What is Ontology?
Ontology describes itself as a provider of high-performance public blockchains, which includes distributed ledger and smart contract systems. The Ontology blockchain framework reportedly supports public blockchain systems that can be customized for different applications. Ontology supports collaboration among chain networks with its various protocol groups.
Ontology seeks to continuously include specific modules for various types of decentralized scenarios on the underlying infrastructure. In particular, those for the distributed network for digital identity and distributed protocol for data exchange. Ontology intends to continue to develop new traditional modules based on specific specifications for the scenario.
Ontology uses a dual token (ONT and ONG) model. ONT is a coin and can be used for staking in consensus. Where as ONG is a utility token used for on-chain services. ONT releases ONG periodically.
Founder Of Ontology
Ontology was created in 2017 by a Chinese company called OnChain. Which is led by founders Erik Zhang and Da HongFei. OnChain has had huge success in the cryptocurrency industry, as they were also the founders behind the NEO blockchain. Which is now a multi-billion dollar project.
Essentially, Ontology was created as a way for businesses of all sizes to install blockchain technology within their company. Without having to completely change all of their current systems. Even better, the team behind Ontology wanted to make it a really simple process. Make it perfect for businesses that have no knowledge of blockchain technology.
One of the most interesting things about the beginning of the Ontology coin journey is they did not have an Ontology ICO. Rather, Ontology airdropped their coins to a variety of people. Including NEO coin owners and those who subscribed to the Ontology email newsletter! They were also funded by private investors.
As they were both created by the same company. Ontology is working alongside NEO to bring blockchain to the world of business. Additionally, the technology will also support decentralized applications (dApps), meaning they are in direct competition with Ethereum.
Advantages Of Ontology
- Simple entry for businesses: Ontology will be ideal for businesses of all sizes as no prior knowledge of blockchain technology is required.
- Great team: OnChain, the company behind Ontology, have had great success in the blockchain industry already with their NEO project.
- Limitless potential: The number of industry sectors that would benefit from the Ontology coin is endless.
- Unique consensus: The VBFT consensus model used by Ontology is unique, combining both speed and safety. Transactions in the thousands per second are hoped to be possible.
- A bridge between real and virtual: The Ontology blockchain will allow the digital economy to connect with the real-world economy, across multiple blockchains.
Disadvantages Of Ontology
- Strict country of origin: Ontology operates in one of the strictest nations for crypto regulation China.
- Early days: Although the ONT token has great potential, the project is still in its very early days.
Is Ontology Secure?
This is really important as if businesses are to install the Ontology network within their current systems. They need to guarantee their private data won’t end up in the wrong hands.
Each and every data transaction is confirmed in a decentralized environment. Meaning that no single person or authority can take control of the network. As confirmation responsibilities are confirmed by the Ontology community who hook up their device to the network. Hackers would need to take control of more than half of the devices on the network to have any effect. Even then, it’d be so expensive for the hacker to execute their attack that it’d be rendered worthless.
This is much more secure than a regular, centralized system. As in a centralized system, a hack would be much cheaper and require much less effort than it would a decentralized system like the Ontology blockchain. In a centralized system, there is a single point of entry for a hacker. In a decentralized system, there are countless machines typically spread out throughout the world that need to be hacked.
Is It Profitable to Invest in Ontology?
Ontology appears to be a great investment over the long term. Though its value has not grown as fast as other cryptocurrencies. Such as Bitcoin Cash, experts hold the view that it has a lot of potential for growth. Because it provides an ecosystem for other blockchains and even conventional enterprises. It is only a matter of time before the price takes an upward yielding huge ROI. Though some people hold the view that Ontology has taken a huge mandate. Which could prove burdensome in the future, its future expansion is not in doubt.
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