Ontology Foundation Incubates Goshen Network: The Next-Generation Layer 2 Solution
Ontology has just announced Goshen Network, a prominent Layer 2 (L2) project that has been incubated by the Ontology Foundation. The partnership improves the quality of the interaction that can take place within the ecosystems of Ontology and Ethereum, hence making the overall scenario more manageable for software developers and end users throughout the Web3 ecosystem.
The long-term goal of Web3 is to make it possible to provide solutions that are quick, efficient, and low-cost by facilitating the interaction of numerous public chains in a seamless manner. Ontology EVM has broken down the barrier that previously existed between Ethereum and the Ontology chain, and Goshen intends to provide an improved alternative to the expensive and slow transactions of Ethereum while retaining high levels of security.
Goshen Network is a completely Ethereum-equivalent optimistic rollup protocol that uses a RISC-V machine to enable on-chain computing and offers a trustless Layer 2 environment in which transactions can be carried out. It seeks to reduce transaction latency and boost throughput while simultaneously lowering gas fees and retaining Ethereum’s decentralization and security.
A Smoother and More Secure User Experience
The design of Goshen’s optimistic rollup is immaculate; it is less complicated and more compatible with existing L2 projects than any other design now in use. The project incorporates modular development components, and it strikes a balance between performance and security so that it can provide users with a better solution. Its one-of-a-kind RISC-V fraud-proof technology is utilized to support on-chain computing and collaborative interaction obstacles. This guarantees the safety of the architecture as well as the implementation, and it brings a high level of security overall.
The ease of deploying and reusing toolchains within the Ethereum ecosystem is facilitated by Goshen’s full compatibility with Ethereum, but this is not the only reason for this convenience. A smoother user experience is also contributed to by its partnership with Ontology, which values decentralized identity and reputation in the same way. In addition, all of the source code for Goshen’s smart contracts will be made freely available to developers in the month of April.
This is a demonstration of both Goshen and Ontology’s dedication to transparency and cooperation within the developer community. This relationship and shared vision is further strengthened by the fact that Ontology’s own code is open-source. With five years plus technology precipitation and in-depth research on L2, Ontology recognized Goshen’s L2 framework design and its technical compatibility.
Goshen will also benefit from Ontology’s EVM, Ontology Web3 Network (OWN) infrastructure solutions, ONT ID framework, and product suites, all of which are compatible with Ethereum and interoperable with one another. Goshen is able to expand its testing to a greater scale as a result of the fact that Ontology has a developed global community as well as users in a variety of domains, including DeFi, NFT, wallets, and other sectors.
Bring Unprecedented Improvements to the Web3 World
ONT will soon be included in the governance of Goshen, where it will run for a position in the decentralized packaging network and get a part of the fees paid to the L2 network. It is expected that the partnership between Ontology and Goshen Network would result in better outcomes for users and developers working in the Web3 environment, thereby contributing to the development of a brighter future for blockchain technology.
As a way to mark the occasion of the partnership, Ontology and Goshen are planning to conduct a number of initiatives jointly. These campaigns will provide community members, users, and developers with their very own unique NFT incentives. The specific guidelines for each of these contests will be published in a separate announcement very soon. The partnership between Ontology and Goshen would result in significant advancements to the Web3 ecosystem, resulting in improved solutions for both end users and developers.
Ontology is a project that aims to introduce trust, privacy, and security to Web3 through the use of solutions that involve decentralized identity and data. It is establishing the infrastructure to give trusted access to Web3, which will allow individuals and businesses to have peace of mind through the use of digital identity solutions that are in compliance with applicable regulations.
Ontology is a public blockchain that is fast, inexpensive, and designed to enhance the privacy, transparency, and trust of Web3. This is accomplished by giving users and businesses the flexibility to construct blockchain-based solutions that meet their requirements while also complying with regulations. Ontology guarantees seamless compatibility with Ethereum through its Ethereum Virtual Machine (EVM), which is the initial phase in developing the Ontology Multi-Virtual Machine and expanding the chain’s interoperability.
About Ontology
Ontology is a project designed to bring trust, privacy, and security to Web3 through decentralized identity and data solutions. It is building the infrastructure to provide trusted access to Web3, allowing individuals and enterprises to rest assured through regulatory compliant digital identity solutions.
The Ontology blockchain is a high-speed, low-cost public blockchain. It is designed to bring decentralized identity and data solutions to Web3, with the goal of increasing privacy, transparency, and trust. To achieve this, users and enterprises are provided with the flexibility to build blockchain-based solutions that suit their needs, while also ensuring regulatory compliance. Through Ontology’s Ethereum Virtual Machine (EVM), Ontology ensures frictionless compatibility with Ethereum, the first step in creating the Ontology Multi-Virtual Machine and further interoperability for the chain.
Ontology website / Twitter / Reddit / Facebook / LinkedIn / YouTube / Telegram Announcement / Telegram English / GitHub / Discord
About Goshen
Goshen network a fully Ethereum-equivalent optimistic rollup protocol that utilizes a RISC-V machine to support on-chain computing and provides a trustless Layer 2 environment to perform transactions.
It aims to decrease transaction latency and increase throughput while reducing gas fees and maintaining decentralization and security from Ethereum.
We are just getting started and really excited to tell more about the project. Keep up with our latest news on Twitter or join our Discord community now.
