Ontology (ONT) – With most of the top 100 cryptocurrencies by market cap are in a sea of red, there is one coin that specifically stands out among them and is currently trading in the green zone. Up over 50% in the last 24 hours, Ontology (ONT) is definitely one of the best performing coins as of now and the fastest gainer. Last week the coin was trading around $1.25. With trading volumes reaching levels $175 million, the coin is now trading at $2.30. This is some of the best movement we have seen in a coin all year. Anyone who invested in this coin last week would have practically doubled their investment.
Right now there is no way for businesses to integrate blockchain into their infrastructure without knowing the specifics of blockchain – but what is so revolutionary about Ontology is that it allows businesses without previous knowledge of distributed networks use their technology.
Launched by Chinese company OnChain last year, Ontology (OSN) serves a range of projects and provides new high performance public ledgers and smart contract systems. The network combines several databases – distributed identity systems and distributed communities. The alt coin aims to develop a true network through partnerships in order to provide the distributed services.
Through the tools Ontology created, corporations can implement trust mechanisms and tailor them to their business needs. Their specific blockchain protocol opens the door for the global adoption of blockchain technology in corporations. It eliminates the learning curve and offers mass-customization.
“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 is one of the rare ICO’s that got a spot on the Binance exchange relatively quick, while other projects have been left out despite the hopes of accessing the market.
ONT’s Airdrop to NEO Holders in March 2018
ONT was introduced to NEO holders earlier this month in which they did an airdrop where 20 million ONT were distributed to the community by the NEO Council.
While many in the crypto community often confuse the roles of the two projects among each other, NEO and OnChain are separate entities. NEO creator Da Hongfei stated in a Youtube interview that “NEO is funded by the community and Onchain is funded by Fosun, a very famous financial group in China”
The team at Ontology believes that trust is a key component in human organization and social collaboration. They go on to explain in their white paper how trust is the core requirement of social and economic partnership that has been built up through technology, law, and community throughout history.
This excerpt is taken from Ontology’s Whitepaper:
“Trust through Technology:
Building trust through technology is seen as a promising area in today’s information society. Technologies like cryptology, biological devices, and big data are being used to build trust across industries.
Trust through Legal Systems:
Trust in legal systems is the oldest and the most basic trust mechanism, assuring rights and protections across industries and across the world. Economic systems, which are inseparable from legal systems, are a top choice for integration into blockchain. This means a pairing of economic and legal systems is needed to address certain issues including: The issue of legal authentication. Due to the decentralized and digitalized nature of blockchains, comprehensive collaboration with offline legal entities is needed. The issue of legal support. Support for sandbox experiments, automated compliance, and moderation are required for the entire blockchain system. The issue of identification. Blockchains need to better collabo- rate with the world to build better identity verification solutions.
Trust through Communities:
Trusting those close to us can be the most natural form of trust. Sociologists put the number of people we trust at less than one hundred; it is intrinsically difficult to build trust networks on larger scales.
Since the era of informatization and the internet, decentralized network systems such as peer-to-peer networks and blockchains have created online communities much larger than traditional communities. Based on these there have been many attempts to build new communities of trust, such as Google PageRank, Pretty Good Privacy, Web of Trust, as well as other decentralized evaluation systems and decentralized communities. “
A New Public Multi-Chain Project & a Distributed Trust Collaboration Platform
Ontology will constantly provide common modules on the underlying infrastructure for different kinds of distributed scenarios, such as those for the distributed digital identity framework, distributed data exchange protocol, and so on. Ontology wants to shorten the time it takes for people to trust one another. By using the blockchain technology, it provides transparency for its users. Together with NEO, ONT will bridge the gap between blockchain technology and the real world. The ONT team expects that this currency could reach a market cap of $10 billion by 2019.
Common Applications
ONTO is a comprehensive decentralized client product that gives users self-sovereign of their digital identities and digital assets.
ONTO TSE Trust Search Engine provides portal authentication and connecting services for individuals, assets, objects, and affairs.
ONT DDXF
Distributed data exchange framework allows to customize data trading marketplaces with ensured data and financial security.