Ontology Launches $20K Dev Incentive Program & 'First Formal Verification' System for Blockchains

The developers of Ontology (ONT), a “distributed trust” network for deploying decentralized applications (dApps), have introduced a new type of incentive model for developers.

As mentioned in an official blog post, published on April 10th, 2019, by Ontology’s management, the “top 5 dApps” on Ontology in terms of “activity and daily transaction volume” are currently eligible for “sharing a prize pool of $20,000” in ONG, Ontology network’s gas token.

$20,000 In ONG Awarded To HyperDragons Go!

According to Ontology team’s blog, a group of programmers called “HyperDragons Go!” were the “sole winners” of the prize for the “first week” of April 2019. In early April, the HyperDragons team was reportedly awarded $20,000 in ONG because of their meaningful contributions to Ontology’s software development ecosystem.

As mentioned in Ontology’s announcement, “If the number of qualified dApps in the ranking is between 20 and 50, the top 10 will then share a prize pool of $50,000” in ONG. “From April 1st to June 30th,” the Ontology team is also ”giving a 60% dApp transaction fee rebate to developers (and 50% thereinafter).”

“Early Bird, Worker Ant, Angel, Developer Support” Investment Schemes

A “summary of [Ontology’s] incentive schemes” is as follows:

  • “Early Bird Scheme: 50% dApp transaction fee rebate (60% for the first three months),”
  • “Worker Ant Scheme: Rewards for the most active dApps (a share of a 20,000 USD prize pool),”
  • “Angel Investment Scheme: Loans for dApps,”
  • “Developer Support Scheme: Technical and marketing support for dApps”

Details regarding each of these schemes is available here.

First Formal Verification Systrem For Blockchain Security

In addition to updating its incentive model for developers, Ontology team has announced a new “strategic partnership” with Beosin, a Chengdu-based tech firm working to improve blockchain security. The joint initiative involves the launch of VaaS-ONT, the first ever “customized formal verification platform.”

In July 2019, Beosin had reportedly joined Ontology’s “Co-Builder Plan” and it had also started working with Ontology’s developers to create more secure technology for smart contracts. This involved improving and implementing the appropriate processes required for “security auditing, and formal verification,” in order to enhance the “security of smart contracts and blockchain platforms.”

Notably, VaaS-ONT is the “world’s first formal verification platform customized” for public blockchain networks, and it has now been “integrated into SmartX,” which is Ontology’s proprietary smart contract integrated development environment (IDE).