Review on Ontology by Olugbenga Ajayi
Ontology is Business Based
Ontology roots from Shanghai and was founded by Li-Jun. It started as a NEP-5 token on the NEO blockchain but on June 30th 2018 the ontology main net was launched and NEP-5 was swapped for native mainnet ONT.
Company Focus
Li-Jun believed that if there is trust l, blockchain is not necessary so he ventured into creating a public platform that would anchor digital identities in the real world, allowing for flexibility in terms of technical designs and preventing the creation of restrictive rules.
Ontology focus on providing solutions for enterptise. Ontology does not have an initial coin offering (ICO) rather they airdrop (distributed for free) ONT NEO holders as well as people who signed up for their email list.
Features
ONT is an ontology framework that serve as a governance mechanism with users staking ONT in order to make network decision. Ontology's main chain iis based on a new consensus mechanism known as VBFT, a combination of proof of stake and Byzantine fault tolerance which will have capacity to process over 3000transaction per second.
Security
Ontoligy uses ONT ID to securely manage users digital identities by storing it on users phone or in trusted cloud storage with a private key.
Data Integrity
It proposed to use DDFX as a decentralized data exchange and data collaboration framework. This is because DDFX is still work in progress.
Updated 4 years ago
Rating changed from 5 to 4
Ontology project is a project that is innovative. The recent refinement to its staking models has increased users opportunity to earn more rewards.
It is also good know that users in ontology ecosystem can now access all the tools and technologies available on Google cloud. This is because if the patnership of the two companies.
Pros
- Better self executing of contract of computer codes(Smart contract)
- ONT ID provides a strong cryptographic identity proof
- Tokenization of data when DDFX is born will make data travkable
Cons
- It is yet unclear if Ontology's will achieve all it's promises
New products
Comments (1)
July 15, 2020
It is seems one of the top coin at present time that has a great potential. Google Partnership is showing Ontology a new possibility that you are also agreeing. Maybe this news won't break the all time high price but I believe the price will go up a lot.
