Ontology (ONT)

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The Ontology project aims to become a new public multi-chain project and a distributed trust collaboration platform. Ontology was launched in 2017 by a Chinese company called Onchain.

Our Joke Name

Ontology = Multi-Chain

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (ONT)

Coin or Token

Circulating Supply (122 Million)

Total Supply (1 Billion)

Block time (Under 60 seconds)

Market Cap Ranking

Review

The Ontology project aims to become a new public multi-chain project and a distributed trust collaboration platform. Ontology was launched in 2017 by a Chinese company called Onchain and hopes to remove all barriers between the blockchain and the business sector. Ontology wants to help businesses without previous knowledge of distributed networks to use blockchain technology.

Key Features

  • Blockchain for business
  • Collaboration with NEO
  • ONT Token

Blockchain for business

The major problem with smart contract platforms like Ethereum, from an enterprise perspective, is that it’s open-sourced, which means major companies are hesitant to trust it with their proprietary data. Ontology wants to create the tools for corporations to implement trust mechanisms and tailor them to their business needs. Ontology aims to combine a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed attestation, and various industry-specific modules.

Collaboration with NEO

Ontology is working together with NEO to bridge the gap between blockchain technology and the real world. NEO and Ontology have similar goals with the difference that NEO is focussing on digital assets and smart contract whereas Ontology is focussing on trust, identity, and data exchange and authorization. Though both blockchains are designed to run as smart contract platforms and host Dapps, trying to compete with Ethereum.

ONT Token

ONT, the native token running on the Ontology blockchain, was airdropped to NEO holders in March 2018. From this airdrop, 20 million ONT were distributed to the community by the NEO Council. The total supply is capped at 1,000,000,000 ONT. The ONT token is currently a NEP-5 token on the NEO blockchain. Ontology’s mainnet is expected to launch by the second quarter of 2018. When launched, NEP-5 ONT tokens can be swapped into ONT tokens on the new network.

Summary

Ontology is one of the many projects that wants to compete with Ethereum in becoming one of the main smart contract platforms. Ontology is not a single blockchain, but a network of blockchains and it operates like a cloud storage network. A lot of businesses and other institutions use cloud storage networks, only accessible to those entities. Ontology wants to become the blockchain for enterprises to fill this need, while having data privacy regulations in place to protect sensitive data.

Pros

  • Reliable
  • Trust

Cons

  • Lots of competition
  • No backing (asset, profits, commodity)

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