What is Ontology (ONT)?

Ontology (ONT) was launched by Chinese company On-chain in 2017. It is a public platform for projects of all sizes, shapes, and a major step towards removing the barrier between blockchain and the business sector.

Ontology is a revolution that accepts businesses without previous knowledge of distributed networks to use blockchain technology. Currently, there is no way for businesses to integrate blockchain into their infrastructure without extensive knowledge of blockchain.

As well as existing trust networks, Ontology faces a range of issues. Poor privacy protection, untapped data value, monopoly over data management and ineffective identity verification are all opportunities for blockchain. Ontology seems to solve these problems with its solid and reliable ecosystem.

Through the tools Ontology creates, corporations can implement trust mechanisms and tailor them to their business needs. Basically, its blockchain protocol opens the door for the global adoption of blockchain technology within corporations. It eliminates the learning curve and provides mass-customization.

Ontology features

Multi-source identification system for humans: When using Ontology, users can manage and collect identification data from various sources, including banks, businesses, organizations, colleagues, friends, bank and family.

Multi-source identification system for objects: Users can register the identifier of any physical object. Then, when passing that physical object to the user, it can be verified whether it is the product or not.

Distributed data exchange: Although Ontology has a distributed data exchange system for all data, it is done only with the consent of the owner. Data may be released and transacted after meeting all data owner or manufacturer privacy requirements.

Distributed collaboration: agencies, businesses and participants are more transparent while creating an ideal collaborative environment thanks to a distributed data exchange system.

Distributed equity management: Thanks to Ontology, distributed equity management systems provide safer circulation of multiple parties and data reviews.

Distributed community management: A distributed community system also allows easy censorship of content and users.

Distributed financial services: Ontology will help you build a stronger credit profile with trust while allowing individuals to receive equal interest rates from financial institutions.

Other services: Users can use Ontology to pay and purchase, software development, media, insurance, product databases, government systems, manufacturing standards, health care and more.

Pros and cons

Advantages:

  • Simple entry for businesses: Ontology will be ideal for businesses of all sizes as no prior knowledge of blockchain technology is required.
  • Great team: OnChain, the company behind Ontology, have had great success in the blockchain industry already with their NEO project.
  • Limitless potential: The number of industry sectors that would benefit from the Ontology coin is endless.
  • Unique consensus: The VBFT consensus model used by Ontology is unique, combining both speed and safety. Transactions in the thousands per second are hoped to be possible.
  • A bridge between real and virtual: The Ontology blockchain will allow the digital economy to connect with the real-world economy, across multiple blockchains.

Disadvantages:

  • Strict country of origin: Ontology operates in one of the strictest nations for crypto regulation – China.
  • Early days: Although the ONT token has great potential, the project is still in its very early days.

Team

Onchain company, founded by Da HongFei and Erik Zhang, and the two co-founders of NEO built the Ontology project. The chief executive of the project is Jun Li, who is the co-founder and chief technology officer of Onchain.

In addition, there are many other members who are experts in the field, such as development and application of Blockchain technology or finance, business such as Honglei Cong, Andy Ji, Junjie Weng, Ning Hu, Min Xiao… The project consists of 40 people, most of whom are experienced programmers.

Conclusion

According to its whitepaper, “sociologists put the number of people we trust at less than one hundred”, showing that for most people, it takes time and effort to trust someone and get to know them. Ontology is looking to replace the current lengthy ways we gain trust and bring us forward with blockchain automation of trust.

Ontology will also work together with NEO to bridge the gap between blockchain technology and the real world. While NEO and Ontology have similar goals, NEO focuses on digital assets and a global Smart Economy whereas Ontology focuses on trust, identity, and data exchange and authorization. Think of NEO and Ontology like peanut butter and jelly. They are mutually beneficial and put together, they make a tasty sandwich.

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