Ontology Launches Ethereum Virtual Machine TestNet With Bounty Program

Ontology achieves full compatibility with the Ethereum ecosystem with the integration of the Ethereum Virtual Machine, complete with a guide to familiarize community developers.

Ontology EVM

Ontology brings decentralized identity, and data solution to Web 3.0 as its TestNet went live supporting Ethereum Virtual Machine (EVM) together with a ‘Security Vulnerabilities and Threat Intelligence Bounty Programme’ with SlowMist

Developers can now directly use EVM development tools such as Truffle, Remix, and Web3.js on the Ontology TestNet for Decentralized Application (dApp) deployment. 

“Through the integration of the Ethereum virtual machine, Ontology has achieved full compatibility with the Ethereum ecosystem,” writes the Medium blog from September 10. “At present, the Ontology TestNet already supports EVM contracts and the node call method of the Ethereum chain.”

Ontology is a project that aims to bring decentralized identity and data sharing protocols to enhance speed, security, and trust. The platform is powered by a dual token model, $ONT, and $ONG. $ONT is used for staking, and $ONG is used for gas. $ONG is a utility token distributed as revenue and functions as a value anchoring tool for on-chain applications. 

Source: Ontology launched a bug bounty program with SlowMist that offers a top reward of $12,000 in $ONG. 

The Ontology platform facilitates mutual circulation of assets within the Ontology network between Ethereum accounts and Ontology accounts. This circulation is done through the Ontology Bridge, which deploys a bridge contract to realize the mutual exchange of assets between two accounts. 

Ontology’s EVM Handbook

The Ontology EVM is developed in the Solidity language, the programming language used on the Ethereum network. Developers can directly reuse the existing Ethereum contract framework to develop and deploy contracts on Ontology. 

To facilitate users familiarizing themselves with the Ontology EVM development environment, the team has prepared a ‘Handbook for Dummies’ that explains the essentials of Ontology EVM contract development. 

It is divided into three parts:

i) Everything You Need To Know About Ontology EVM Contract Development (Part 1) – 

    Network Details

ii) Everything You Need To Know About Ontology EVM Contract Development (Part 2) – 

Development Environment Tools and How to Use MetaMask to Manage Keys 

iii) Everything You Need To Know About Ontology EVM Contract Development (Part 3) – 

EVM Contract Development Process Demo

Source: The team details out the step-by-step guide in its handbook to aid community developers to quickly and easily familiarize themselves with the Ontology EVM development  

Ontology Continues to Grow 

The deployment of its EVM TestNet and a bounty program marks a major milestone in its roadmap. Ontology will be the first public chain to support a total of 4 virtual machines after having deployed NeoVM, NativeVM, and Wasm in 2020 and EVM in 2021. 

The Ontology network offers a real-world solution to various sections, including mobility, inventory management, marketplace, corporate data attestation, copyright, and smart banking. 

Ontology is now ranked among the top ten BSC projects with the highest social engagement. 

Source: Ontology continues to be a popular platform amongst its users as it ranks fourth as BSC Project with the highest social engagement

Web 3.0 Wallet

One of the main features of Ontology’s suite of products and services is its decentralized identity (DID) framework. It is named ONTID, where you can retain the autonomy of your private data through the ONTO Wallet, which is Ontology’s DID, cross-chain wallet. 

The ONTO wallet allows the user to build a digital identity by verifying credentials such as social media accounts. The wallet functions as a tool to manage crypto, data, and identity in a single solution. Ontology has its sights set on fixing real-world problems with a comprehensive suite of solutions.

Ontology is one project that will have a lot to offer to the decentralized ecosystem. 

To find out more about Ontology:

LinkedIn | Medium | Reddit | Discord | YouTube | Twitter

Source : bsc.news

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