Review on Ontology by Sheila Cova
Ontology
Ontology is a public blockchain platform that allows the creation and implementation of projects of different sizes; in this way, it closes the gap between blockchain and business. It was launched in 2017 by Onchain co-founder Jun Li. Since then, he has seen a number of developments, including the open sourcing of the first batch of his projects on GitHub, the introduction of the Triones membership system, the open sourcing of the VBFT consensus mechanism, and a new version of the underlying framework, among others. . The first version of the Ontology roadmap was also released with timelines for the 2nd quarter core network bundle release and additional features such as homogeneous chain and cross-chain POC, threshold signature with MPC, secure recovery of private key and parallel transaction execution added in Q3 2018.
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Pros
- As a new technology, blockchain continues to be a technical subject that requires a considerable amount of knowledge for companies to integrate into their processes. Ontology enables companies to implement blockchain solutions without necessarily having prior knowledge of the technology. It helps companies and individuals to become active managers of their data.
- Ontology operates on the NEO blockchain, which does not charge fees and records up to 1,000 transactions per second compared to competitors like Ethereum, which only handles 15 transactions per second.
- It is a network of blockchain distributors that combines distributed identity verification and several industry specific modules. The NEO platform it's built on also features features that make it impossible to crack even using supercomputers, something other blockchains have yet to achieve.
Cons
- Ontology did not create its own blockchain. Instead, it runs on the Neo blockchain with its native currency, ONT being a NEP 5 token.
