Ontology Project Overview

In the current era of innovative and often dazzling blockchain apps, Ontology (ONT) presents as a deceptively simple offer. An immediately applicable solution, Ontology is like a starter pack for business blockchain, although there is far more fundamental value inbuilt into the project’s architecture.

Chinese company Onchain launched Ontology in 2017, billing it a viable public platform for all projects, big or small. Amid the flurry of activity around blockchain and business, Ontology offers a simple, elegant platform, coupled with their expertise, that will allow business to build on the blockchain without a learning curve. Further aimed at eliminating the barriers between business and blockchain, the company is wholly focused on getting businesses up to speed with decentralized apps.

Very much like a company may employ someone to set up a system of analytics, whereas Google Analytics is a ready-made solution, so too does Ontology take the pain (and costs) out of a similar exercise on blockchain.

Rather than establish departments and hire personnel, business can bring the company on board and be blockchain-active overnight. The company presents a one-size-fits-all package that can be tweaked ad infinitum. Simply put, Ontology is a core facilitator, positioned at the interface between business and the decentralized ledger model.

Ontology: A Blockchain Gateway For Business

Many observers will read up on an ICO and wait for the “Aha!” moment when their clever take on blockchain is revealed. Ontology lacks that, however, and may appear almost dated or superfluous when compared to more ingenious, niche blockchain ideas and apps.

That said, those observations can be mistaken, as, if anything, the world is in need of such agents to facilitate business in the new millennium. A bold player within the cryptosphere, Onchain’s purpose from the outset was always blockchain in its full diversity of application. In many ways, it is a logical upshot of the company’s experience of business’ desire to gain blockchain efficiencies, but without a protracted, unskilled and costly process involved.

Essentially a choice between DIY and store-bought, Ontology narrows even that gap and makes “store-bought” more attractive by adding their skills and expertise. Without an entity like Ontology, no business can integrate and apply blockchain technology into their processes without extensive knowledge and experience. Rather than rush headlong into a fragmented future, Ontology has refined and illuminates the fundamental value of blockchain in business.

A basic tenet of the company’s value is recognizing that, like the internet, blockchain has a huge, global impact. The company presents that impact to business as an outsourced attribute, minus all of the sticky, unknown and costly bits.

Concentrating on the fundamentals, Ontology’s offer addresses privacy protection, data value and management and authentication on existing trust networks. Rather than reinventing the wheel, a business client can decentralize their business painlessly, getting it right on the first try by partnering with Ontology.

Building a solid, watertight trust ecosystem with blockchain, Ontology’s service anticipates diversity, and the company applies blockchain solutions that have been tailored to a client’s desired outcomes. Streamlining issues of identity, authentication, data and collaboration, Ontology eliminates the typical learning curve, enabling mass-customization.

Ontology And The NEO Connection

In the company’s own words, their refined services and astute understanding together “build the infrastructure for a peer-to-peer trust network which is cross-chain, cross-system, cross-industry, cross-application, and cross-device.”

A high-performance public blockchain package that includes a number of complete decentralized ledgers and smart contract systems is the offer in a nutshell. The Ontology blockchain model supports public blockchain systems and comes with an unending flexibility to customize various projects for different applications.

Rather than in-house focus, costs and the time taken often sending companies down a rather stultified avenue, Ontology’s fundamental architecture presents blockchain as it was meant to be – the ultimate answer to anyone’s business needs.

When compared to NEO, the systems have much in common. Unsurprising, then, that Da Hongfei is both the Onchain CEO as well as a NEO co-founder. Speaking at a New York gathering in November 2017, he said that “Ontology and NEO will build a broad ecosystem using blockchain and other new technologies to serve the real economy.” Another key member, Jun Li, is a co-founder of both Onchain and Ontology, and his influence has enabled the startup Ontology to gain some traction in the fintech arena.

Although closely related, the various entities remain distinct. NEO is “funded by the community, and Onchain is funded by a very famous financial group in China, Fosun,” said Hongfei.

The Ontology product is known as DNA. Although similar to NEO, it differs by being written in the Go language. While maintaining the distinct entities of Onchain, Ontology and NEO so as not to dilute focus, the cross-chain protocol NEOx can also enable a future of complete collaboration and even absorption.

The Ontology Trust Network can be divided into several snapshots:

  • Chain 1: For the authentication of things, people, organizations and ownership
  • Chain 2: For the authentication and linking of applications
  • Chain 3: For the authentication and linking of APIs, SDKs, protocols and modules
  • Chain 4: One chain to rule them all – for seamlessly linking all of the different networks chains.

The whitempaper says it best, stating that “In order to meet the needs of different industries, the flexible design structure is modularized, pluggable, and easily expandable.” Ontology is positioned as a universally adaptable and diverse solution for life on blockchain, period. No matter individual companies’ focus, Ontology has built a basic setup infinitely combining protocols that maintain that focus at no expense of collaboration and connectivity to anything else in the wide world.

Ontology ICO Details And Terms

The Ontology token ONT was airdropped to NEO token holders during March 2018. From this, the NEO Council distributed 20 million ONT to the community. A finite total of 1 billion indivisible ONT tokens are minted, and users will also earn Ontology GAS (ONG) for being an ONT token holder. Fond of rewards and incentivizing uptake, ONG is parallel to NEO GAS, and a logical build from the company that gave everyone who signed up for their newsletter 1,000 ONT at the time.

In an unusual twist, Ontology never went through a public ICO sale. As it stands, the only way to get ONT is by being a current NEO holder. For every NEO token, users are awarded with 0.2 ONT, in two phases. Fifty percent of the allocation is immediately tradable, with the remainder locked.

Ontology Works At The Original Coalface

Public chains have fallen behind the dream of massive real-world adoption, coming up against two principle issues. One relates to performance Issues, where a sudden congestion of transactions from a few apps causes severe strain on the network. A classic example is the dragging down of the Ethereum network in the heyday of the CryptoKitties craze.

As projects came to understand that a single public chain can seldom support broad or large-scale applications, assorted technologies have proliferated to address this. Lightning Network, side-chains and state channels have aided in easing pressure on a public chain’s scalability and overall performance. That said, however, these are patches, and not a fundamentally better answer. Ontology is taking a different route at the outset, aiming to be the highly anticipated holistic solution.

The other issue is that of a physical business’ real-time needs. A massive diversity of operating locales, styles, behaviors, scales and regulatory frameworks greets any single public chain hoping to enable the world. Needs vary widely in different industries with different systems, policies and compliance protocols. A single public chain built with fixed technical architecture has been shown to be unable to meet everyone’s needs, at least all at once.

Addressing these two fundamental as well as other challenges is the prime objective behind Ontology’s public blockchain development. In response to an understanding that these challenges inhibit uptake, the company has presented as an infinitely malleable offer that eliminates these issues through savvy technical architecture and governance protocols.

Ontology Conclusion

Stemming from 2017, particularly the fintech arena has been demanding an improved generation of public chains. The Ontology model allows for a new public blockchain architecture. Not built on a single chain, but rather composed of multiple app and public service chains, Ontology is a matrix model.

Locally, Onchain has established itself in the massive home market of China. Ontology and NEO might have similar goals, but NEO is focused on digital assets and the Global Smart Economy. Ontology is focused on identity, trust, and data authentication and exchange.

Ontology is making headway in the realms of the IoT, government, medicine and insurance as it seeks traction among corporates. Looking ahead, particularly with its link to NEO, Ontology could well become the Google to seekers or the Shopify to ecommerce. The default go-to outfit that enables global business big and small to get on chain and take things to the next level. Learn more at: ont.io

Written by MyBitcoin Team Staff

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