Ontology (ONT) – cryptocurrency review

()

Ontology (ONT)

Ontology – created by the Chinese company Onchain in 2017, is a public platform for projects of all shapes and sizes and represents a gigantic step towards removing barriers between the blockchain and the business sector.

Ontology is revolutionary in the sense that it allows enterprises without prior knowledge of distributed networks to use blockchain technology. Right now, there is no way for enterprises to integrate blockchain into their infrastructure without extensive knowledge of blockchain.

In addition, existing trust networks face a number of challenges. Poor privacy protection, unused value of data, monopolization of data management and inefficient authentication of authentication – all these are opportunities for blocking. Ontology seems to solve these problems with its robust ecosystem of trust.

Thanks to the ontological tools created, corporations can implement trust mechanisms and adapt them to business needs. Essentially, its blockchain protocol opens the door to the global adoption of blockchain technology in corporations. It eliminates the learning curve and offers mass customization.

In the words of Ontology:

“Ontology is a blockchain / distributed accounting network that integrates a distributed identification system, distributed data exchange, distributed data interaction, distributed procedure protocols, distributed communities, distributed certification and various industry modules. Together, this creates the infrastructure for a peer-to-peer trust network, which is an interconnect, intersystem, intersectoral, cross-application, and cross-device. ‘

Ontology was launched by Onchain, a Chinese blockchain company that was also connected to NEO, as both of them are led by developer and entrepreneur Da Hongfei. “But doesn’t that mean that NEO was launched by Onchain?”

Well, technically not. There is a difference between the two projects, and this is related to how they are financed. According to Da Hongfei, Onchain is a blockchain solution development and consulting company funded by the Chinese financial group Fosun, while NEO is a community-sponsored blockchain network.

How are Ontology and NEO related

The ontological release was announced by Onchain in November 2017 to a group of investors and blockchain fans in New York. Da Hongfei introduced the network as a kind of partner with NEO and said that both platforms will be used together to create an “ecosystem” that will allow the use of blockchain technology in the business world.

While Da Honfei leads Onchain, he is not listed as the official founder of Ontology. Instead, Jun Li is listed as its founder. What is the official role of Da Hongfei in the development of Ontology, we do not know clearly. However, it is clear that the goals of Ontology and NEO are very similar – creating a blockchain network that can be used in real-world applications and with many features.

These are technically very different, despite the fact that they are associated with the same group of people and companies.

 “First, I need to clarify that NEO and Onchain are separate entities, so Onchain does not belong to NEO or NEO, Onchain. They are funded separately – NEO is funded by the community, and Onchain is funded by the very famous financial group in China, Fosun. They bought many insurance companies and banks in Europe. Therefore they are divided. Secondly, Onchain takes advantage of the NEO ecosystem. The product, called DNA, is very similar to NEO, but it is written in Go. OnChain helps other blockchains and financial institutions build their DNA blockchains. This is basically very similar to NEO, and in the future, everything can be connected together with NEOx (the Internet Protocol). ” – Hongfei

Ontology is a trust structure that mainly focuses on issues of trust, authentication and secure data transfer, while NEO is a more traditional block-code with its own currency, which focuses on transactions related to the purchase, sale and trading of assets.

Ontology is developed by Onchain, a privately held blockchain-oriented company, while NEO is a standalone project that is fully funded by the community. Having NEO tokens gives you Ontology tokens when starting an ontology network. Technically, these two platforms are designed to work together, with an ontology that provides a secure trust structure, and ONT is a means for conducting transactions.

 “Ontology will initially be based on a dBFT protocol model similar to that used by NEO, but Ontology provides various consensus algorithms such as POW, POS, dBFT, OCE, etc. In addition, organizations can choose their preferred consensus nodes to ensure The functioning of its ONTX network and the use of blockchain integration to interact with the entire Ontology global network ”- Hong Li.

Target structure

The core ontology of the kernel is what is called the Trust Framework ontology, which consists of different modules that make up interconnected protocols that process identity verification and secure data transfer.

One of the main parts of this structure is the trust anchor, a user or group of users who determine what and whom they “trust”. The nodes connected to each other from each of these trust bindings form a kind of branch (which they call the trust path), which can be traced back to the trust binding.

The structure, as you can see in the image, has several levels. Firstly, it is a test of people, things and services; Then at the next level you have applications that also need to be tested; Further, modules, APIs and protocols; The last level includes matching the essence of the chain and data transfer.

An ontology should be modular and flexible, giving enterprises the ability to change and expand things according to their own needs, rather than looking for ways to tailor their own needs to the platform.

Output

One of the things that keep many companies from blockchain technology is the idea that it is somehow unsafe. They do not necessarily trust that a distributed network with new protocols can be trusted, preferring instead to rely on what is currently going on to ensure confidentiality and authentication with the latest technology.

An ontology is a network designed to enable enterprises to integrate blockchains into existing enterprises so that they do not violate the security of user information or company data. The levels of verification and trust that Ontology offers seem more than sufficient to satisfy even the most paranoid business-oriented developers.

The ontology did not even have its main network launch – it is planned for Q2 2018 – but when this happens, it will be interesting to see not only how companies react to what it has to offer, but if it really interacts and supports the NEO blockchain. If so, NEO and Onchain can truly become one of the dominant ones in 2020.

 

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count:

No votes so far! Be the first to rate this post.

Leave a Reply

Your email address will not be published. Required fields are marked *