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Ontology, which specializes in decentralized IDs, announces EVM-compatible L2 solution

March 24, 2023 , , ,
#OhNoCrypto

Launched Goshen Network

Ontology, a developer of decentralized identity (DID) solutions and data-focused open source platforms, today announced its Layer 2 solution “Goshen Network”. The solution was developed through an incubation program promoted by the Ontology Foundation.

Ontology is a blockchain that specializes in developing distributed ID and data solutions that serve as a platform for individuals and companies to access Web3 with peace of mind. With the mission of “redefining trust”, it is focused on building a decentralized, highly secure infrastructure with enhanced privacy, transparency and reliability.

Ontology officially launched its own Ethereum Virtual Machine (EVM) in March 2022. The operation of Ontology EVM ensures compatibility with the Ethereum blockchain.

EVMs

Abbreviation for Ethereum Virtual Machine. Acts as a “translator” for executing smart contracts. EVM is a state machine (a logic circuit that determines the next state based on input conditions and the current state) maintained in the Ethereum client network, and calculates the state of the network by executing transactions and smart contracts each time a block is generated. play a role in

▶Cryptocurrency Glossary

Goshen Network is a trustless L2 solution fully compatible with Ethereum and based on optimistic rollup.

roll up

A scaling solution that reduces network congestion by processing some transactions off-chain (outside the blockchain) while leveraging the security of the main blockchain. There are two types of rollup techniques: ZK rollup and Optimistic Rollup.

▶Cryptocurrency Glossary

The birth of the Goshen Network is expected to increase interoperability between Ontology and the Ethereum ecosystem. Ontology EVM aims to remove the barriers between the two chains, helping Goshen maintain a high level of security while contributing to the provision of fast and cheap transactions.

Features of Goshen Network

Goshen Network implements optimistic rollup on a universal and fully compatible L2 blockchain with Ethereum. It employs a RISC-V anti-fraud system optimized for general-purpose EVM calculations.

Goshen has the following features and advantages.

  • cheap gas rates
  • Fast transactions: done in seconds
  • high security level
  • Developer-friendly: Fully compatible with Ethereum toolchains and dApps
  • Robust anti-fraud system
  • Efficient state transition
  • Modular protocol design: Adopts a simple layer design that is easy to understand

Goshen is fully compatible with Ethereum, making it easy to deploy and reuse toolchains within the ecosystem. In addition, modular development components are provided, creating a developer-friendly development environment.

In April, Goshen’s smart contracts will be fully open-sourced for developers.

Ontology related products

Ontology aims to provide trusted access to Web3 through decentralized identity and data solutions.

The starting point of Ontology’s activities is the distributed identity framework ONT ID, which is one of the foundations of the OWN (Ontology Web3 Network) infrastructure.

ONT ID is a unique decentralized ID, now open-sourced, with additional options such as KYC (identity verification), website login, and P2P (peer-to-peer) communication capabilities.

What is Decentralized Identity

Decentralized ID means that you can prove and manage who you are, information about yourself, qualifications, etc. Points to a new type of ID.

▶Cryptocurrency Glossary

Based on the ONT ID framework, Ontology has developed “ONTO Wallet” with ONT ID, “Wing Finance”, a DeFi lending protocol incorporating ONT ID’s credit score system OScore, and “SAGA”, a decentralized data protocol. is developing.

In addition, with the launch of Ontology EVM, we are making efforts to attract Ethereum developers to Ontology by improving interoperability with Ethereum and providing an attractive environment for developers.

Ontology has been accumulating L2 technology and conducting in-depth research for more than five years, and as a result, has come to appreciate the superiority of Goshen’s L2 framework design and technical compatibility. Some hope that the adoption of the fast, low-cost L2 chain will give Ontology even more traction.

connection:What is ONT ID, an ID solution for the Web3 era?

connection:Explanation of “ONTO Wallet”, a decentralized ID wallet that supports multi-chains by Ontology

Roadmap for 2023

Ontology released its 2023 roadmap in February. Development is planned in three areas: technology, decentralized identity and ecosystem.

In terms of technology, mainnet performance optimization, staking function/UI optimization, Ontology EVM development efficiency improvement, developer support by improving technical documentation, system integration with layer 2 projects, security enhancement, Web3 infrastructure response to changes in

In the distributed identity (DID) area, we aim to integrate DID, data and reputation management functions to further enhance the protection of user privacy and information.

As for the ecosystem, a developer fund worth $10 million (approximately 1.3 billion yen) was established last year to coincide with the launch of Ontology EVM, further simplifying the participation process and boosting development on the Ontology EVM. The fund will provide generous support to Ontology participating projects in terms of technology, marketing, business development, etc.

connection:Ontology for Decentralized Identity Development Releases Roadmap for 2023

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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Kurt Ebenzer, @Khareem Sudlow