Review on Ontology by Fanuel PORPORTY
Ontology is an organization that wants to bring blockchain solutions to companies around the world
Ontology was created in 2017 by OnChain, a Chinese company. OnChain is not an unknown company, as it also created the NEO cryptocurrency. The Ontology network has the particularity of allowing companies to use a public blockchain and a private blockchain at the same time.The Ontology network has the particularity of allowing companies to use a public blockchain and a private blockchain at the same time.Ontology was created to facilitate the adoption of blockchain in businesses of various sizes, without these completely changing their mode of operation. The idea of the team behind the project is to make this use as simple as possible for people who do not necessarily have advanced knowledge of the technology to operate the blockchain.
It should be noted that the ONT tokens were distributed in the form of an airdrop and that the company therefore did not resort to any fundraising.
The Ontology network has the particularity of allowing companies to use a public blockchain and a private blockchain at the same time.
Ontology does not have one, but 2 crypto-assets to make its project work. The first token is the ONT and there are a billion units. When it was released, it was a NEP-5 token, the equivalent of Ethereum's ERC-20 tokens, but existing on the NEO blockchain. Since then, a token exchange took place on August 27, 2018 and the ONT has its own blockchain.
Since the ONT has a separate blockchain, a second token has been created, the Ontology Gas (NGO). This type of token is used to pay the transaction fees when transferring ONT coins, as happens with the GAS linked to the NEO coin.
Pros
- Ontology benefits from the expertise and skills of the creators of the NEO project, which has so far had a good journey and a great progression.
- The consensus established by the project, VBFT, is quite innovative.
- No in-depth knowledge of blockchain is necessary for companies wishing to use Ontology for their operational needs.
- the ontology blockchain will allow the digital economy to connect to the real economy, through several highly malleable blockchains.
Cons
- The team is mainly Chinese and the Chinese government can decide to impose restrictions at any time.
- Both the NEO and Ontology projects operate in China. This country currently has the strictest legislation regarding cryptocurrencies
