On July 23rd, 2019, Infinito’s Director, Mr. Jack Nguyen, and Co-Founder of Ontology Network, Mr. Andy Ji, took part in a special 45-minute AMA session LIVE on Youtube to answer questions from crypto users around the world on the topic of creation and adoption of blockchain apps and services.
To see a recap of the answers we addressed in the live AMA, check out Part 1 of the recap. Here in Part 2 of the recap, we will go through all the questions that were not covered during the 45-minute AMA. Enjoy!
See the full AMA on Youtube
Q1: How does Infinito ensure the highest security for its products?
Jack: All products must go through stringent security audits by the in-house team and external professional auditors. Any security risk needs to be addressed before the products and upgrades launch to the user community.
Q2: The 2 biggest hurdles for adoption is ease of access and transparent communication, which builds trust. What are you doing to address these 2 challenges and really deliver a quality experience to the users?
The Ontology Team: Ontology is dedicated to providing end-users with highly secure and intuitive products. We will improve Punica toolkit and simplify DApp templates to help any new developers get familiar with the on-chain features. The ONT-login feature is integrated into DApps, and you can easily log in and generate your wallet with your Facebook, Google, Twitter, and WeChat account. DApps are allowed to run Layer-2 state channels to reduce transaction costs and even pay the transaction fees for users. Decentralized storage allows DApps to keep in custody any required documents. ONTO has been upgraded to a comprehensive blockchain client, which supports more platforms, assets, and applications, thus providing one-stop services for users.
Jack: For Infinito, we solve the issue of accessibility with 3 major products: Infinito Wallet (for users to store cryptos and enjoy financial management features), Infinito App Square (for users to find DApps they love), and InfinitoPAY (for users to make payments easily). In terms of transparent communication, the Infinito team is always updating our community on the development progress on community channels. Join our channels to discuss with us the progress and give us your ideas on how to improve the ecosystem.
Q3: Ontology has changed its slogan to “Ready for all Business” this year. How will your cross-chain solution help to serve the real economy?
The Ontology Team: We just launched our global chain collaboration project, United Network Initiative (UNI). Right now, all public blockchains are separated into single ecosystems, and we are suffering from competition from internet giants. It’s time for all regional public chain leaders to collaborate and serve the real world together. UNI aims to build an open-source, cross-chain platform and lay the foundation for next-gen Internet. As a new era of blockchain adoption approaches, this network will facilitate the industry’s accelerated growth by leveraging each parties’ strengths to introduce an efficient and inclusive interoperability protocol. TomoChain had joined this group and we believe more leading projects in Asian market will join. Please pay attention to our official announcement.
Q4: What is your next plan for Infinito? Are we going to see even more satisfying new developments?
Jack: For this year, we will focus heavily on Infinito token features that incentivize users and developers for their active contribution to ecosystem growth. We are also designing the next waves of Infinito product experience:
Infinito Wallet will be upgraded to offer true simple usage, even for traditional people who do not know about cryptocurrencies.
InfinitoPAY will allow transactions between users and DApps with speed, interoperability, and a pay-back scheme for users.
Infinito App Square is being upgraded to enable more DApps on different blockchains to easily integrate and offer their services to user communities.
Q5: What are the benefits for developers for creating DApps on the platform where users can vote for their favorite DApps?
Jack: We are designing a special incubation program for blockchain startups and developers to provide them with support from our community and give them the funds to efficiently build and launch DApps using the Infinito Blockchain Platform. We also want to incentivize and encourage new DApps by giving them rewards and benefits for active contribution to the Infinito Ecosystem.
The Ontology Team: I think the answers can be found in the previous question. Ontology provides comprehensive support and incentives for DApp developers. For the next step, we will incubate some groups of developers to empower our tech community and find more, high-quality games and DApps to attract more users.
Q6: XRP is connecting with many banks in different countries to expand their network and blockchain adoption. Do Infinito & Ontology have any similar plan?
Jack: Yes we do. So our partner Ontology provides technology infrastructure that enables a high number of transactions to be processed at the same time. So Infinito, as the middle layer, solves 2 tasks:
– On a service layer, we connect blockchain service companies who specialize in implementing specific consumer-oriented services, into Infinito Ecosystem, giving them access to technology such as the Ontology blockchain from the one side, and access to the user community from another.
– On an application Permission System layer, we connect cutting-edge blockchain tech and services to the user community in a safe, user-friendly manner via Infinito Wallet and Infinito App Square.
This way, we build the ecosystem consisting of open platforms and products where everyone could join – users, services providers, and technology providers – without competing with any of them. And this way, we believe we can achieve mass blockchain adoption faster, while providing a better experience for all.
The Ontology Team: As you may see on many Ontology articles, Ontology has a strong focus on DeFi. Working with banks is always an important step for DeFi, as it will increase the convenience and the security of the products. Ontology will definitely find opportunities to work with Infinito on setting up a payment network in the East-Asian region and co-development of financial products in the near future.
Q7: ADA’s crypto card is cool. Does Infinito have a plan for that?
Jack: Yes, we are partnering with Belgian fintech firm, Sofitto, to integrate their crypto payment solution Sugi NFC Wallet Card as a hardware wallet option for Infinito Wallet. This new feature allows users to securely store their crypto funds and pay using a hassle-free storage solution that works similarly to a regular payment card. Please stay tuned for our official announcement on this feature!
Q8: Are we going to see some serious business DApps launched this year on Ontology Network? Or should we wait until next year?
The Ontology Team: Actually we are promoting the OEP PAX as a stable coin. We think that we need to promote stable coin with suitable use cases or scenarios. So we will bring the loan, wealth-related product and debit card to Southeast Asia. We are ready to launch our products, so you will see the product soon. It will be easily integrated with the Infinito Wallet, our wallets, and any partner wallet. We can provide you a real card, real payment, and a real loan with fair fees. The amazing point is that it’s backed by the real US dollar. So it will attract people from around the globe.
Q9: When will Ontology open its market for decentralized exchanges (DEX) for ONT and all of its tokens?
Andy: This function will be added into ONTO wallet at the end of this year.
Q10: Will Ontology use its native blockchain instead of NEO blockchain?
Andy: Certainly yes!
Q11: Can you give us an update about the Ontology and Mercedes partnership?
Andy: The Mercedes partnership is ongoing. We are currently providing the MVP (minimum viable product) to Mercedes.
Q12: How is the development of Ontology going forward after collaborating with Infinito Wallet?
The Ontology Team: Infinito wallet has a very strong influence in East Asian region; it strongly fits Ontology’s overseas expansion strategy. Infinito will select the best DApps according to tastes of East Asian users. The collaboration with Infinito will further exploit the advantages of localization and increase Ontology wallet’s overall user-friendliness.
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