Review on Ontology by Temitope Babatunde
With Ontology The Data Can Only Be Made Available To Those You Want
Ontology network is the product of Onchain company which has been in operation in China since 2014. It was launched in 2017 by the co-founder of Neo project Erik Zhang and Da HongFei. There is something so specific with this project, it came into lime light not through any public sale but through airdrop of the native token which is Ontology to those who sign up for their newsletter, Neo holder and some private investors. Ontology has maximum supply of one billion and the present price is 0.72 cents and can be found in various notable exchanges like Binance, Kucoin, bitbox etc.
But what really is Ontology and why this project?
Ontology project is a blockchain based project and as a result it is also a blockchain service provider, it combines various activities that are on blockchain like, data exchange, data collaboration, identity verification, industries specific modules etc.
Then why is this project necessary? most of the project before it store data on public ledger and is open source thereby making it accessible to public, but most business enterprises and industries and even government will not like their data to be exposed like that, as a result they are not willing to store their information on blockchain. But ontology try to solve this problem by building a network of blockchain that make it possible for those that store their data on blockchain to determine which part of the data they want to make public and which part they want to make private. So, ontology has both public and private ledger.
Ontology use a kind of special consesus mechanism called VBFT, which is combination of Power Of Stake(POS), Byzantine Tolerance(BFT), and Verifiable Random Function(VRF). this concesus makes the transactions cheaper and faster thereby providing solution to the problem of scalability.
As said earlier no public sale of Ontology token, but the distribution was finished in the earlier 2018 and was first built on Neo blockchain as a Nep-5 token before it moved to its mainnet on June 30, 2018, with the mainnet came the second token of ontology project which is ONG or Ontology Gas, it is given to all ONT holders for participating in the network decisions. Ontology is like Neo in that is not divisible but ONG is divisible that is decimatized to facilitate it's usage in powering transactions within the network. It will take 22 years before the distribution of ONG to ONT holders will finished.
In conclusion, with Ontology the problem of how public will not see the information stored on blockchain is solved because the owner will only store the part they want to make public on public chain why the other part will be on private chain all within the network blockchain of Ontology. It must also be mentioned that the project is for all forms of industries not for a specific industry. The network is also secure and fast.
Pros
- It provide solution for the problem of scalability being face by many cryptocurrencies.
- It has a strong team and developpers behind it.
- It usefulness has no limit because it was not made with specific industry in mind, but it is useful for all enterprises.
- It has no ICO sale, so no public investor can specifically say that they lose their money because of investing on this project.
- It is profitable, because since it was launched the price has triple.
- Useful to both individual and businesses who may want to store their data on blockchain.
- It makes services faster because the information needed to carry out activities is easily accessible on blockchain.
Cons
- Since the team is from China any strong law against cryptocurrency will has negative effect on the project.
- There are other projects trying to do samething like it, which means it has competitors.
New products
Comments (1)
July 18, 2020
A detailed review I totally agree with you. It has an additional role to play and serves as a bridge between the NEO and the legacy system. And unlike many existing blockchain projects, Ontology’s cryptocurrency is unwavering as it becomes the currency of customer facing transactions.
