Review on Ontology by DAT NGUYEN PHAT

Name: Ontology
Item: Ontology
Rating: 5

September 13, 2018

Ontology is currently building dApps and sub-blockchains for enterprise…

Ontology is currently building dApps and sub-blockchains for enterprise partners, which are specially customized and are under constant testing prior to final release. Beyond identity verification, Ontology seeks offer a distributed data exchange mechanism, distributed electronic contract module, and signature services. These areas of focus will aim to synchronize with one another, and build a bridge to link different business scenarios. Lastly, Ontology isn’t simply focussing on enterprise, but also government partners and building consortium blockchain solutions for various levels of governments.
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Pros

Ontology will have private transaction options (similar to projects like Zcash), and will support both private and public transactions depending on future scenarios. For dApps, Ontology’s blockchain is focussed on serving enterprise needs, so it aims to support different legal systems and regulations. With regards to NEO and Ontology, the two entities have a technical cooperation, but the two teams are distinct and separate. Lastly, Ontology will be releasing a bug bounty program through their website in two weeks.

Cons

Ontology Network is a public platform for building a decentralized trust ecosystem. In other words, Ontology provides the foundation for distributed application services. Smooth collaboration between systems assures a solid trust network. The technology and its explanation looks rather complicated, so it's good that the project team made efforts and created the most detailed documentation, including not only White Paper, but also additional documents, in which it is possible to study the operation of the system in detail. Such systems are of little interest to ordinary users, so they are more likely for companies that can find suitable applications for them.