Ontology: Over 1.5 Million Transactions Logged, 21 dApps Launched

Ontology (ONT), one of the world’s largest platforms for creating “distributed trust” based solutions, has revealed in its latest monthly progress report that its network size has now increased to eight consensus (transaction validator) nodes.

Other recent updates for Ontology include increased interest among other network participants to become a TX validator on the ONT network as there are reportedly “39 candidate nodes” awaiting review and approval.

Important Back-End Upgrades Released, Support For Multiple Consensus Algorithms

Back-end upgrades to the Ontology mainnet include the recent launch of Ontology v1.6.0. As explained on Ontology’s official Github page, the main features that make developing applications on the ONT network more desirable than other platforms are as follows:

  • “Scalable lightweight universal smart contract,”
  • “Scalable Web Assembly (WASM) contract support,”
  • “Cross-chain interactive protocol (processing),”
  • “Multiple encryption algorithm support,”
  • “Highly optimized transaction processing speed,”
  • “Peer-to-Peer (P2P) link layer encryption (optional module),”
  • “Multiple consensus algorithm support (VBFT/DBFT/RBFT/SBFT/PoW)
  • “Quick block generation time”

21 dApps Launched On Ontology, Over 1.5 Million Transactions Processed

In addition to the features and updates mentioned above, there have been 21 different decentralized applications (dApps) that have been launched on the Ontology platform. This, according to Ontology’s monthly report, which also noted that there are now 154,724 address created on ONT - which represents a “39% increase when compared to the previous month.”

As noted by Ontology’s developers, most of the dApps released on Ontology are related to gaming and health. The apps allow users to earn loyalty points among other incentives.

Also compared to last month, there has notably been about a 20% increase in total TXs processed on the ONT network. There were reportedly 1,528,317 transactions processed on the Ontology platform.

Business Development

Ontology Global Capital (OGC), an Ontology-related business and investment company, has reportedly made investments in 14 different projects. The project categories include layer 2 protocol developers (36%), dApp creators (7%), exchanges (7%), public blockchains (21%) and various other initiatives (29%).

Some notable projects that OGC has invested in include Bibox exchange, CertiK, RAC security token, and the DAD public blockchain project.