Ontology, a blockchain network focused on decentralized identity and data solutions, today announced the release of its Ethereum Virtual Machine (EVM). Connecting Ontology and EVM-based ecosystems will increase cross-chain interoperability, allowing EVM-based blockchain developers to migrate across ecosystems and construct apps on Ontology.
EVM Developer Fund
To celebrate the release, Ontology launched a $10 million USD (ONT/ONG equivalent) EVM Fund to support developers building decentralized applications (dApps) on Ontology. Aside from gaining investment and the potential to access Ontology’s protocols and tools, developers will be able to receive tech, marketing, and business development support. Ontology will receive equity/tokens in the projects.
Ontology’s EVM will reduce migration costs for developers, allowing them to enter EVM-based ecosystems on the Ontology blockchain. This will enable lower gas fees, as the Ontology EVM uses ONG as the gas fee for on-chain services, which usually costs 0.05 ONG per transaction ($0.039 USD). Developers will also benefit from faster block production.
The Ontology EVM intends to facilitate the creation of privacy-preserving apps within a more mainstream developer group. These developers will be able to leverage ONTO Wallet which has a base of 800K users, as well as ONT ID, Ontology’s decentralized identity app which had over 1.5 million users last year.
Those interested in Ontology’s EVM Fund can apply for evaluation via the Ontology Community Forum. Projects selected for the fund will be chosen by the Ontology community and team.
“By launching our EVM, Ontology is contributing to this vision by increasing cross-chain interoperability, as well as expanding our decentralized identity solutions to mainstream developers within EVM-based ecosystems through our EVM Fund. The fund hopes to contribute to the creation of a decentralized, secure, and fully interoperable metaverse. For this reason, it will put a specific focus on metaverse and Web3 projects. The Ethereum network is an essential connection for Ontology given its extensive support of smart contract creation and decentralized application development, not least its position as a leader within the DeFi space and its extensive portfolio of world-class developers.”
– Li Jun, Founder of Ontology