Ontology Review: Beginners guide
Ontology (ONT): A business-to-blockchain platform
Industry type: Business to blockchain onramp.
What is Ontology? Ontology is designing a Chinese-based digital distributed trust platform for businesses to move onto the blockchain with ease. Ontology seeks to provide blockchains, smart contracts, distributed verification management, and data exchange with systems that are flexible, modularised, pluggable, and easy to expand. Currently, there are flaws in digital systems when it comes to trust and blockchain is a technology that can help to solve it.
What gives it value?
- It’s made easy for businesses to move their systems to the blockchain without having to have an intimate understanding of how the blockchain works.
- It works in close collaboration with NEO.
- It has its own working mainnet.
- It’s the first blockchain platform to offer identity.
- It uses a mix of centralised and decentralised systems.
- At its core, there are 4 main blockchains that are interconnected. From the top to the bottom they include:
Chain 1: A feature for the identification of people, organisations, wealth, and collaborations.
Chain 2: The framework that verifies and links modules and protocols of distributed trust, data, storage, protection and smart contracts.
Chain 3: The feature that links applications together.
Chain 4: The foundation of all the network chains. The layer that links the chains together.
- The VBFT algorithm is a new tool to create consensus on processing transactions and building the blockchain. It integrates Proof of Stake, Verifiable Random Function (VRF), and Byzantine Fault Tolerance. VBFT is great for supporting scalability of consenting groups whilst the VRF guarantees fairness through random selection of who is building the blockchain with security and speed.
- SmartX is a one-stop Integrated Development Environment (IDE) that is used to invoke and deploy smart contracts. It provides developers with a range of smart contract templates, an easy-to-use online editor, and community developers who can be commissioned for creation.
- Ontology has two native cryptocurrencies. ONT is the currency that represents a ‘share; in the blockchain, whilst ONG is the cryptocurrency used to fuel the ecosystem itself.
- Dei Hongfei (CEO) and Erik Zhang (CTO) are the co-founders of Onchain, the development company behind Ontology and also NEO.
- Jun Li is the founder of Ontology. Li has 16 years experience in IT and Fintech and has taken part in the design and management of many major systems.
- Yan Zhou is the Technical Management Director for Ontology. Zhou has more than 10 years of experience working in software marketing, product management and development. In 2016, Zhou was one of the first people in cloud computing to integrate data striping and distributed caches on the blockchain.
- LianAn is the sole security provider who is listed in the China Blockchain Whitepaper and whose services have been utilised in the civil aviation and military. It has partnered with Ontology to provide smart contract security to its network.
- Cocos is a mobile gaming development platform launched by Chukong Technologies and has partnered with Ontology to build a gaming ecosystem on its network.
- Identity Mind Global is a platform that builds digital identities with KYC/AML. Ontology will use its software services to perform identity proofing, risk-based authentication, and to prevent identity fraud.
- CFCA is the largest electronic certification service in China. Ontology will use their services to provide network identity authentication, including identity card authentication, bank card authentication, and face recognition technology.
Ontology Review: The Good
- Its mainnet provided 5000 transactions per second upon launch without any upgrades.
- It has a strong partnership with NEO as well as other many collaborations with Chinese companies.
- It is a simple entry for business. Business is still relatively untapped when it comes to blockchain and crypto, and the kinds of business that would benefit from Ontology is endless.
- It has a great team. Onchain is a highly respected company which has strong relationships with the Chinese government.
- Its VBFT algorithm and SmartX smart contract system are unique and will possibly solve many problems in the field.
Ontology Review: The Not So Good
- The country from which it operates in, China, has historically not looked at cryptocurrency favourably and is one of the strictest nations in the world. This may have troubling repercussions for Ontology in the future.
- Like most crypto/blockchain projects in the space, as promising as Ontology may seem it is still in early development.
- During 2018/19, Ontology is primarily focused on developing its mainnet which was recently launched at the time of this review.
Ontology is a very diverse project and is seeking to deliver a much-needed service in the market. In my opinion, this Ontology review should mention a spectacular start with its own mainnet, unique technology, a definite goal, a highly respected team, and close-ties with NEO. From this point in time, the future of Ontology looks prosperous, however, like most other projects in the space it is still too early to truly know how things will pan out.
The current Ontology price, market cap and charts.
Where to store this crypto:
Hardware wallet: www.bitgear.com.au
Desktop wallet: https://neonwallet.com/
Online wallet: https://neotracker.io/wallet
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