Review on Ontology by David Olayide

Name: Ontology
Item: Ontology
Rating: 3

January 30, 2021

ONTOLOGY's DATA MANAGEMENT SYSTEM FOR BUSINESS MODELS OF ALL TYPES

Effective data management is a challenged face by lots of business corporations and enterprises today. This problem is one that can lead to other challenges and thus form obstacles to the efficient running system of businesses. Because of this problem, some cryptocurrency oriented projects have sought to provide solutions through the use of the blockchain technology to create a decentralized and highly scalable platform. 

I will say, that Ontology is not as big as bitcon, or ethereum and others but it is an upcoming project with a lot of potential. Ontology is totally decentralized and also open source from what I have seen. When I went through the structure of Ontology I could see that they had a major focus in data management and making it decentralized and accessible to multiple projects on the blockchain network.

From what I have seen on the ontology network it is expected that thousands of transactions can be processed per second. The transaction fees and charges will also be set at a very affordable and reduced rate. All kinds of business models should be able to work with the Ontology protocol and system. I will very much like to see how the process can be adopted by different businesses to facilitate their services. The ONT coin has a lot of potential and ever since it was launched I have seen it progress to great heights.
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I discovered that when transacting ONT you as a sender or buyer is totally anonymous. This can either be an advantage or a disadvantage as well. From my own point of view I can confidently say that the application of the project is almost unlimited. If you're interested in ONT you can buy it on exchange platforms like Binance and then store it on either Ledger or Trezor wallets for maximum security.
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