March 19, 2021
Ontology
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Ontology

Ontology is a new form of high-performance blockchain and a distributed trust platform for collaboration. It provides a new public blockchain, which consists of smart contract systems and series of complete distributed ledger. Ontology is able to customize different public blockchains for various applications. It supports collaboration among chain network with its various protocol groups. The coin which is used in its network called Ontology (ONT).

What is Ontology (ONT)?

Ontology is a high-performance blockchain, which focuses on fixing issues related to data integrity and identity security. In simple words, it makes sure that data remains accurate and consistent. It makes businesses be able to use smart contracts and tokenization while still having control of their sensitive data. The Ontology coin called (ONT) is used for powering the network.

Ontology makes users be able to manage their digital identity securely by storing it on a secure cloud storage or even their mobile phone with a private key, which only authorized users can have access to it. In fact, all the data stored on the cloud storage are secured and unlike other cryptocurrencies or blockchain platforms not everyone can have access to the data and information. In case, you need to provide any data to a third party you do not need to send the whole original document or data and you can just send the proof of your identity, because before you want to use your data the eligibility of the data is verified by the network.

To make it more clear we explain it with an example. Imagine you have a notarized document and you want to send it to a third party person. In this case, you just provide the proof of your identity and do not need necessarily to share your identity. In fact, you just provide your “signature” to the third party not the document.

The capabilities of Ontology  could consist as a revolution in applications and is so useful for developers. By using ONT it could be possible to quickly and securely verify new users without having deal with their documents like passport or etc.

What is Ontology tokens, (ONT) and (ONG)?

The ONT role in the Ontology ecosystem is that it allows holders to have right to make decisions in order to upgrade or make any changes in the network. They also earn reward by holding their tokens, which works like a passive income or interest. There is an option for ONT holders that even if they are not interested to interfere to future decisions for the network, they can just hold their tokens and enjoy the annual interest.

The Ontology network has an another token called ONG. The holders receive their interest in ONG tokens. In fact, the ONG is used as “gas” to power Ontology network in order to execute smart contracts.

Where to store Ontology (ONT)?

There are only few options to store ONT. There is an official Ontology wallet, which could be used just to store the coins. This wallet is available in online web wallet, desktop and mobile versions. Another wallet which offered by Ontology’s official website is OWallet. You can use OWallet on a desktop computer for both windows and Linux. The third option could be ONTO which is available for IOS and Android mobile phones.

 Advantages and Disadvantages of Ontology

Advantages:

It’s simple for businesses to use it: It would be ideal for any size of businesses and doesn’t require any blockchain knowledge in order to enter in its network.

Professional team: The company behind this project is OnChain. It’s the same company, which has a previous great success in running NEO project.

Suitable for all industries: This project supports all kind of industry sectors and its potential is endless.

Special Consensus: The consensus model used by Ontology called VBFT. It provides quick and secure transactions.

Connecting virtual to real: It enables digital economy fully connected with real-world companies.

Disadvantages:

Specified to a region: It operates in the strictest country about the cryptocurrency, China.

New project: Although it has great potential, the project is still in its early days.

Final words

cryptocurrencies are complex in general and the ontology project could be more complex in compare to other projects. Although there is so much more to talk about it. We tried to make a short and simple introduction for those who are new in cryptocurrency field and wish to know more about the projects like Ontology. This project is in its early days and we need to wait and see what level of success it could achieve.

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