Ontology- Learn what this coin is and other Essentials
Ontology is a distributed ledger network launched by a Chinese company Onchain in 2017. This platform combines a distributed identity system, distributed data exchange, distributed data collection, Distributed attestation, communities and various industry-specific modules. The entire idea of this distributed system is to create an infrastructure for a cross chain, cross-industry, cross-device, and cross-application ecosystem-based on trust.
Ontology is a huge step in the trust-based network system because this network aims to do away with various problems plaguing the blockchain technology like poor privacy protection, data monopolization, and untapped data value. The aim of Ontology is to open the door of blockchain technology for global adoption in various corporations.
An interesting fact about Ontology is that this crypto did not have any ICO (initial coin offering) which is normal for large digital currencies. The company gave free coins to people who were NEO users or had subscribed to their newsletter. Since NEO and ONT developed by the same company, it makes sense to know that both these projects work with the same mission of making block chains accessible to corporations by supporting dApps.
What is Ontology?
Presently, there are thousands of cryptocoins available in the market and turned into a revolutionary technology. However, every new blockchain comes with the set of issues including the scalability. Since everyone on the blockchain needs to download the copy of the data to stay updated, everyone is downloaded hundreds of gigabytes of data to stay connected with blockchain. This is where Ontology comes to the role.
The Basics of Ontology:
Ontology is basically a high-performance public blockchain having unique token called as ONT token. The main aim of producing this cryptocoin is to address the problem of scalability by implementing distributed trust collaboration platform.
The Development process-
- It was first developed by a Chinese company named OnChain, got launched by Da Hangfei and Erik Zhang.
- Being a public platform, it is considered as the major step to remove barriers between the business sector and blockchain.
- Known as the second generation of Cryptocurrency, this coins aims to eliminate all the flaws of the first generation of Cryptocurrency.
What Makes Ontology Unique
Unlike Bitcoin or other crypto’s Ontology does not work singularly, instead, it is a network of Blockchain which helps it to work like a cloud storage network. Various companies have their own cloud storage network like Amazon web service. This storage facility is leased to various agencies store information which is accessible to only those entities. Ontology provides easy implementation and development of DLT solutions for a variety of industries.
In general, Ontology is an ecosystem aiming to integrate different sectors including the government sector. This new distributed ledger network combines distributed data collaboration, distributed communities, and distributed protocols. This cryptocoin built a peer-to-peer trust network useful for cross-application and cross-device. The coin makes use of a network of chain for scaling and security.
There are different infrastructure parts in Ontology-
- ONT Blockchain- Common applications and other services required for ecosystem provided by the public blockchains.
- ONT Blockchain Frameworks- To support various kinds of businesses, the blockchain framework is highly modularized and customized.
- ONT Interaction Protocols- These protocols help to make platform compatible across different devices and blockchains.
Furthermore, the modules of Ontology is divided into three things-
- ONT ID- This complete identification module allows authentication of different objects
- ONT Data- The framework takes care of data on the blockchain. Moreover, it takes care of operations like smart contract transactions and resource management.
- ONT Scores- This framework supports various businesses to develop different evaluation logic.
Let’s take a small example
Take for instance your medical records which are available with your hospital or doctor. Every time you visit your doctor or hospital, the makes a note of your previous illness, medicines he has prescribed and problems which you may have. Based on these parameters he makes his decision of advancing his treatment. However, imagine what would happen if you went to a different doctor in a different city or to a local pharmacy? Your records will not be available to them mainly due to two reasons.
Firstly data protection laws prohibit organizations from sharing private information and secondly, each organization has its own centralized system which makes it difficult for them to share information with other networks.
This is where the Ontology concept comes in handy. Ontology helps enterprise and organizations to control and operate their own blockchain network with their own records of data and information and keep it secret from everyone else. However, with Ontology, companies can now pick and choose what information they wish to share with the other companies through the general ledger of NEO, which acts as the public portal.
The organization could still run its own series of queries and reports on the backend without being worried about data leakage, The ONT blockchain would be separate from other organizations ONT blockchain. Ontology is developed to act as a bridge between the digital world and the real world, all in a trust-less environment.
Potential of Ontology
ONT holds a huge potential in real life because this protocol would benefit all business types
· Ontology would allow data to be transferred in a safe and secure manner. The transaction would be transparent, cheap, and very fast.
· Ontology will open up doors for complete automation by providing a platform for dApp and smart contracts, which will be supported by the NEO blockchain.
· Ontology will allow organizations to perform data transactions and exchange without needing a third party to verify it.
Is Ontology Secure?
In order to understand the security aspect of ONT, it is important to understand how a hacker works.
In a centralized system there is a single point of entry, which means if you can access the password of the computer that has access to a centralized server, you can have access to all the information stored in there. Ontology, however, works on the decentralized environment, which means it is practically impossible for a single person or entity to get inside the network.
Confirmation responsibilities lie with the Ontology community which means a hacker needs to hack into a number of devices to gain access to any substantial information. The entire process would be so cumbersome, costly and labour intensive, that it won’t possibly have any significant takers. Apart from this, all data transaction that occurs on the Ontology blockchain is immutable which means they cannot be removed. This makes the transaction more meaningful as it adds a layer of transparency and extra security for the company that installs the protocol.
Ethereum Vs Ontology
The aim of Ethereum was somewhat like NEO and Ontology where it aimed to provide blockchain technology to business. However, unlike Ontology, information posted on the Ethereum blockchain is available for everyone to access, which means Ethereum is an open source network. This may not be a good idea for large banks and government institutions who want to keep their data private. On ontology, the individual business gets to decide how much and what data they wish to share with the third parties.
Advantages and Disadvantages
Simple Entry for Business- This technology will be ideal for small organizations with little or no knowledge about blockchain technology
Awesome Team- The team which bought ontology to market is the same team which was behind the NEO project
Unlimited Potential- Practically all industrial sectors will benefit from Ontology
Unique Consensus- The VBFT consensus model used by Ontology is unique which combines both safety and speed. More than a thousand transactions are possible per second on this model
Bridge Between The Virtual And Real – This technology will allow the digital economy to stay connected with various real-world technologies across different block chains.
- Very Conservative Country Of Origin- Ontology in spite of its limitless possibilities has its origin in China, which is one of the strictest nations of the world.
- Too Early to Predict- The Ontology blockchain is in its initial days where it’s pretty difficult to make a concrete statement about its future.
Buying and Storing Ontology-
There are two ways how you can buy or store the Ontology coin-
You can buy Ontology from different exchanges like Binance. However, you need to open the trading account online to buy from the exchange. Once you verify, you can add fund and buy ONT Cryptocurrency.
From Cryptocurrency Brokers-
These are quite similar to exchange but run independently. There are additional brokerage fees included, and one such brokerage firm is Coinmama.
Here, you must know that that ONT coin is supported on all major exchanges globally, including OKEx, Kucoin, Binance, etc. This coin is paired with BTC, ETH, and USDT.
How Ontology is different from Cryptocurrencies?
There are many things that make ontology different from Cryptocurrencies-
Most of the cryptocurrencies focus majorly on centralization problem of centralization. ONT majorly focuses on the issues scalability. This is also faced by many renowned cryptocurrencies.
Ontology offer much required financial security for its users compared to other cryptocoins.
Abuse of ONT-
ONT is built from bottom-up and isn't forked, so there are not specific issues allowing it to get abused. However, you need to keep certain things in mind.
When you are trading in Ontology you don't need to reveal your real-world identity. You can send it anonymously. However, criminals can abuse this situation in trading as there is no identity revealed.
One of the best examples is the dark web, where many dark sites deal in illegal goods are sold in exchange of such cryptocoins.
Ontology is worth investment or not?
Ontology, being the leading and second generation Cryptocurrency, investors have many benefits on investing over the ontology. Here are some of the reasons why you must invest in Ontology-
- Innovative Trust Mechanism- Ontology combines multiple trust mechanisms to build a decentralized trust mechanism. It is highly flexible and can be modularized.
- Multi-Source Identity System- For this, the system requires verification from different source including family, banks and businesses. Currently, the global market lacks systems, adding value to the ONT system.
- Partnerships-ONT has a good partnership with agencies which gives a major reason to invest in the Ontology. It is basically corporate adoption driving good value,