Ontology is a blockchain (distributed ledger) network. This blockchain combines a distributed identity system, distributed data collaboration, distributed data exchange, distributed procedure protocols, distributed communities, various industry-specific modules, and distributed attestation.
This combination shapes the infrastructure for a P2P (peer-to-peer) trust network. This network is cross-application, cross-device, cross-chain, cross-system, and cross-industry.
This high-performance blockchain has designed a distributed trust system that incorporates various trust types in an integrated protocol system with several databases and blockchains to support use with all business types.
To meet the requirements of different industries, they use a flexible architecture that is pluggable, modularized, and easily expandable. Users can develop distributed services via this blockchain without prior knowledge of distributed networks.
What is Ontology?
Ontology is an open-source, high-performance distributed ledger specializing in digital identity and data. It applies blockchain technology to all business types, providing smart contracts, blockchains, data exchange, distributed verification management, and other protocols and APIs.
This open-source blockchain’s infrastructure backs up Layer 2 scalability and robust cross-chain collaboration, offering businesses the flexibility to scheme a blockchain that suits their needs. This blockchain has many desirable features, including a suite of decentralized identity and data sharing protocols to improve speed, trust, and security. It also features ONT ID (a mobile digital ID application and DID that is used throughout the ecosystem) and DDXF (a decentralized data exchange and collaboration framework).
This blockchain chose to give up the popular ICO (initial coin offering) and use a series of community airdrops and distributions of its ONT token, initially a NEP-5 token on the NEO blockchain.
Using these helped shape both a dynamic community and organic price discovery and aided the project to escape subsequent regulatory scrutiny. For example, for a short time, anyone who signed up for the protocol’s newsletter got an airdrop of free 1,000 ONT, which reached a price of $10 per token soon after the token became listed on major exchanges.
This platform launched its mainnet in 2018 and now performs independently from the NEO blockchain.
Multi-source data exchange protocols and multi-source identities have been applied to the blockchain network. This protocol’s purpose is to develop its trust ecosystem via partnerships to offer distributed services, including data verification, data exchange, distributed communities, and credit across industries.
Ontology benefits
Ontology provides various real-life use cases and lets businesses construct their blockchain on top of this blockchain. Furthermore, it offers more flexibility for enterprises, giving them the opportunity to create customized blockchains to match their specific requirements in terms of features like better privacy, governance, and functionality that competitor networks like Ethereum and NEO lack.
The ONT blockchain also helps negate transaction fees by generating and distributing free ONG (ontology gas) to ONT holders based on their asset amount.
This protocol provides additional features such as smart contracts, DDXF (tokenized data), ONT ID (cryptographic identity proofs) that blockchains can effortlessly transfer.
This platform offers a series of cryptography and data security module support in distributed data exchange, multi-factor entity authentication, and distributed procedure protocols.
OM (Ontology marketplace) is a distributed data exchange complete with data sets, algorithms, and models. It acts as an extension to this protocol, providing data predictions, data products, and data computing resources.
Ontology background
Li Jun founded Ontology. He is a famous blockchain solutions architect with two decades of experience in fintech and IT. Before this, he provided technical management, architecture, and planning support for international IT firms and significant exchanges, playing leading roles at the China Futures Exchange and Infosys. He holds a B.A. in computer sciences, an M.S. in communication engineering, an M.B.A. from the University of Manchester.
This protocol earned technical support from certain members of on-chains’ developers. This protocol is a high-performance, public blockchain concentrating on decentralized identity and data. It has a total coin supply of 1 billion ONT, of which almost 80% are currently in circulation.
When the team launched ONT tokens, they allocated 15% of the tokens to its core team, 28% to institutional partners, 10% to the NEO council, 10% to its technical community, and 25% to the development of the ecosystem.
