Review on Ontology by Minh Nguyen Nhat

Name: Ontology
Item: Ontology
Rating: 5

September 14, 2018

Ontology is a blockchain protocol that is focused on resolving issues of trust…

Ontology is a blockchain protocol that is focused on resolving issues of trust, identity, authentication, verification, and authorization. Ontology allows public and private blockchain implementation, forming a matrix of the blockchain, therefore making Ontology an ideal platform for businesses and industries. Ontology is also going to connect with other blockchains, like NEO. Ontology aims to create a trust ecosystem by partnering to provide distributed services that include data verification, data exchange, and lots more across different industries. Ontology can be applicable in almost all sectors including IoT (Internet of Things), finance, insurance, media, software development, payments, medical field, asset titles, and so on.
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Pros

Ontology (ONT) is yet another cryptocurrency that is rippling crypto-verse. There seems to be a lot in the wings to suggest the current stellar performance will likely stay the course for a while. ONT only began trading in March, 2018 and the history behind it is the more interesting. Unlike many of the startups that get into cryptocurrency via ICOs, Ontology carried out an airdrop. It involved 20 million ONT tokens being given to NEO holders at the time of the airdrop. It works similarly to NEO in that it utilizes the Ontology Gas (ONG) to transact on the platform.

Cons

Ontology (ONT) is a smart contract ecosystem designed to revolutionize the way we deal with identity verification by anchoring this data to a blockchain based network. Building upon lessons learned from other cryptocurrencies like Bitcoin, the founders of Ontology want to bring reduced counter party risk, improved security, and the benefits of distributed systems to identity management. Ontology was launched in November 2017 by the Chinese company Onchain. At the moment, because Ontology is still running on a test network, ONT exists as a NEP-5 token on the NEO blockchain. The main network will launch by the end of this quarter, after which, all tokens will be transferred from NEO’s chain to Ontology’s network.