Ontology Foundation incubates new layer 2 solution: Goshen Network

Ontology is proud to announce Goshen Network, a distinguished layer 2 project incubated by the Ontology Foundation. The collaboration between two parties promotes the interactivity between the Ontology and Ethereum ecosystems, providing a better solution for developers and users in the entire Web3 world.

The future trend of Web3 is to provide fast, efficient and cost-effective solutions through smooth interaction between multiple public chains. Ontology’s Ethereum Virtual Machine (EVM) has broken down the barrier between Ethereum and the Ontology chain, and Goshen aims to present an improved alternative to the expensive and slow transactions of Ethereum while maintaining high levels of security.

Goshen’s Optimistic Rollup has an exquisite design that is simpler and more compatible than other layer 2 projects. The project has modular development components and balances performance and security to deliver a better solution for users.

Its unique RISC-V fraud-proof system supports on-chain computing and collaborative interaction challenges, ensures the security of both architecture and implementation, and brings high overall security.

Goshen’s full compatibility with Ethereum is not the only reason for its convenience in deploying and reusing toolchains within the Ethereum ecosystem. Its partnership with Ontology, which shares the same values on decentralized identity and reputation, also contributes to a smoother user experience. Moreover, Goshen’s smart contracts will be fully open source for developers in April, demonstrating Goshen and Ontology’s commitment to transparency and collaboration within the developer community. Ontology’s own open-source code also reinforces this partnership and shared vision.

With over five years of technology precipitation and in-depth research on layer 2, Ontology recognized Goshen’s layer 2 framework design and technical compatibility. At the same time, Ontology’s EVM and its full set of Ontology Web3 Network (OWN) infrastructure solutions, ONT ID framework and product suites, which are compatible and interoperable with Ethereum, will bring additional value to Goshen. Additionally, Ontology has a mature global community, with users in decentralized finance (DeFi), nonfungible tokens (NFTs), wallets and other areas, which helps Goshen to extend its testing to a larger scale.

In the future, ONT will be introduced into Goshen’s governance, running for a role in the decentralized packaging network and getting a share of the layer 2 network fees. The collaboration between Ontology and Goshen is expected to offer improved outcomes for users and developers in the Web3 world, creating a better future for blockchain technology.

To celebrate the collaboration, Ontology will launch various campaigns with Goshen, covering developers, users and community members with their own special NFT incentives. Detailed rules for these campaigns will be announced separately soon.

The collaboration between Ontology and Goshen is expected to bring great improvements to the Web3 world, providing better solutions for users and developers. Join our community now, and let’s scale Ethereum and Ontology together!

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 to increase 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 ensuring regulatory compliance. Through Ontology’s EVM, Ontology ensures frictionless compatibility with Ethereum — the first step in creating the Ontology Multi-Virtual Machine and further interoperability for the chain.

About Goshen

Goshen network is 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 are excited to share more about the project.