Ontology | Coin Introduction

Altcoin Magazine
Sep 3, 2018 · 4 min read

‘Ontology [ONT]

Ontology is a distributed trust collaboration platform. Its main objective is to create a platform for businesses, individuals and organizations that will enable them to create their own blockchains without much prior knowledge about blockchain technology. Essentially, Ontology makes it easier for enterprises to adapt blockchain technology to their already existing systems.

Ontology was founded in November 2017 by Jun Li, who had had over 15 years of experience in the fintech industry. Jun Li and his team are also supported by the team behind NEO and Onchain, led by their founding fathers Da Hong Fei and Eric Zhang. While Onchain, NEO and Ontology were all created by the same team, and they have close relationships with each other, they are all separate companies.

Both NEO and ONT have similar core principles. They are building platforms for running smart contracts and DApps, but they are focusing on different aspects. While NEO is an individual blockchain, building a smart contract ecosystem, Ontology is a network of blockchains, creating a decentralized trust network. NEO and Ontology have a mutually beneficial relationship, and by joining their forces they could impose serious competition to Ethereum.

Most traditional organisations have complex systems for identity, information, account and financial management, especially after the GDPR came into effect. Moving these systems to a blockchain is almost impossible and would mean that all of these processes would have to be built ground up for the blockchain. Without much prior experience, this would take ridiculously long time to accomplish. That is the main reason, why the adoption of blockchain is not moving as fast as people would like to. Even larger companies who have the time and money to move their systems onto the blockchain are also hesitant to do so. Most current blockchain platforms like Ethereum are open-source and public. For large corporations, moving their data to a public blockchain could impose security risks and would mean that they are not in full control of their information.

This is where Ontology comes in. Ontology allows its users to essentially build their own blockchains, specific to their needs, that would be connected to the Ontology’s main chain. ONT offers tools for identification, user authorization, distributed data exchange, cross-chain asset exchange/ business collaboration model — all of which their clients can use to develop their blockchain systems. Their tools and partnerships helps Ontology to create a peer-to-peer network that is cross-chain, cross-system, cross-industry, cross-application, and cross-device.

Ontology has the potential to drive the adoption of blockchain technology forward by providing the necessary tools for businesses to build their own blockchain systems. In addition, it creates an ecosystem to connect systems built with different protocols. This has been one of the limiting factors in many industries. Moving data from one system to another, when both of them have been built fundamentally differently, would be almost impossible. But by strategic partnerships and different application and protocol layers, Ontology has the potential to make this work.

In conclusion, Ontology is working hard to make the transitions from traditional systems to blockchain as effortless as possible for both smaller and bigger organisations. Combined with its tools, partnerships and relationship with NEO, it might be one of the leading projects in driving wide-scale blockchain adoption forward.

  • The ONT token is built as a NEP-5 token on the NEO blockchain. When Ontology launches their own mainnet, the current ONT tokens will be swapped for ONT tokens on their own blockchain. Ontology uses the same dual token structure as NEO/GAS. Its ONT token will give the token holder rights to vote and so on (like NEO), and ONG token will act as the platform’s utility token, used for running smart contracts and paying for the other services/tools on the platform (like GAS).
  • The symbol “ONG” is already taken on Coinmarketcap by a company called OneName Global and their onG.social coin. This could mean that Ontology’s ONG token will be listed under a different symbol.
  • Ontology did not conduct a traditional ICO. Instead, they chose to distribute their tokens in a series of airdrops. For example, people that subscribed to their newsletter earned 1000 ONT tokens (currently worth around $5,000), NEO DevCon attendees got 500 ONT and all NEO holders gained 0.2 ONT per NEO (from which 50% will be locked until the launch of the mainnet).
  • Only 12% of the ONT were distributed to the Ontology community, while 10% was given to the NEO council, 28% to its institutional partners, 15% to Ontology’s core team, and the remaining 35% is held by Ontology (25% is set aside for development and 10% for the technical community rewards).
  • In addition to NEO and Onchain, Ontology is also supported by some of the largest Chinese venture capital firms, like Sequoia China, Danhua Capital, Matrix Partners China, and ZhenFund.

Website: https://ont.io/

Whitepaper: https://ont.io/documents

Coinmarketcap: https://coinmarketcap.com/currencies/ontology/

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The purpose of ALTCOIN MAGAZINE is to educate the world on crypto and ultimately to bring it to the hands and the minds of the masses. Brought to you by the best writers in the world. This article was composed and written by CryptoFinance 24 published on: https://medium.com/@CF24/what-is-ontology-c787aa71a84c. All credit goes to CryptoFinance 24.

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