When it comes to technology it never reaches the pinnacle because, with technology, innovation never stops and only change is constant. It is because of this very reason that there always is an array of solutions appearing, each better than the previous one. Also, new technology brings with it new problems. Recently, we have been seeing the blockchain tech as a great solution to a diversity of situations from the economy to the functions of government and management of companies. But what if I told you that blockchain tech, the solution of this era, needed a solution itself?
That is right, nothing is perfect. Not even the mighty blockchain technology. The biggest issue that it brings with itself is of scalability. With everyone on a blockchain having to download a copy of the data to stay updated, everyone has to download hundreds of gigabytes of data in order to stay connected to their blockchains.
That’s where Ontology comes in. In order to increase the social scalability, we need to peer-to-peer solutions, so that the foundation of trust can be established globally. In this endeavor, Ontology plays a significant role by creating a trust layer, thus allowing businesses and governments to participate in the new age of smart economy.
Developed by a Chinese company, Onchain, Ontology was launched in 2017 as a public platform, considered as a leap in bridging barriers between the business sector and blockchain. It is regarded as the second gen cryptocurrency that aims to eradicate the flaws of the first generation of cryptocurrency.
The ONT Token
The high-performance public blockchain of Ontology comes with its unique token, ONT. The network uses a two token system.
- ONT is used for governance and staking.
- ONG, which is generated by each ONT token, is used to pay for blockchain services.
ONG is a divisible token while the ONT token is indivisible.
Interestingly, there was no ICO for ONT. Instead, they decided to airdrop ONT tokens to the community through various channels. DevCon attendees received 500 ONT each, while the Ontology newsletter subscribers gained 1,000 each, and the NEO council airdropped .2 ONT for each 1 NEO held.
How Does Ontology Work?
The team behind Ontology has decided to focus their efforts on two technical goals, the first being the Chain Network. This is the underlying protocol of Ontology, which provides the foundation for the rest of the system. It handles things such as the consensus algorithm, communication protocol, security, and scaling.
The second focus point of the project, the part which most users will be interacting with, is called the Trust Ecosystem. This mechanism gives the opportunity to bring real-world identities onto the blockchain. The team ardently believes that this serves two purposes, the first is to put an end to the theft or impersonation of this type of data, and the second is to empower users with more control over how their personal information is shared online.
The Trust Ecosystem is divided up into four chains that remain detached but still have the ability to share information. The first chain is used for verification of people and their property. The next chain’s purpose is to verify the authenticity of applications we interact with to prevent credential stealing attempts by cloned sites or apps. The third chain can make sure that the actual protocols and tools used to communicate over the internet are not malicious. Finally, the fourth chain provides a reliable way to look up and share the information from all the other chains.
Ontology’s infrastructure consists of the following three things,
Common applications and other services required in the Ontology ecosystem are provided by public blockchains.
ONT Blockchain Framework
In order to support various kinds of businesses, the framework of the blockchain is made highly modularized and customizable.
ONT Interaction Protocols
These protocols help in making the platform compatible across different devices, systems, and blockchains.
Furthermore, Ontology modules consist of the following,
This is a complete identification module that allows authentication of various objects and assets.
This framework is particularly responsible for taking care of the data on the blockchain. It looks after operations like data resource management, smart contract transactions etc.
This framework is used to provide support for various businesses in order to develop different evaluation logic. This is done according to the distributed credible data.
It is a decentralized client product that hands the control of personal digital assets, identities, and data to the users.
TSE is an abbreviation for Trust Search Engine. This provides connection and authentication services for individuals, objects, and assets.
This is a distributed data exchange framework. It provides high financial security and the ability to customize several data trading marketplaces.
Ontology has a lot of powerful backing from major companies in the world. Tembusu Partners is an emerging private equity firm. It has its headquarters in Singapore and is an emerging firm in Asia.
Accomplic is a seed-led venture capital firm that embraces risk. They have their headquarters in San Francisco and Boston. They are working with Ontology to strengthen their technical advocacy.
Hashed is one of the most influential blockchain groups in South Korea. They build communities and provide acceleration to the projects.
Onchain is a company, which focuses on development, research and operation of the blockchain technology.
Read the white paper here.