Public multi-chain project
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.
Compete with Ethereum
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.
Cloud Storage
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.
Ontology’s storage system works on a distributed ledger. The key feature of the completely decentralized, tamper-proof ledger is that trust is shared amongst multiple parties through the use of smart contracts, distributed networks, distributed storage, distributed authority, distributed security, and a variety of modules.An identity registration and authorization system can be built with Ontology's adjustable configurations or by using a third-party authentication system such as CA Identity Manager. Community authentication and industryspecific verification methods can also be used to allow participants access to identity verification through the blockchain. Ontology’s procedure protocols are carried out with distributed ledger technology, cross-chain entities, cross-system privacy, and cross-chain protocols.
Ontology’s identity verification system is characteristically decentralized. Ontology’s identity verification system is characteristically decentralized. Organizational networks can be established using information such as student IDs for academic institutions or employee IDs for businesses. All entities can select a range of identity verification methods in order to create systems free from third party interference. Private information is securely stored in decentralized databases. Entities can create specialized identity verification systems based on industryspecific or legal requirements, for example by integrating compatibility with external electronic identification system such as CA Identity Manager, or by integrating requirements of governments, organizations, academia, businesses, or social groups.
Ontology has architected a distributed trust system. It incorporates multiple trust types in an integrated protocol system with various blockchains and databases. Multisource identities and multi-source data exchange protocols have been implemented into the network, building a distributed trust system that is cross-chain, cross-industry, cross-system, cross-application, and cross-device.
Ontology is devoted to building a trust ecosystem through its decentralized services. With Ontology's infrastructure industries can integrate and develop their own systems of trust. At Ontology’s foundation is a fully decentralized ledger system that includes smart contracts and security protocols. Ontology provides compatibility support for complex technological systems, whether that be existing blockchains or tradition information systems. All systems feature decentralized entity management with support for main protocols and different password standards. Ontology also provides systems for secure data storage, hardware options for key management, and encrypted data analysis. Together this creates an application platform that allows for all kinds of services to become decentralized.
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.
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.
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.
New Tools
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.
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.
For Ontology, we have Ledger Nano S support.
Ledger
1. Before you start
2. Install the Ontology app
OWallet
OWallet is Ontology’s official desktop wallet, which offers three types of wallets: Ledger hardware wallet support, individual wallet, and shared wallets. OWallet supports Windows, Linux and Mac OS versions, and the multi-signature technology connects various hardware wallets like Trezor, Ledger and many more. OWallet is planning to integrate more applications, which will provide the developers with smart contract invocation, compilation, and other comprehensive services.
Download:here
ONTO
ONTO is a decentralized and comprehensive client product which provides an entrance into the Ontology blockchain. This wallet enables you to build your own digital identity, ensure privacy protection with the help of cryptographic algorithms and store digital assets securely. ONTO won’t be saving your data or information and all the data and information would be locally stored in your phone. All the ONT transactions have to be a whole number, wherein the minimum transaction should be 0.000000001. ONT ID is not connected with any wallets and is used to manage your digital identity. It can be considered as one of the best Ontology wallets android.
Download:here
