ONTO Wallet Project Review: A Self-Sovereign Data Wallet

ONTO Wallet is a self-sovereign data wallet that manages your digital identities, data, NFTs, and of course, your tokens.

By
Rich
on
December 26, 2020
Category:
Project Insight

Versatile Wallet

ONTO Wallet is a self-sovereign data wallet that manages your digital identities, data, NFTs, and of course, your tokens. With ONTO, users can manage all their assets across multiple chains within a single wallet. Chains currently supported are; Ontology, NEO, Ethereum, Tron, Polkadot, Binance Smart Chain, and Klaytn. More chains are to be added shortly, so that users can access all of their assets via one wallet. Overall, ONTO wallet provides users ease of access and protection through their decentralized identity, powered by ONT ID


ONT ID

When creating a new wallet,  you will simultaneously create your ONT ID, which offers you control over your (online) identity and data. This is achieved through their decentralized identification protocol using blockchain and cryptographic technologies. These technologies provide security and enable trusted collaborations. 

You can:

Get certificated or authorized by  Trust Anchors: 

  • CFCA
  • Sense Time
  • Shufti Pro
  • Identity Mind 
  • get blockchain certificates


Get authenticated with social networks. 

  • Twitter
  • GitHub
  • Facebook
  • LinkedIn
  • Kakao
  • Line
  • Amazon 


You can imagine how much time it will save you as this is a one-time setup; authentication on other participating platforms will be done in the blink of an eye. I'm sure many platforms are going to join the ONT ID as it provides seamless onboarding.  There is a high demand for a one-stop KYC (Know Your Customer) as it simplifies the registration and KYC process for all parties.



OScore

Ontology-Network's boasts its own credit score system, accessible through your ONTO wallet. Its the first of it's kind, a credit system on the blockchain.

The OScore is an accumulation of your transaction history and assets held across multiple chains. This score will be raised or lowered based on your actions, like timely repayment of loans or number of past liquidations among other parameters.

Higher OScore will allow for better (lower) interest rates on loans and will also allow collateral to be less when borrowing. This currently works with the WING inclusive pool, which is accessible inside the wallet app also (Market tab/lending)


Multi-Chain With Cross-Chain Abilities

With the ONTO Wallet app you can access multiple chains, such as; Ontology, NEO, Ethereum, Tron, Polkadot,

Binance Smart Chain, and Klaytn , with more chains to be supported in the (near) future.

Not only can you access your tokens on all of these chains, it is also possible to trade them “Cross-Chain” so you could exchange your Ethereum (ERC-20) token for a BSC (BEP-20) token using the ONTO wallet app.


The wallet lets you efficiently manage your assets and allows you to add “custom” coins under the “Assets” tab. There are over 900 tokens supported by the wallet.



DeFi and dAPPS 

The past year has shown a massive increase in De-Fi and Yield Farming projects across all chains. The Etheruem network still being the biggest but also very congested, as we can see users spreading to other blockchains. The BSC is experiencing a steady growth of users due to attractive projects such as Pancake Swap and Beefy.Fi and ThugsFi. At the end of the day, the lovely transaction times and fees keep users on the BSC. From my own experience, the waiting and expensive tx fees on the Ethereum network have started annoying me, especially after becoming familiar with the costs and speed of the BSC.

But back to the point.... From within the app you can access several dAPPs from various Blockchains. You can enter the “Market” tab, and from there, you can select from a range of different types of dAPPs all nicely sorted in sub-tabs.

Under the “Lending” sub-tab, you can find several projects such as Aave, Compound, Wing, and Cream, amongst others.

The “Trade”sub-tab holds several Automated Market Makers (AMM) most prominent being the UniSwap, PancakeSwap, SushiSwap, and 1Inch exchange.

There is also options to stake from within the ONTO Wallet.

If you go to the “Discover” tab you can see various dAPPS ranging from games to NFTs to yield farms. Use the handy search function to see many more.


Final Words

ONTO wallet is part of the broader Ontology project, whose motto is: “I OWN MY DATA.” Ontology sets out to ensure its user’s data and assets will be stored safely. ONTO wallet provides users with a wallet solely to access, protecting purchases, digital identity, credit score, transaction history, and interactions with dAPPS DeFi platforms.

I can say I enjoyed playing around with the app, its all pretty simple and manageable with a clean user interface (UI).

For those who wish to access the app you can download it from GooglePlay (Android) and from the AppStore (Apple).



Oh, I almost forgot, 

ONTO is airdropping $50.000,- worth $BNB for new users who deposit BNB

There is 2 simple rules to follow to be eligible:

  • Create your ONT ID and generate a Binance Smart Chain address through your ONTO Wallet.
  • Transfer ANY amount of BSC Assets (BEP-20 standard) to the Binance Smart Chain address in your ONTO Wallet (it starts with a 0x).

The 1st 5,000 NEW users who made an ONT ID and have successfully transferred $BNB into their BSC address will receive their $BNB airdrop rewards within 72 hours! Rewards per user will be distributed in accordance to the distribution rate set by Binance Smart Chain.



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ONT ID

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Rich

Richard is a multilingual writer, located in the Netherlands, husband and father, cryptocurrency and tech enthousiast enjoys long walks and bicycle rides. Fervent Binance Smart Chain projects promotor.