Ontology is a new blockchain/ distributed ledger network that combines distributed identity system, distributed data collaboration, distributed communities, and distributed procedure protocols. This means that the network builds the infrastructure of a peer-to-peer trust network that is cross-chain, cross-industry, cross-application, and cross-device. Ontology is run as an ecosystem that wants everybody to join including the government departments
What is Ontology Cryptocurrency?
Onotology is a public platform which can be used by business organisations which does not have any knowledge about Blockchain technology or distributed networks but can use blockchain in their organisation. The blockchain is relatively a new phenomenon and various organisations are still trying to understand it. But as, blockchain is also a complex process and takes time to understand, the organisations can adopt blockchain technology even if they don’t know much about it, thanks to Ontology.
Ontology has created tools and templates that the organisations can adopt and tailor them according to their business needs. Ontology is the gateway for the global adoption of blockchain technology in corporate sector. It reduced and even eliminates the time,energy and efforts require to first understand what is blockchain technology and then implement it by the organisations.
Apart from the above, Ontology aims to use cryptographic techniques and distributed ledgers to facilitate proving identification and ownership in a more secure and efficient way. The team hopes to solve fundamental problems in identification systems that are a result of the usage of obsolete technologies that are still used today. Read the following scenario in order to understand better:-
Suppose you go to a new car dealership office and want’s to test drive one of their cars. The dealership staffs asks you to provide the Driver’s license in oder to verify that you are eligible and verified by the government to drive cars on roads. But what if the staff also retains other information mentioned on the driver’s license such as Date of Birth, Address. All of these information can be stored and possibly even sold to third parties.
No one wants their data to get leaked. In the above kind of situations, Ontology aims to move ID information onto their blockchain. Ontology understands that optimizing identification verification is a crucial step in order to begin a new era of fast and decentralized digital business. (Similar to CIVIC – Identity Securing Platform)
In Ontology’s words:
“Ontology is a blockchain/distributed ledger network which 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.”
Ontology was launched by a Chinese company “Onchain” in 2017. The CEO of Onchain is Da Hongfei who is also the founder of NEO- The Chinese Ethereum.
Ontology has not revealed whether or not nodes will receive a reward for participating in consensus. However, considering that one must lock up funds as stake to be in the pool of candidate nodes, it is unlikely that there will be no incentive structure.