What Is The Ontology Network?
One of the most frequently asked questions about blockchain economy is, “Alright, it requires no middlemen. Sounds cool, but how does it guarantee counterparty trust?” With an identity verification system on the blockchain, users will know whom they can trust.
Ontology Network combines a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed attestation, and various industry-specific modules. Together this builds the infrastructure for a peer-to-peer trust network which is cross-chain, cross-system, cross-industry, cross-application, and cross-device.
Limitations Of Conventional Trust Networks
Currently, trust is cultivated through legal systems or relationships built within closed communities. Blockchain unlocks the possibility of cultivating a global trust network, eliminating one of the biggest barriers to trade today.
In the legal system of trust, data sources are fragmented and monopolized by centralized entities, individuals have no autonomy over use of their data, there is worrying lack of security of identity information owing to single point of failure and insufficient identity verification mechanisms to prevent illegal and malicious node access to the Internet of Things.
The variety of trust mechanisms at hand today has indirectly become the weakness of today's trust systems. Building a network which integrates the fragmented industry is needed to build a true and complete trust system.
Distributed Trust Network
Ontology incorporates multiple trust types in an integrated protocol system with various blockchains and databases. Multi-source identities and multi-source data exchange protocols have been implemented into the network, building a distributed trust system that is cross-chain, cross-industry, cross-system, cross-application, and cross-device.
It aims to develop its trust ecosystem through partnerships to provide distributed services including distributed communities, data verification, data exchange, and credit across industries. Users on the network can easily develop distributed services without having previous knowledge of distributed networks.
Ontology Trust Ecosystem
Through peer-to-peer collaboration of data through various sources, Ontology Network allows instant verification of people and objects, builds a reputation system, facilitates distributed content generation, trade and financial services.
Ontology Network includes compatibility support for complex technological systems, whether that be existing blockchains or tradition information systems. It also has systems for secure data storage, hardware options for key management, and encrypted data analysis.
As a decentralized and multi-factor identity verification system, it provides identity verification systems for individuals, organizations, and physical objects. Other key features include distributed data exchange, peer-to-peer data transmission, copyright protection for data and a cryptography and data security module.
Ontology network uses a new consensus engine known as Ontorand Consensus Engine (OCE). OCE is a highly effective version of the DBFT consensus protocol based on Onchain’s Distributed Networks Architecture (DNA). It has reached near-infinite scalability and requires a relatively low hashing rate, making it highly unlikely to experience forks of the network.
Users can collect and manage their own identity data from multiple sources including public institutions, banks, businesses, family, colleagues, and friends. Users can also register digital identities of physical objects into the distributed network under the supervision of the product owners and/or producers. Each object has its own API and can interact with other digital identity holders.
The data exchange system allows data to be discovered and traded with the consent of the owner whilst meeting individual privacy requirements. All records are open transparent, traceable, and tamper-proof. This technology can be applied to areas including signing certificates, joint credit, distributed collaborative computing, and AI training data.
Other use cases posited include distributed equity management, online community management and content sharing.
Ontology Network In Development
Ontology Network is still at an incubative stage, currently focusing on research and development of its economic model. Meanwhile, users are urged not to believe false information regarding token distribution disseminated through unofficial channels.