Decentralized freelance platform HYVE has announced that it is now supporting Ontology, a high-performing, open-source blockchain that specializes in decentralized identity and data. The integration means that HYVE users can now use Ontology to pay for jobs, tasks, and offers.
Ontology is a high-speed, low-cost public blockchain that offers a trust-based collaboration platform with integrated support for ledger accounts and smart contracts. It provides trusted access to Web3, allowing individuals and enterprises to rest assured that through regulatory-compliant digital identity solutions, users and their privacy come first.
A High-Performance and Fully Scalable Blockchain
What makes Ontology unique is that it is a high-performance and fully scalable underlying public chain that is essential to building the long-term growth of the on-chain trust ecosystem. The Ontology Web3 Network (OWN) Infrastructure provides an efficient, compatible, and secure public chain at the base layer.
With its Verifiable Byzantine Fault Tolerance (VBFT) consensus mechanism, the platform can process more than 5,000 on-chain transactions per second, providing a user-friendly and efficient experience. In terms of platform scalability, OWN supports multiple languages and protocols.
Following the EVM integration, it has realized support for 4 types of contracts, as well as multi-chain and cross-chain collaboration. In practice, if a project party builds an application based on OWN, it can easily migrate to the Ethereum platform. Its data can also be synchronized on multiple chains to achieve overarching integration across multiple chains.
The main token supported by Ontology is $ONT, which provides holders with voting power on developments in the network. The holders are rewarded with Ontology Gas, or $ONG, the other token provided by Ontology, which is generated by the system. The platform charges minuscule fees capped at 0.05 $ONG per transaction (the governance token) and supports up to 5,000 transactions per second.
From a technical point of view, the MainNet makes use of two peculiarities, such as the “sharding” (the division of tasks in distributed layers in the network) and the “VBFT consensus” (Variable Byzantine Fault Tolerance) aimed at the autonomous resolution of validation problems by the system.
A Significant Boost to HYVE’s Capabilities
Ontology’s blockchain is designed to be highly scalable and capable of processing thousands of transactions per second. It is interoperable with other blockchain networks, allowing for seamless communication and data exchange between different platforms. The platform also offers a decentralized identity solution called ONT ID.
It allows individuals and organizations to own, control, and share their digital identities securely. The Ontology blockchain supports a number of smart contracts, allowing developers to create decentralized applications (dApps) with advanced functionality. HYVE is a decentralized freelance and workforce marketplace that is committed to creating a fair and transparent platform for freelancers and employers.
With the integration of Ontology, HYVE can now offer its users a more secure and efficient way of paying for jobs and tasks, ensuring that transactions are fast and reliable. Overall, the integration of Ontology onto the HYVE platform offers a significant boost to the project’s capabilities and offers users access to a cutting-edge blockchain platform.
