Ontology is a public blockchain platform that allows for the creation and implementation of projects of different sizes; thus, it bridges the gap between the blockchains and businesses. As a new technology, blockchains are still a technical subject that requires quite a considerable amount of knowledge for businesses to integrate into their processes. Ontology enables businesses to implement blockchain solutions without necessarily having prior knowledge of the technology. It helps businesses and individuals become active managers of their data.
Ontology was launched in 2017 by Onchain co-founder Jun Li. It has since seen a number of developments including the open sourcing of the first batch of its projects on GitHub, the introduction of Triones membership system, open sourcing of the VBFT consensus mechanism and a new version of underlying framework among others. The first version of the ontology roadmap was also released with timelines for the release of the main net set for the 2nd quarter and additional features such as homogeneous chain and cross-chain POC, threshold signature with MPC, secure private key recovery and parallel transaction execution set to be added by the 3rd quarter of 2018.
How it Works
Ontology operates on the NEO blockchain which charges no fees and registers up to 1000 transactions per second compared to competitors such as Ethereum which only handles 15 transactions per second. It is a blockchain distributor network which combines distributed identity verification and various industry-specific modules. The NEO platform on which it is built also features characteristics that make it impossible to decrypt even using supercomputers, something that other blockchains are yet to accomplish.
Ontology supports public blockchain systems and is able to customize different public blockchains for different applications. It can be used by different businesses and organizations wishing to collaborate amongst chain networks with its various protocol groups. The platform has also addressed other issues faced by blockchains including privacy, data management and authentication among others. Its aim is to reach the go-to source for verification of the accuracy and authenticity of things like identity or ownership.
In this network, in order to meet the needs of different industries the flexible design structure is modularized, pluggable and easily expandable. The ecosystem was created on 4 layers designed to fulfil different roles. All the chains handle verification with the first designed with functionality to handle individuals, assets and organizations. This functionality has further been expanded through the second chain which deals with the verification and linking of applications. Other areas whose verification is handled through the chains include the link modules, protocols, APIs and SDKs on the third chain. The different chains are then linked together using the last chain in order to reconcile the outcomes from each chain for a final outcome on the state of the project under scrutiny.
Ontology did not create its own blockchain. Instead, it runs on the Neo blockchain with its native currency, ONT being an NEP 5 token. The platform uses the Delegated Byzantine Fault Tolerant (dBFT) model which prevents forks resulting in a more stable overall upgrade path for the future. Application areas for ontology include finance, internet of things, payments, insurance and media among others.
Mining and Ownership
ONT was airdropped to NEO holders in March 2018 in different exchanges and wallets. The airdrop was conducted with NEO holders receiving 0.2 ONTs for every unit of NEO they held following this, ONT was distributed to the community by the NEO council with the maximum supply of ONT tokens set at 1 billion. Previously Ontology had awarded 1000 ONT tokens to each person who signed up to their newsletter.
An NEP-5 token must be stored via an NEO-compatible wallet because it is part of the NEO ecosystem. These wallets include the Neon Wallet, Neotracker, O3, the MorpheusWallet and the ledger nano hardware wallet. ONT tokens can also be stored on the main net allowing holders to earn GAS on their tokens which can then be used to pay for transactions or be converted to ONT tokens.
The team Behind Ontology
Ontology’s founder is a senior blockchain architect and blockchain solutions professional with 16 years’ work experience in IT and fintech. His previous experience includes technical architecture, management, and planning support for top international IT firms and major Chinese financial exchanges. He is also knowledgeable in the finance industry, excelling at internal management and external communication.
Cong studied computer science and is a professional in distributed systems and decentralized consensus algorithm design. He previously worked on distributed network protocols and distributed storage systems at Cisco and EMC, and later moved onto blockchain architecture design for large business groups. Cong excels in a range of blockchain structures and protocols and participated in building the biggest alliance chain (between Union Pay, JD, CMB, and Wanda Group) in China.