About Ontology
Project Overview
Cryptocurrency Ontologies was one of the most famous releases last year, and another successful project from the Chinese company Onchain. The fact is that Onchain is closely connected with NEO, which is also a kind of platform for creating its own blockchains. But there is a big difference between cryptocurrencies. The ontology network should implement the integration of the blockchain into the real economy sector.
Accordingly, the next task of ontology is to increase confidence in blockchain technology among enterprises that do not support its use for a number of reasons.
Network Structure
Ontology is a network of several levels. At the lower level, compatibility with other blockchains, including with NEO, is implemented. The middle level was created for the work of protocols, on it users can create their own blockchain application. Top level ontology supports the choice of virtual machine and protocol. At the intermediate level, several prototypes have already been developed that represent the work of the platform for a wide range of tasks.
In ontology, everything is built on trust within the network.
After identified, users bind trust anchors to others, forming trees. With the development of the project, the level of trust in the ontology network should become maximum.
Technology and Consensus
Technically, the project is built on a consensus protocol called “The Byzantine Generals Problem”. But applications developed on its platform will allow you to choose your protocol, be it PoE, PoS or the same as Ontology ONT. The platform, like NEO with its “blockchain internet”, will allow you to create many other networks, and ontology here acts as a consultant and constructor for these blockchains.
Funding and Distribution
Before the launch of the project, the Onchain team did not conduct an ICO, but raised funds from one large investor. On the one hand, this can be considered a drawback, because control in this case is in the hands of one organization. But for NEO holders, an airdrop was organized, where for each NEO participants received 2 ONTs. Onchain made sure that the ONT coin was traded on the exchanges Binance, OKEx, Huobi, Kucoin, HitBTC and others. Which clearly provided good growth and interest. The ontology coin supports the NEO wallet, because the project does not yet have its own.
Advantages and Outlook
Ontology cryptocurrency has many advantages that explain its success. Among them:
- The reputation of the development team, advisers and the Onchain team, which has been engaged in the integration of blockchain in the Chinese economy for many years.
- As we wrote above, the goal of ontology is to increase confidence in blockchain technology in the business sector. This allowed to attract the attention of large investors and manufacturing companies.
- “Trust blockchain ecosystem” that can work with data from different businesses and keep them on a decentralized registry.
This project has every chance to achieve its goal, despite the ambiguous attitude of business towards cryptocurrencies at the moment. For many years, a good signal has been the tendency to introduce blockchain in various areas of its activity among many economic giants. And traders' forecasts, even the most pessimistic ones, report a significant increase in the asset by the end of this year.