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Review on Ontology by Mr Benji

1) Ontology is a multiblockchain project. Means they got more than 1 chain. it…

1) Ontology is a multiblockchain project. Means they got more than 1 chain. it's an ecosystem consisting of private blockchains witch are communicating with each other. Business can use this technology to communicate with other businesses or their clients in safe way. (To make it easy Ontology is not a single blockchain, but network of blockchains).







2) They are trying to help companies with close to zero knowledge, implement blockchain technology. They want with easy way using API to carry out blockchain into companies without need to rebuild existing infrastructure. (To make it clear ontology is multiblockchain project. Thanks to which companies can make their own private blockchains using easy way. Ontology task is to implement blockchain into companies that have little knowledge about this topic).







3) Basic network of ontology combined with 4 chain



a) First chain is used to verify and identify people, wealth and things



b) Second chain is used for Dapps (decentralized applications) to verify them if they are original not copies.



c) Third chain goal check moduls, protocols build on that infrastructure and make sure they will work.



d) Fourth chain (cross chain) - Here to transfer data (information) between all chains.





4) Ontology project was found in 2017 by Onchain (founded in 2014). Onchain owners are CO-COE of neo project. (they used part of the team to create Ontology).







5) Onchain is trying to make whole blockchain ecosystem. Example: Company "x" will build verification ID system on neo, but they will keep data on private ontology network. (By doing this they will achieve more safety). Neo has publicly open blockchain meanwhile Ontology is more like private blockchain network.





6) Ontology and NEO signed a memorandum of understanding in 2018. (It's like agreement to work and help each other). According to this deal Ontology and Neo are supporting each other in 4 aspects:



a) Data verification and exchange.



b) Builded on this projects smart smart contracts.



c) Data integration using API and SDKs.



d) Cross chain exchange of all data.







7) Ontolgy can't existing with Neo, while Neo don't need Ontology to exist. Ontology is using Neo as a sort of overlay. So in order for Ontolgoy to success Neo need to success as well.







8) Ontology originally was build on neo (nep-5), but in 30th of June they open their very own blockchain. They can do more than 5000 transactions per second on this blockchain. They are aiming to do more than 10 000 per second.







9) Ontology has 2 tokens ONT and ONG (Ontology gas):



a) ONT - Correstond with shares in blockchain and it's used for staking. ( Investors which are staking ONT will receive ONG)



b) ONG - Used to discharge fees for smart contracts building and Dapps.







10) Besides private blockchain creating you can use Ontology to create smart smart contracts and Dapps. Smart contracts on Ontology can be made very easily using platform Smart X.







11) One example how Ont can be used in healthcare. If patient goes to our own doctor will detect a disease. In order for us to consult this disease with other doctor we need to take documents from doctor "a" and give them to doctor "b", but if the patient data would be written in private blockchain Ontology. When by proving our ontology ID he can see all our documents. If he give us some pills we don't need to take a documents for pharmacy for him all is on the blockchain.

Updated 2 years ago
Rating has not been changed

Updates:



- launched Stablecoin PAX on Ontology

- Cooperation with Opera in DeFi and dApp

- Partnership with CoinLoan

- Ontology partners up with Hexlant

- Ontology Announces Partnership with Smart Translation Platform Jeemaa

- Ontology-Partners up with Leading Environmental Protection NGO in China

- Ontology Announces Partnership with Japanese Technology Accelerator

- MovieBloc and the traffic it will bring

- TOP Network, an Ontology incubated the project

- Ontology Participates in CryptoChicks Hackathon in Toronto)

- Ontology Participates in Consensus 2019

- Digital Economy Solutions” Event in Amsterdam





Pros & cons

  • 1) Multiblockchain project consisting of private blockchains + use case. 2) Helping bussineses to implement blockchain without big knowledge nor infrastructure rebuild. 3) Basic network of 4 chains. ( Ontology chain network). 4) Chinesse project founded by Onchain. (relationship with Neo). 5) Ontology is more like addition to Neo not competition. + example. 6) Ontology and NEO signed a memorandum of understanding. 8) Mainnet live 9) Dual token blockchain system (They own 2 tokens just like neo) 10) Smart contracts and Dapps creation.
  • 7) Ontology depend on Neo. (Ontology can't exist without Neo) 11) Hard whitepaper to read for new people in crypto + one example how ont can be used in healthcare
The hsotaka
July 15, 2020
One of the most detailed reviews of ontology i've read so far. Keep up the good work, dude :) I work in the IT healthcare section and i think it's pretty difficult to bring new innovation to this space. It's one of the most rigid branches. What do you thing?