty much not not a lot to add but i'll just jump
in so with the ong generation for ont holders exactly it's one of the interesting facts of the
dual token system is a periodic generation of ong tokens for ont holders so it's like a reward
mechanism that um essentially incentivize users to hold ont tokens so just um a small bit to add to
already detailed answer important as well right everybody likes getting those rewards and so the
ong comes across as rewards as well so transaction fees get shared on there as well so and the staking
actually tends to be mid-20s to mid-30 percent ap wise which is pretty exceptional in this market i
think for any proof of state mechanism
yes thank you thank you for that and also yeah like as you mentioned earlier a lot of benefits
and activities but i just want to know specifically like could you mention on the user benefits actually
uh like uh what is your main focus for the users if they use your blockchain what kind of activities
they will get and also the benefits yeah go for it
i think with um just to go back to what we were just mentioning about there again which i think is
really big benefit is like the distribution of ong to ont holders so this doesn't only um so this not
only like encourages long-term holding of ont but also ensures that users are actively engaged in the
ontology ecosystem which i think is really big um and is a i think a really legitimate um benefit to
this so essentially it's it's a strategy that ensures circulation and utility of both tokens
and so this means that it just remains dynamic and vibrant um and i think it's another element that
fosters innovation and growth and keeps the community um keeps the community connected so i
would say that's that's probably one of the best benefits i don't know jeff if you wanted to add
anything else yeah i'm gonna add a few things so so one of my jobs on here is is hanging out with
the community chatting with the community discussing things with the community um i'll give you a
little bit more on my background actually so i started off just staking ont on at ontology then
i took part in what's called their um harbinger ambassador program and that is people who understand
the ecosystem a bit more we reach out and and help people understand what's happening with ontology we
organize events and do things like that and then ended up being employed to do some work around with
the ontology people as well so quite a long journey from just a community member all the way through
working myself through that um different roles within in the community and i think that's really
important for this reason and i'm always very proud what we try and achieve at ontology for our
community members we run you know i can see sassin and give us a wave sassin's in there one of our
great community members runs quizzes for us runs events for us engages the community does all these
things and if you come on to the community you'll find you know there'll be a quiz there'll be a chat
uh very educational on a tuesday you can say hello to sassin on there and always running those things
and then on a wednesday you can often find us on discord doing some sort of talk and update on what's
happening on a thursday you can tune in on twitter spaces and hear us discuss important topics within
the industry that might be around decentralized identity it might just be around blockchain in general
but always something relative to those sort of things at the end of the month coming up this friday
actually we have a quiz on discord where you can take part in a quiz and we give away loyal member
nfts we give away ong but more importantly i think is we we work really hard to provide some educational
information to keep people safe and make sure people get the most out of what they can do on the
blockchain not just on ontology but across the blockchain in general definitely um and yeah thanks
so much for adding all that jeff that's really great insights but also just one one small element
to add is transparency as well and the kind of consistent uh communication as jeff has gone into
a lot of detail you know every week we post um there's an article written in medium that gives
anybody obviously insights into what we're working on so it's it's every detail it's like developer
updates it's community updates and then we also take a really high level look at like the industry as well
so yeah definitely fostering community but transparency at the same time as well so you can
keep up to date with like all kind of some some major some minor developments so you know you're kind
of growing with this or you can see how everything's growing
uh yes thank you got it and also like i saw you have your loyalty program as uh jeff mentioned
a little bit but i just want to know more about uh this program please say
yeah i can add a bit more on that so so essentially what we want to be able to do and and this is work
in pro progress at the moment uh what we want to be able to do is take people through kind of the
journey i described for myself if you like and and that's that's the idea of okay you get interested
in ontology you find out about it but but so what what do you do and so the loyalty program is there
to reward people for taking those different steps so it might be that you just turn up to one hour
of our of our discord chats or one of our telegram chats or our twitter uh spaces and then you know
if you get involved if you ask questions if you take part then you can win an nft which we call the
ontology uh loyal member nft and you collect i i think it's 10 of those i'm a bit out of touch
with how many it is and then and then you can earn ong rewards and we we keep adding different events
and different tasks and they're not just pointless tasks they're tasks to expose you to the
ecosystem so it might be you know set up a decentralized identity and onto wallet it might
be take part in this uh conversation around what what does it mean to stake anywhere on the chain
what does proof of stake mean and there'll be a conversation around it and if you take part
in that conversation then you can win an nft you win enough nfts you win ong and so that's what the
loyalty program's there to do one to foster people to take part but also to make sure that they take
part in a meaningful way and get rewarded for taking part in a meaningful way as well
definitely it's um yeah so it is it is 10 of these jeff you're correct so you get 10 of these
claim 50 ong okay yeah i can say like for the nft leverage it's going to be a great opportunity
like to take part on their loyalty program you can win their nfts also yeah so people get ready
with the best question if you have uh regarding to their project so before going to the live i just
don't have one more question what is your future development plan like what can we expect from your
anthology in the beginning of the 2024 um i think maybe jeff will be able to speak a little bit more
on this but i think i'll just go towards what i'd mentioned earlier in like maybe our short term um
and kind of what we've already done recently like last week we published you know our weekly update um
that was kind of highlighting our development milestones and all of our community initiatives
so we saw like our l2 sequencing service uh updated our ont liquid staking continues with developing
and testing uh we saw ontology batch trading or pc you know accelerated so you know this is kind of
really big um you know some of the developments that we're mentioning in our weekly reports but
i'm not sure i think jeff might be able to give um a little bit more detail into kind of future
developments for 2024 yeah i'm going to focus on one actually claire that you just mentioned which
i think is the most important thing that we're working on for many many people at the moment
and that's the liquid staking liquid staking we saw over the last couple of years right we we saw
how important that is as part of those lego blocks for building a really solid defy offering for
people giving people access to more liquidity making it so people aren't just trapped and locked in it
in their staking tokens that they can take them out they can
take part in different you know and this is part of my conversations as i'm helping with
some of that ecosystem development is what can people build on top of that offering what can
people do once you've got liquid staking tokens that free up that stake uh
and i'm really excited really cool the other thing i should mention you know is we keep iterating on the
did we keep iterating on the identity and the big push hence me in this role at the moment hence
claire coming in and these um appointments that we've had at ontology the big push is now making
sure incorporate decentralized identity have got everything they need from us to incorporate ont id
in their products to work with people like orange project protocol in their products so 2024 is going
to be about liquid staking but also about making sure people have everything they need to build with
the ontology project okay yeah thank you sir for the mention actually so people do know more their future plan and
updates just follow their open up social link and also i saw like a lot of people made a request to ask you a few
questions so get ready everyone with your best questions first one i can take uh grace hello grace
hello grace are you there ask a question hello yeah yeah yeah ask a question please it's grace grace yeah
i just wanted to know that as you know that market is not in a good condition
so what kind of marketing strategy have you implement uh to get more user trust in this market situation
uh yeah it's an interesting one isn't it at the moment and one of the benefits we have of having
been around for so long this isn't the first time we've seen a difficult market right and so we keep
doing what we always do we build products and we put products in front of people and we make it easy
for them to use so a lot of our marketing strategy is actually talking to people in and around the space
we've now upped how many in-person events we're going to we've just been to token 2049 in singapore we
went to um korea blockchain week in korea and we'll be having a presence in istanbul for the stakers
event over there in november we was at uh paris for eCC and we keep making sure that we're there in
person explaining to people why ont id is a solution that can be integrated across web3 in general
um so market conditions they're not great especially for traders more than anything but
we've seen them before we've gone through them before and we could just keep pushing product and
we keep building product and making sure it's the best it can be and as accessible to people as it
possibly can be uh clay might want to say a bit more on that as well yeah definitely um i mean jeff's
mentioned quite a lot there but i think just to look back on on community so that that's a really big
part of our our marketing strategy for upcoming campaigns is to kind of look at who our partners
are in the um in the space and how can we kind of support each other by leveraging each other's
community uh by making sure that you guys know who we're partnered with and the benefits of their
product as well so it's like it's supporting um it's supporting all of our partners at the same time
so sharing their content you know we have a lot of exciting upcoming amas um but yeah it kind of
furthers to just just support your partners and also support the community so existing support
partners um new partners as well but yeah just getting gaining access as well to maybe community
members that wouldn't fully know exactly what ontology can do whether it's the ont did um and
also yeah just to summarize is to yeah a lot of um exciting partnership campaigns campaigns
coming up
okay thank you grace already got your answer yes thank you okay so the next one is north hello north
hello thanks a lot for the privilege mission um so my question is consigning the the ont's id
uh so would it be possible if one should maybe lose a particular wallet to actually create another
id using that same personal information because um just like the sbc you can actually create another
one if you lose a particular one so would it be possible for me to create another id if i lose the
initial one i own okay yeah it's a really good question so did decentralized identities are really
interesting right in that they're kind of worth as much as you put in there and as much as you do
with them so i'm going to give you the short answer first north is that's okay uh yes you can create
multiple ids nothing stopping you it's entirely up to you this is the nice part of decentralized idea
and so on you can then link that to different things the downside of course is when you actually
start using decentralized identity to the full potential that it has and that is in terms of
building up it might be on-chain credit ratings it might be because you've been using defy and you've
built attached the id a reputation it might be that your social fi reputation it might be your game fi
reputation is all linked to all those things and so if you lose that id and you lose access to it
well then unfortunately very similar to if you lose access to just your crypto wallet then you've
lost access to those um reputations and those credit scores that you will have built up and this
is such it's a double-edged sword right when you get into self-ownership of things you you have that
responsibility to make sure you you keep it safe and you keep it all connected so yes you can open a
new one but there are problems with just opening a new one in that you lose that history and you lose
that reputation all right all right um i think that's really great thanks a lot thank you yeah
thank you not for your question and also don't forget to join and follow their all kind of social
link next one is hot pizza hello hot pizza hello and can i ask my question yeah yeah i just want to
know do you guys have any plan to provide more new services and products in this year if yes what
will be the services and products and how will you contribute
so new services and products you know we kind of touched on this with future developments i think
the big new product is going to be the liquid stake in all the big new service i'm not not sure if it's a
product or service they'll be the big things on top of that uh as claire sort of alluded to and
you'll have to i'm going to plug this now you will have to follow us on social media and join us on
telegram we are looking at different partnership events we'll be looking at bringing new partnerships
in and that'll be the the big thing as different things you can do on the ontology chain as well
but the big thing is is a liquid stake and as i as i mentioned earlier
has it gone quite for anybody else or is it oh sorry it froze for me for a second
definitely uh can you hear us jeff yes oh good uh did you get my answer yeah yeah uh
hot pitch i hope you got your answer yes thank you okay thank you for your question so next one is
punk hello punk hey uh i have two quick questions so uh what's the tps for ontology network and do you
want to suggest some platform that are built on ontology network i should check out
i'm sorry jeff i didn't i don't think that that's an answer that i can i can give
much of if you if you picked up on that i'm sorry i just missed the question slightly could
anybody repeat it for me yeah i can repeat um what's the tps for ontology network and do you
want to suggest some platform that are built on ontology network i should check out
uh so i think one of the things we are constantly looking at at ontology is helping people
build on ontology particularly uh the evm right so we have the ethereum virtual machine and keep
your eyes peeled there's going to be some more information about sort of revamping our 10 million
dollar evm development fund for people to build on there so building on ontology evm is something
that we're particularly interested in pushing over the next few months to six months maybe even a
little bit longer and making sure that we support people across marketing financing funding uh tech
development and all those things to make sure that people can develop on ontology i think that was
probably getting the the essence of your question but i was struggling just to get that across properly
sorry yeah the first part of the question is what's the tps for ontology network
hello jeff did you get that question the first part no i didn't could you repeat it for me sorry
i'm struggling to hear it the the tps am i correcting what i'm hearing yeah yeah yeah yeah oh tps so yeah
5 000 transactions per second 5 000 is what we're looking at um obviously that changes depending on
network congestion but 5 000 is the number that we have out there sorry thank you my side as well
sorry i didn't pick that up okay yeah thank you for your question and next one and the last one i
think jam hello jam hello guys great space going on yeah thank you for the compliment ask your question
so my question is um how many partners currently have trusted ontology network and what services do
they bring to your blockchain and vice versa okay that's a great question i really like that one so
in terms of how many partners it's quite difficult claire do you have a handle on that number i'll touch on
something else after i really should but actually let me follow up with you on this because i do have
that spreadsheet because that was something i did when i first joined the company so yeah let me
follow up with you on that but yeah i will give a number i really should okay i'll let you go with
that one of the things i would say to you i'm just some of the things that we have done so some things
i'm really proud of the ontology team for pulling together so you know a couple of years ago we
partners with daimler um who famously make mercedes-benz cars and we built a proof of concept for
a welcome home app using decentralized identity where users could actually use an app using
on-chain identity in a decentralized manner to link with their mercedes-benz and that has been then
developed into different things um so in terms of trust people just help build something with them
which was really cool we have a variety of people who offer uh defy services we have say orange protocol
who offer um on-chain reputation you know we've worked with binance on reputation on uh decentralized
identity we've worked with some pretty big names across there uh on different things the company
called blocks move over in germany do decentralized transport systems and and looking at how that works
we we looked at those um somebody called rocky who do um like decentralized music so think about
proving ownership of music system or music records or uh intellectual property so quite a few people
around those different areas and actually for me most importantly um some big names in there as well
you know who have really trusted us to help develop some technical solutions with them hopefully i've
waffled on enough so claire might have picked up some numbers but so i'll stop talking for a second
well that's okay i had it at hand actually we have approximately 80 partners but that list is
always growing so it's actually it's a really interesting question to ask and i think it's
something that we'll we should probably update our our community on more uh more frequently is
kind of who our partners are and and how many we have and how quickly um our kind of partner group
is growing but that was approximately 80 thanks for that jeff
well great answer guys so most of the partners do they cover the world or just select actually
globally right as i say you know people in germany uh some people around southeast asia um
in in the us so yeah absolute global coverage much like the team working on things right we we have a
team spread all the way across the globe we have partnerships across the globe and we continue
try and build that that's the beauty of web3 you know i think if you're not building globally
if you're not servicing a global market you're kind of missing the point
all right guys thanks great answer i wish you all the best in your future and that was thank you
thank you jam cool thank you so much
okay yeah thank you jam for your question
so yeah i think we are enough for now like we got our five winners from here
and also we have to wrap this segment but before that uh clear and also jeff anything else you
know to share like any important news you think uh you need to share so this is pace and also after
that any advice to our community
i will always jump in with the same thing right and that's you know come and do something with us
doesn't matter what it is you know come and come and set up an identity on onto wallet download
come and say hi on the telegram crypto is a great place to learn by doing and we will help you do
stuff safely so come and say hi and just do things learn and get involved
yeah 100 percent um and just to add to that obviously what um jeff just mentioned about
doing things safely like security is huge for us so yeah just come join reach out to us on discord
like we're very very active in our community i know jeff mentioned this already but just so
everybody knows like there's always something happening community calls like we've got a quiz
i mean thursday talks with humpty you know we're we're really active and we really want to hear from
you as well just to find out like what you think of what we're doing uh and how your experience has
been so yeah so just to connect um was probably the best thing i would recommend
yes got it thank you both of you for your time to your community and also people yeah just joined
their community and also if you have any more questions you can ask to their social media link
be part of them and support them they have their great team no worries and also i'd like to thanks
everyone of the participants for having here until you listen to see me so best to see your project
jay fan player and best to see for the future yeah thank you guys so much for having us and jeff
thanks so much for joining again today um it was really really great to see everybody here um some
fantastic questions and yeah if there's anything maybe maybe questions you didn't get answered uh reach
out to us um you know we're always there on discord or drop us a message on twitter but yeah we'd love
to hear hear more from you guys
yeah thank you everyone good day goodbye
