Review on Ontology by Syed Adnan
Ontology represents a new class of blockchain based, decentralized networks…
Ontology represents a new class of blockchain based, decentralized networks that aim to solve problems currently plaguing established platforms and providing significant enhancements from recent technological developments. In particular, the implementation of fully homomorphic encryption, a recent development in cryptography, enables the data exchange of the Ontology platform to provide limited access control for private data as specified by a company or organization. This is a substantial improvement over existing models and gives the data exchange an added layer of useful functionality.
Pros
- Ontology is a next-generation, public, multi-chain platform that aims to provide a single, decentralized trust ecosystem through utilizing a decoupled distributed ledger architecture, combined with a decentralized trust framework. By implementing a series of protocol standards and decentralized management modules, Ontology creates an open and standardized platform that supports a multitude of industries and connects them to blockchain based services through an interactive and collaborative environment.
Cons
- The core protocols that comprise the distributed trust framework, data protection and storage, and smart contract layer.
