Web3 will transform the internet we know today, says Ontology founder

Ontology, an open-source blockchain specialising in digital identity and data, recently revealed its plans of launching its Ethereum Virtual Machine (EVM) in order to maximise interoperability.

“Our goal for 2022 is to make Ontology a high-speed, low-cost, public blockchain, the blockchain of choice for Web3 applications,” said Li Jun, founder of Ontology.

He added that by taking a Multi-VM approach, Ontology will “maximise interoperability and allow more developers to create in the development languages they are familiar with”.

Li Jun told Coin Rivet that Ontology’s goal for 2022 is to make Ontology’s high-speed, low-cost, public blockchain of choice for Web3 applications.

“Web3 refers to the next era of the internet, a decentralised online ecosystem built upon blockchain, where data is collectively stored,” he explained.

However, he added that what separates it from Web2 is that it is operated by users, rather than big tech and corporations.

“Web3 will allow us to transform the internet that we know today, bringing it to new heights,” he elaborated.

“The solutions that it offers, such as decentralised identity (DID), can give users back control of their data and digital identities on the web, solving many of the privacy problems that we have faced in Web2.

“ONT ID, our decentralised digital identity application is one of these incredible solutions. It enables users to fully control their data and digital identity by storing it on a phone or trusted cloud storage.”

Increasing cross-chain interoperability is key for Web3

Li said Ontology’s Ethereum virtual machine (EVM) enables the seamless connection of Ontology to Ethereum-based ecosystems.

“Upon its upcoming release, the EVM will help to expand Web3 developers’ horizons by connecting them with the Ontology blockchain and the infrastructure and DID benefits it brings.

“We are looking forward to launching our EVM as it will increase cross-chain interoperability, which is key for Web3, and will expand our DID solutions across the ecosystem.”

Li explained decentralised identity (DID) solutions empower users by allowing them to take back control of their data and protect their digital identities.

“ONT ID, our decentralised digital identity application gives users full control over their personal information online, whether that be private data, passwords, or account information,” he noted.

“It grants them the power to choose who they share their data with, and for what purpose but also offers individuals more security as they can store all their information in one encrypted place.

“Our recent partnership with bloXmove, a European mobility platform that is designed to simplify travel across multiple forms of transportation, is a great example of this in practice.

“By incorporating our solutions, bloXmove allows people to use the same identifier for numerous modes of transport rather than inputting new private documentation each time. Overall, this will offer individuals additional flexibility while protecting their privacy.”

Li concluded that as a result of the increased interoperability that the EVM facilitates, more applications will be built on the Ontology network, expanding opportunities for developers and users alike.

“ONTO Wallet, our decentralised, cross-chain wallet, aims to become the easiest access point of choice to Web3 for users this year, allowing them to securely manage their identities, data, and digital assets in one place,” he said.

“This approach of empowering developers and users alike, to build and experience Web3 together, underlines Ontology’s goals for 2022.”