1 Level
2 Review
-44 Karma
Review on Ontology by Raman Pandwar
Ontology intends to solve an interesting problem, one that any person who has…
Ontology intends to solve an interesting problem, one that any person who has had to prove their identity over the internet is familiar with. The process usually entails scanning all the documents an identity thief would love to get their hands on and then sending them unencrypted, via email. The documents end up at a company which stores them forever using often insufficient security measures.
On the other hand, the Ontology developers also need to make users’ security is their first priority. The code must remain open source and needs to be thoroughly peer reviewed to root out bugs and backdoors. Development needs to be diverse with checks and balances put in place to allow for new contributors but at the same time protect against bad actors. These are no small tasks, and even the longest running open source projects struggle with them.
If government ID systems do successfully become decentralized, or added to a distributed network that is not subject to the laws of any one country, it would serve to increase trust over the internet. Ontology’s success could open the door to things like getting verified for a top tier exchange account in an instant, applying for credit at a Swiss bank from your couch in the US, or simply proving your age at a bar without letting the bouncer know where you live.
Pros
- •Large team made up of well educated and experienced professionals. •Backed by major Chinese companies and well funded VCs. •Strategic partnership and shared resources with NEO. •A possibly extensive use case, specifically in their country of origin.
Cons
- •Mainnet hasn’t launched, and there is no working identity system yet. •Chinese government may take action if they feel their own identity/reputation system is threatened. •Could end up as competition to NEO in the long run.
