Ontology

Ontology – A Blockchain-Based “Trust Ecosystem” on the NEO Network

Ontology – A Blockchain-Based “Trust Ecosystem” on the NEO Network

Ontology (ONT) – Built Off The NEO Network

Ontology (ONT) is a cryptocurrency founded by Jun Li and released by the technology company Onchain in March 2018. Initially, the coins were distributed via an airdrop, where all users who held NEO coins received 0.2 ONT per NEO. ONT is a digital asset/token on the NEO network and, therefore, uses the NEO blockchain as its backbone.

The price of ONT has hovered between $1 and $3 since its release, and is at $2.05 as of this writing. Since there is a circulating supply of 241 million coins, this yields a market cap of $0.5 billion. This is the 27th highest cryptocurrency market cap, which is quite impressive, especially considering that it’s a very new platform . Daily trade volume has been hovering between $10 million and $100 million, so the price of ONT is not a fluke.

Ontology’s ONT Distribution

1 billion ONT were created in the genesis block, so there will be an additional 759 million ONT coming into circulation. Apparently, the release of all these coins is controlled by Onchain, and they say the coins will be given to the community, industrial partners, the NEO council, the platform’s Core team, and also will be given as incentives to those who help develop Ontology technology and adoption.

It is risky to buy ONT as an investment due to all these coins that will be dumped onto the market. Moreover, even though ONT is a decentralized cryptocurrency, its developers have essentially taken centralized control of the market by controlling the bulk of the coins. They can decide to sell a bunch of ONT whenever they want to make money.

Distributed Trust Ecosystem

Despite the risk in buying ONT due to developers controlling most of the coins, the Ontology network itself is extremely interesting and useful. The main goal of the platform is to build a distributed trust ecosystem based on cryptographic security. With Ontology, users can create their own projects and applications with their own customizable blockchain. Smart contracts are directly integrated into Ontology, and modules are available for specific businesses to improve scalability and flexibility.

Already, modules have been built for identity verification, authorization, and data exchange. More modules will be built in the future, and any of these modules can be easily integrated by anyone using the Ontology network.

Essentially, Ontology provides an easy to use framework, so that corporations and governments can adopt blockchain-based technology. Unlike centralized networks where data can be censored and manipulated by those in charge, Ontology is cryptographically secure which prevents manipulation of data stored on the network. Therefore, businesses and entities who use Ontology to do business with each other can more easily build trust since contracts, identity verification, authorizations, and reputation histories made with the Ontology network are all cryptographically secure.

Transparent & Secure Business Processes

Overall, using the Ontology network can streamline business and prevent fraud, and I expect its use to greatly increase in the future. Once all the coins have been released into circulation, ONT seems to have the potential to become a safe platform that investors might want to consider adding to their portfolios.

Please note that the purpose of this article is not to give investment advice or influence any investment related decisions. It’s only meant to inform crypto enthusiasts and promote awareness. Always consult a qualified investment professional before investing.