Ontology ONT 2018-04-30T21:01:57+00:00

Ontology ONT

Project Description

Purpose

A blockchain platform for decentralized trust systems in corporations. It is a giant step toward removing barriers between the blockchain and business sector. Through the tools Ontology created, corporations can implement trust mechanisms and tailor them to their business needs. Essentially, its blockchain protocol opens the door for the global adoption of blockchain technology in corporations. It eliminates the learning curve and offers mass-customization.

Ontology Network is a blockchain/distributed ledger network which combines a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed attestation, and various industry-specific modules. Together this builds the infrastructure for a peer-to-peer trust network which is cross-chain, cross-system, cross-industry, cross-application, and cross-device.

ONT uses a dual token (ONT and ONG) model. At first, ONT is a NEP-5 token and does not release ONG. After the launch of Ontology’s MainNet, users will be able to exchange NEP-5 ONT for ONT on the Ontology MainNet, which will start to release ONG periodically.

 

Strengths

  • It allows businesses to access the advantages of blockchain technology without having prior knowledge
  • The Ontology Network can be used with any blockchain
  • ONT provides compatibility support for traditional information systems (not blockchain-based)

 

Weaknesses

  • Poor communication with the userbase
  • Only 12% of the tokens are held by the user base which goes against the decentralized governance that a DAO is supposed to bring

 

Network Status

The Mainnet is not live yet. It is expected to be released in Q2 2018.

 

Roadmap

Ontology has not released their detailed roadmap yet. We only know that the Mainnet launch is scheduled for Q2 2018.

 

Governance

HydraDAO is a data prediction and interaction module integrating smart contracts, cross-chain, and crossdata source collaboration. It contains Ontology’s DAO (distributed autonomous organization) and cross-chain data interaction (big data/AI) features. Ontology’s governance mechanism supports democratic and AI-automated propositions and verifications. A unique DAO address and polling token will be created during the process, which allows DAO to automatically add funds and results to Ontology. Once polling is complete, DAO will autonomously execute in accordance with the tamperproof smart contract. The mechanism allows data exchange and governance in Ontology to function with flexibility and supports the technology for large-scale automated network operations.

 

Similarities

Similar to NEM, they both offer customizable business ready blockchain solutions. It is also similar to NEO since Ontology’s tokens, ONT and ONG, work in the same way NEO and GAS do.

 

Notable partnerships

In partnership with NEO, OnChain and Decentralized Identity Foundation (DIF).

 

Exchange

ONT is traded on Huobi, Binance and OKEx.

 

Stack

A distributed ledger layer that can be run on their own core layer or on any other blockchain (NEO, Ethereum, Bitcoin, etc.).

 

Ontology Community

Reddit: 5 067 subscribers

Twitter: 32 228 followers

Telegram: 25 584 members

 

Price history

March-20th-2018: 1.36 USD
March-8th-2018: 2.62 USD

 

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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.

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