What is Ontology Coin (ONT)?

ontology

ONT Coin Price

What is Ontology? | A Quick Overview

Ontology is a cryptocurrency company on the NEO platform aiming to create a distributed identity system, data exchange, data collaboration, procedure protocols and more on a peer-to-peer blockchain ledger system.

The History and Roadmap of Ontology Coin

Ontology is a product of the company Onchain which aims to design and develop blockchain solutions for businesses.

Ontology started in early 2017 as a concept in Shanghai.

Shortly after they participated in China’s ministry of industry and information technology’s blockchain standardization development.

They were named in top 50 of Fintech firms in China by KPMG.

Later in 2018, the Ontology network was launched in Shanghai and New York, releasing their whitepaper for the public.

In 2018 they will be:

  • Releasing the Ontology testnet
  • Then the launch of their mainnet
  • Updating the network with new Ontology modules

The Ontology (ONT) Airdrop

Ontology has gathered attention recently because of an Airdrop to NEO holders that sparked attention.

In a screenshot captured on March 1st, NEO holders received .1 ONT immediately unlocked (in the two weeks following the airdrop) and .1 ONT that would be released after the release of the mainnet in Q2.

This is sparked attention and intrigue around the product for NEO holders.

The ONT Coin Team

Jun Li - Linkedin - Founder

Jun is also the co-founder and chief architect of Onchain, Ontology’s parent company.

Andy Ji - Linkedin - Chief Strategy Officer

Andy also functions as the senior product manager at Ontology

Ning Hu - Senior Protocol Architect

Honglei Kong - Senior Blockchain Technology Professional

ONT Coin Media

Twitter - Linkedin - Medium - Facebook - Website

Ontology Coin White Paper

Read the white paper here

Total Coin Supply

1,000,000,000 ONT

The Purpose of Ontology Cryptocurrency

Ontology was created to be a distributed ledger network aiming to combine a few distributed systems, namely:

  • Identity Systems
  • Data Exchange
  • Data collaboration
  • Procedure Protocols
  • Communities
  • Attestation
  • And industry-specific models

With that built they hope to build a peer-to-peer network that has cross-chain, cross-system, cross-industry, cross-application and cross-device parameters.

Essentially, they want to pave the way for a completely decentralized system that spends the whole blockchain ecosystem.

A distributed trust network.

These are very audacious goals, which we will address below in the section on what we think of Ontology.

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The Features of ONT Coin

Distributed Data Exchange

The mechanism through exchange comes from the decentralized smart contract.

This includes a few different main areas of data exchange.

Peer-to-Peer Data Transmission

Using the blockchain, this will allow transmissions of data between two parties with a central entity

Data Authorization Mechanisms and Data Storage

All parties must authorize all data transfers, adding an extra safeguard.

While this supports a storage mechanism on a distributed networks for all types of data.

Copyright Protection of Data

Ontology stores, manages, and attests data throughout its lifecycle. A digital identity is created for each copy of data from registration, request, authorization, to exchange. Copyright protection is also recorded for each copy on the blockchain (1.)

Specific Modules of The Ontology Blockchain

On ontology, they offer many different modules that will continue to expand after the launch of their mainnet.

Those modules currently include:

  • Ontology Crypto Package (OCP)
    • A series of cryptography and data security module support in areas including multi-factor entity authentication, distributed data exchange, and distributed procedure protocols
  • Ontology Marketplace
    • Providing data products, data predictions, and data computing resources. This allows people across multiple industries to participate in the data trading market.
  • GlobalDB
    • A distributed Key storage vault and blockchain database.
  • HydraDAO
    • A data prediction and interaction module integrating smart contracts, cross-chain, and cross-data source collaboration.
  • Ortorand Consensus Engine
    • A new type of consensus mechanism that claims to have unlimited scalability.

What We Think of Ontology Coin

Ontology is aiming to take on a global trust network.

Granted, it is being built on top of pre-existing networks that are trying to establish something similar.

At a mass scale, the interoperability of these blockchains can lead to some pretty amazing feats, which of course, would then spark the usage and economic activity inside of that blockchain.

Although, ONT coin is still a working theory.

The mainnet has not been released, and the specifications are not within the whitepaper.

Similarly, we couldn’t find two of the team members on Linkedin, which has us a bit skeptical, as there isn’t much detail surrounding the whole company.

As they release products and start to grow, we will watch them for progress, but until then we are skeptical on the long-term.

If you have other information that we should add, please use the chat box below.

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March 21st 2018, 18:52