Ontology is a Shangai-based project that is related to the ‘smart economy’ that NEO is building. This means that one of the top 20 cryptos in the market will be releasing its proprietary technology.
Ontology describes itself as a company that focuses on enterprises and wants to provide high quality financial services. For example, it is working in order to develop a network that would allow for fast and cheap transactions. Moreover, it wants to solve problems related to interoperability and digital identity.
One of the strongest points of Ontology is its team. Ontology’s CEO is Da Hongfei, NEO’s founder. It is important to mention that NEO and Ontology are subsidiaries of Onchain, which has developed a private enterprise blockchain platform that is known as DNA.
During a conversation with CoinDesk, Ontology’s founder, Li Jun, said that his company and NEO are working on API standardisation, shared smart contract standards, and ‘cross-chain technology innovation.’
Li explained about the network:
“When you want blockchain to become a mainstream industry like the internet today, you have to link to the real business scenario.”
Onchain, which received important support from the Chinese conglomerate Fosun Group and has been accepted to Microsoft’s Shanghai accelerator, started working on a public platform that will be focusing on digital identities in the real world.
The network will be supporting two different tokens, something similar to what NEO is already doing with its GAS and NEO token. At the moment, only the ONT currency exists. But in the future, the intention is to release ONG tokens.
Both of these tokens will be migrating to a proprietary blockchain at the end of the current month, where they will be working as governance mechanism. Those who stake ONT will be able to make network decisions.
Holders of ONT tokens will be receiving ONG tokens, working in a similar way to NEO’s GAS tokens. Each ONT will be releasing ONG tokens for 18 years.
An interesting point of this network is that it has multiple interoperable chains that related to a core blockchain (something similar to the sharding technology proposed by Ethereum). The main intention is to give business flexibility when designing a ledger.
The main chain will be using a consensus mechanism know as VBFT, which combines proof of stake (PoS), verifiable random function, and Byzantine Fault Tolerance. In this way, the team expects to handle over 3000 transactions per second. Additionally, the network wants to support multiple governance mechanisms.
CoinDesk was able to talk with Daniel Assab, Ontology’s senior overseas market specialist, and about the network he commented:
“In this industry, there’s a lot of chains that want to cut up – cut their share in the ecosystem and try and take all of the competition in this area. But we want to cooperate with everyone, work with everyone, make this as compatible as possible.”
One of the most important goals of Ontology is to tackle the problem of identity (DI) in the digital age. Of course, there are several competitors in the market that aim to solve the issues around DI. At the same time, it wants to do the same for objects, and not only for individuals, which this is something completely new.
In the future, there will be millions of interconnected devices operating altogether, and each of them will need a characterization and identification. This is why, Ontology partnered with Chain of Things (COT), a universal basic platform for Internet of Things (IOT) devices.
The company is also working in a number of implementations that may be released in the next months and years. We can mention an ID framework and marketplace, a reputation system, and more.
Before starting with all these things, the company will have to think about providing a smooth transaction to its mainnet. It will be important not to leave tokens behind and make sure that users will be able to complete the swap properly.
Users in exchanges like Binance or Huobi may not have to do anything in order to swap their tokens. The problem will be for those users that need to process the swap manually. This is why, Ontology posted a FAQ’s page where users can have their questions answered.
At the moment of writing, Ontology is the 19th most important network and cryptocurrency in the market. It has a market capitalization that surpasses $700 million dollars and each token can be bought for $4.74.
NEO, instead is the 13th most known crypto in the market and each token can be bought for $27 dollars.