What is Ontology (ONT)?

what is ontology ont coin cryptocurrency“Blockchain to the Masses”

One thing is certain in every efficacious family where there are love and progress – it transmits to generations to come.

This phenomenon is evident in the sibling relationship between NEO and Ontology.

Ontology is the younger brother of NEO. And since NEO enjoyed much success, Ontology made no mistake in exhibiting the same traits.

The year 2018 saw cryptocurrency bearish taking an overwhelming toll on numerous tokens, however, the insubordinate Ontology venture has avoided the pattern.

Propelled by Chinese organization Onchain in 2017, Ontology is an open stage for tasks of every kind imaginable and is a mammoth advance toward evacuating hindrances between the blockchain and business segment.

Ontology is progressive as it permits organizations without past learning of dispersed systems to utilize blockchain innovation. At the present time, there’s no chance to get for organizations to incorporate blockchain into their foundation without broad learning of blockchain technology.

Ontology is a network of blockchains; an environment where various private or open blockchains can be associated.

Many people have been confusing NEO and Ontology to be the same. The truth is that they are quite different. Read along and you will understand better.

What is Ontology?

Ontology presents a new advanced execution of public blockchain application and a distributed ‘trust’ collaboration platform. It also provides a new generation public blockchains that does not only include a series of complete distributed ledgers but also a smart contract systems.

Trust is essential in the incumbent global digital world. Most blockchain systems confront an assortment of issues. A very recent saga is the Facebook/Cambridge Analytica scandal. Poor security assurance, undiscovered information esteem, information administration imposing business model, and incapable personal verification are for the most part open doors for blockchain.

Ontology appears to have determined these issues with its strong and reliable networked community. It confidently handles the broken fragmentation of our modern vulnerable trust mechanisms.

Ontology is dedicated to serving enterprise where trust is very important in performing secure transactions.

During the initial phase of Ontology, it utilizes a sequence of core protocols comprising the protocols associated with identity verification, authorization, and exchange of data. These protocols are well-suited globally and can fit in well with other protocols. The protocols used also support those in the Chinese national cryptography standard, Rivest–Shamir–Adleman (RSA), and Elliptic curve cryptography (ECC).

In the distributed data exchange system, there is also compatibility with UMA to make the data exchange system open, standardized, and ready for future cooperation and expansion.

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The ONT is dynamic in the sense their trust network can resolve every issues as they come because of its specially designed feature to attend specific needs.

Ontology basic applications includes:

  • ONTO: ONTO is a comprehensive decentralized client product, and gives users self-sovereign of their digital identities, digital assets, etc.
  • ONT Trust search engine (ONT TSE): This provides portal, authentication, and connecting services for individuals, assets, objects, affairs.
  • ONT DDXF: ONT Distributed data exchange framework allows to customize data trading marketplaces with ensured data and financial security.

Ontology isn’t a solitary blockchain, but a network of blockchains.

Who created it?

The Ontology Team consists of more than 60 core members who are experts and have prestigious educational backgrounds in top universities in China. This team has effectively provided blockchain answers for various monetary establishments, banks, and business firms. They also pride themselves in a vast amount of industry experience by working for large financial institutions, big data companies, and internet companies.

  • Jun Li

The founder of Ontology. He is the brain behind Ontology. Jun Li has a Bachelor’s degree in Computer Science, Master’s in Communication Engineering, MBA and PMP. He is currently is a senior blockchain architect and blockchain solutions professional and has over 16 years of work experience in IT and Fintech.

  • Andy Ji

The Chief Strategy Officer. He has substantial experience in blockchain technology, including being a leader of one of the Top 500 Blockchain groups, Deputy General Manager of Wanda Technology Group Innovation Center and Wanda’s Chief of Blockchain Technology amongst others.

Why does it exist?

The existence of ONT was clear and crisp from the beginning. ONT wasn’t made to rival Bitcoin or turn into the subsequent Ethereum.

Ontology was created to ensure trust cooperation that will allow projects of all shapes, sizes, and technologies with different business scenarios and compliance requirements to pass through its chain networks.

When you think about a trust network. Think ONT blockchain network.

Building trust through technology is seen as a promising area in today’s information society. Technologies like cryptology, biological devices, and big data are being used to build trust across industries.

The introduction of blockchain technology has brought trust to the masses through shared access to decentralized information. Blockchain has not just built trust in individual projects – it has fundamentally changed the future of trust ecosystems.

Since the era of information and the internet, decentralized network systems such as peer-to-peer networks and blockchains have created online communities much larger than traditional communities. Based on these there have been many attempts to build new communities of trust, such as Google PageRank, Pretty Good Privacy, Web of Trust, as well as other decentralized evaluation systems and decentralized communities.

You can view the Ontology Introductory White paper here.

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With many new project and startups being tokenized consistently launching their initial coin offering (ICO), the opposition among the digital forms of money to get a tolerable position as far as coin cost and the general market top has turned out to be considerably fiercer.

Since the failure that occurred in January 2018 when the cost of Bitcoin plunged quickly, the pattern of the cryptocurrency that is dependent on Bitcoin has been bearish over time.

It is very important to note since Ontology was launched, it has shown that it is against any bearish pattern exhibit by coins subject to Bitcoin.

The situation being what it is, different altcoins that are totally autonomous of Bitcoin’s impact are demonstrating a certifiable affinity to flourish and secure admirable market capitalization. Ontology surely has a place with the gathering of such altcoins.

Ontology started its adventure as an underlying coin offering in November 2017. In the wake of collecting a lot of cash in its token deal, it was at long last tokenized on the 8th March 2018. In spite of the way that this coin has spent just around one and a half months in the crypto-world, ONT has possessed the capacity to have a critical effect on the cryptocurrencies showcase by offering some verifiable favourable circumstances to its holders.

Ontology has been experiencing countless and lucrative organizations relationship of late. To add to the growth of the coin, Ontology published the first version of roadmap on 13th April.

The roadmap highlights the first versions of their Chain Network and Trust Ecosystem. The roadmaps outline deliverables for the next three years, with a focus on the remainder of 2018. More detailed information on 2019 and 2020 deliverables will be released in future versions.

While there has been a tempest of enthusiasm for blockchain, it is surely to envision bureaucratic governments, preservationist budgetary establishments, and paper-pushing organizations effortlessly incorporating the new innovation in a pre-blockchain world worked around controls and consistence.

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