Slides presented at the ONTOCHAIN Summit for Trustworthy Internet by Thanasis Papaioannou, ONTOCHAIN core partner & Principal Investigator at Athens University of Economics and Business
exchange and trustworthy data handling in an unprecedented way – SSIs, VCs, eIDAS bridge, reputation management, semantic data management offchain/onchain, data/location oracles, data provenance, NFT management, supply chain management, price determination mechanisms, privacy-aware data processing, blockchain bridges • Built by top EU teams under a very selective process with 6M EUR funding • Interoperable to each other and (being) deployed on common infrastructure
future can combine this functionality to offer unique services to end users • A high emphasis is put on trust and privacy – Supported by the top quality of team and the trust by design approach followed • High demand for such dApps is anticipated • Many blockchain platforms have limited real apps!
existing functionality creating huge externalities • Showcase ONTOCHAIN value with attractive apps for end users • Validate arguments with real demand and users
need/wish to employ dApps Third-party service component: poc4commerce, reputable, knowledgeX, hibi, ontossivault, graphchain, copyrightly dApp developers: software companies or software engineers that develop decentralized applications dApp providers: companies that provide dApps to end-users ONTOCHAIN: the core blockchain platform Nodes: Computing Resource Providers Data providers: providers of data needed by dApp providers or data oracles
the platform/resources for dApp developers/ dApp providers to build and deploy their services • One-off, subscription fees and/or transaction fees will be used 2. End-users subscribe/pay per use the dApp providers for dApp transactions • Part of the transaction fee is given to ONTOCHAIN • Part of the transaction fee is given to the different libraries/solution (3P) providers that are used by the dApp 3. ONTOCHAIN pays nodes with gas fees and other platform costs This business model is non-trivial
User per dApp (€/month) 40 Data Fees (paid by users or by dApps) monthly per transaction (€/transaction) 0.5 Incentives (Gas) (€/transaction) 2 Mean Component Fees per Service Instance (w.r.t. transaction fee) 12% Transaction fee 35% • The mean service fee per dApp transaction 8 EUR – The average number of monthly transactions per user per dApp is 5, i.e., a monthly fee of 40 EUR for an end-user to use a dApp • The ONTOCHAIN platform is assumed to withhold 35% of the dApp service fees paid by the end-users • We assume that each dApp employs 4 ONTOCHAIN service components on the average • Each of these service components is paid a fraction 12% of the service fee per dApp transaction withheld by the ONTOCHAIN platform • Each dApp provider pays the ONTOCHAIN platform a monthly fee of 100 EUR for hosting the dApp, while a one- off deployment cost of 100 EUR is also considered
Consumption per mining node (500MHs) 1116 SW licensing costs per service component (annual) 0 Hardware expansion rate w.r.t. num of monthly transactions 0.01% Hosting fee per physical OC / SC node 10 dApp hosting fee per month 100 Annual personnel Costs for Software Maintenance, Marketing and Support (per dApp) 12,000 Communication (network) costs per node 480 Computation power per month per node (KWh) 720 Inflation rate (%) 2% Annual Personnel Costs for Software Maintenance, Marketing and Support (per Service Component) 48,000 Communication (network) costs per service component/dApp provider 600 Annual OC personnel Costs for Software Maintenance, Marketing and Support (per dApp) 120 Monthly rent for placing a mining node 150 Monthly maintenance cost per mining node 200 CAPEX Costs Value (EUR) dApp software development 50,000 Hardware cost per (mining) node (500MH/s) 7,500 Hardware cost per full ONTOCHAIN node 3,000 Hardware cost per service component 5,000 Initial number of full ONTOCHAIN nodes 5 EC funding for ONTOCHAIN 6,000,000 dApp deployment cost 100 Service Component Software Development 80,000
time being)/permissionless • 3P participation to the platform: • Permissioned: subject to contractual agreement • Permissionless: what about security/liability? (Staking approach) • dApp hosting: open • Incurs deployment and hosting fees • dApp execution: • Open to users – usage-based / subject to subscription • Incurs transaction fees
of the future for civil engineering • Situational awareness is key • Trustworthy identities, data oracles, reputation management, trustworthy data sharing, trustworthy data processing, services exchange, and more come into play • This could be a dApp deployed atop ONTOCHAIN • It has some app-specific smart contracts deployed on ONTOCHAIN platform • These smart contracts or the dApp directly employs also some APIs from 3Ps • How the APIs from 3Ps are exposed within ONTOCHAIN platform is open!
generates COINS and airdrops them to OC foundation and to 3P • dApps employ specific ONTOCHAIN smart contract to generate Access Tokens for their users (these tokens provide service access) • Tokens expire after some time (1 month) • Tokens can represent monthly subscription fees or other usage pattern • Tokens are issued by dApp providers (hence represent individual IOU) at the expense of COINS • 3P announce dynamic tariffs on their transaction fees • COINS are traded in the exchange, thus their price is determined by the market • Token/coin exchange rate can be determined by the market maker (dApp), so that the price of one access token (monthly subscription) in coins, covers monthly expenses of dApp provider
currently • According to the prices of the 3Ps employed 4 COINS are estimated to be given monthly for transaction fees • Then, the dApp provider wants to provide access to its app for 35 euro • Then, the price for an access token can be set to 7 COINS by the dApp provider for end-users
(b) receive fees • Coin mining occurs at discrete times. ALL COINS are mined by the NFT-authorised computing resource providers (validators). Hence, computing resource providers create the MONEY SUPPLY • MONEY DEMAND (for COINS) is created by dApp providers COIN Mining
use 1 month subscription in the dApp called Bob provided by dApp provider Bob. The cost stated by Bob is 18 euro ✓ Alice deposits to Bob’s bank account 18 euro and in its aftermath Bob issues an invoice or a receipt ✓ Bob delivers to Alice an Access Token which represents 1 month subscription ✓ For creating access tokens, Bob needs to send COINS to the special SC for COIN creation, so as to (a) deploy its dApp onto the blockchain and (b) to execute the necessary smart contracts for 1 month ✓ The dApp providers can find OCHC from the open market ✓ The very first COINS are received by the computing resource providers who sell them in the open market so that dApps providers can buy them. Following both computing resource providers and 3Ps who receive COINS for fees (the first also from mining) are the market makers of COINS The Complete Story Example
very promising business endeavor! • Win-win for all stakeholders! • ONTOCHAIN platform will have its own COIN • Some tokenomics details are still worked out • ONTOCHAIN dApps provide access to OC services. What about 3P smart contracts that are payable in different cryptos? • Real-time exchanges • Special access tokens to contain verifiable credentials or signatures for accessing 3P services • Crypto donations or special fees
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