Review on Ontology by Rupanshu Kumar
Ontology is designing a Chinese-based digital distributed trust platform for…
Ontology is designing a Chinese-based digital distributed trust platform for businesses to move onto the block chain with ease. Ontology seeks to provide block chains, smart contracts, distributed verification management, and data exchange with systems that are flexible, modular, plug-able, and easy to expand. Currently, there are flaws in digital systems when it comes to trust and block chain is a technology that can help to solve it.Its main net 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 block chain , 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.
Among all these, the issue with this project is that the country from which it operates in, China, has historically not looked at virtual currency favorably and is one of the strictest nations in the world. This may have troubling repercussions for Ontology in the future. Also, Like most block chain projects in the space, as promising as Ontology may seem it is still in early development.
Still, 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 main net, 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.
Pros
- It uses a mix of centralized and decentralized systems.
Cons
- Can't yet say
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Comments (1)
July 15, 2020
Nice and detailed review, maybe a bit outdated. You should update your review, it's competition time! :)
I would be interested if your opinion about ontology changed since 2018. Please let me know ;)
