Ontology ($ONT) is public multi-chain project and “distributed trust collaboration platform” focused on verifying identity and creating trust on the blockchain. Ontology has partnered with NEO to bridge the gap between businesses and the blockchain. Ontology was privately funded and started in 2017 by Onchain, an existing Chinese blockchain company (1).

PROS

  • Ambitious project aimed at solving major problems: identity, trust, and data management
  • Experienced team of Founders and developers
  • Partnered with NEO, an established blockchain project
  • ONT holders will accumulate “ONG” (or Ontology Gas) after the mainnet launches
  • Can be used in a wide variety of scenarios including medical records, insurance, asset ownership, and government
  • ONT appears to be working with the Chinese Government to comply with regulations (2)

CONS

  • Needs mass adoption by businesses, individuals, and governments to accomplish its goals
  • Large amount of tokens are held by partners and the core team
  • High max supply of coins in relation to what is publicly traded (as of April 2018)
  • Business outreach is primarily focused in China as of the writing of this article

Deeper Dive

The Ontology network is a multi-layered, multi-chain blockchain platform that aims to integrate traditional business enterprises into the emerging Smart Economy via the NEO network. Ontology does this by linking identity with data and securely authorizing this information to entities on the network for the purpose of trust and information sharing. Ontology works within the NEO network, an asset based blockchain, to bridge the gap between existing businesses and the world of blockchain (3). As stated by one of Ontology’s co-founders Jun Li, “Ontology builds a bridge between the real world and the digital world.” As Onchain enlists more businesses onto their network and links them to the NEO Smart Asset ecosystem (via crosschain communication and decentralized DApps), the entire NEO blockchain and Smart Economy ecosystem will grow, allowing businesses, individuals, and governments to communicate and work seamlessly together in a trusted, secure way (3).

Ontology was founded by Onchain, a privately funded, privately owned business enterprise based in Shanghai, China. Onchain is actively pursuing businesses in China to onboard them onto their network to grow the NEO ecosystem through the Onchain blockchain companies (5). Currently, identity verification is time-consuming and a relatively lengthy process with multiple points of failure. Using the blockchain for identity and data verification will be a huge step in the direction of a seamless data and identity verification process provided in a low-cost, high-confidence way, to relay this information to entities, individuals, or businesses that one chooses to interact with. The medical field is one area where Ontology could be used in this manner. For example, once an identity is confirmed and the data is permissioned, a verified patient could easily give their medical information, via the Ontology network, to other entities with which they choose to work with, like another doctor or medical center. With our current medical system, the patient must call their doctor and verify their identity through somewhat archaic methods, like Social Security Numbers and secret questions. Once an individual’s identity is established, the doctor’s office would then release the requested records to the specialist by seding data from separate databases. Conversely, if all parties were part of the Ontology Trust Network, the patient would simply allow the specialist’s office to access their medical records by giving permission to access the relevant records (6). In this scenario, the information would be on the blockchain. This transaction would happen almost instantaneously, and the data transfer would be visible only to the authorized parties. The patient owns their records and the data within them, allowing access only to those who’ve been given permission. This is just one very simple way in which the Ontology network can benefit one particular field in a revolutionary way. This example can be applied to many other sectors in the real world, like asset ownership, credit history, insurance information, and so on.

The Team

Onchain was co-founded by Jun Li and Da Hongfei. Jun Li is the founder and chief architect of the Ontology network. Li is an experienced blockchain developer with a big picture vision of how the blockchain can revolutionize the world. Hongfei is the CEO of Onchain and the Founder of NEO. Together, they work seamlessly to provide real-world solutions to the integration of the NEO Smart Asset ecosystem with the business world via the Ontology Network and other Onchain companies (2, 4). The Ontology team is comprised of about 40 developers, managers, engineers, and designers. Onchain is financially backed by Fosun, a renowned investment group (7).

Token Distribution

Public token distribution occurs through a series of airdrops. The remaining tokens have been allocated internally for the company’s institutional partners, ecosystem development, ONT core team, NEO council, and development (2).

  • 28% for institutional partners
  • 25% to the development of the Ontology ecosystem
  • 15% to Ontology core team.
  • 12% will go to the Ontology community
  • 10% to the NEO Council
  • 10% to Ontology technical community rewards

Ontology is currently a NEP-5 token supported by NEO wallets. Once the ONT mainnet is launched, these tokens can be exchanged for ONT mainnet tokens and will then begin to generate ONG (or “Ontology Gas”), which will be used to pay for transactions on the network (2).

 

Ontology on Social Media:
Telegram: https://t.me/OntologyNetwork
Twitter: https://twitter.com/OntologyNetwork
Github: https://github.com/ontio

Sources:
(1) https://ont.io/
(2) https://coincentral.com/ontology-ont-beginners-guide/
(3) https://www.youtube.com/watch?v=bmAKSDxmgr8
(4) https://medium.com/@ben.bw.fintech/interviews-with-da-hongfei-li-jun-9d0b2ddb22fc
(5) https://hackernoon.com/neo-onchain-and-its-ultimate-plan-dna-4c33e9b6bfaa
(6) https://www.youtube.com/watch?v=6X4JXHXyCJ4&t=478s
(7) http://blocktribune.com/fosun-group-invests-china-blockchain-onchain/

 

Contributed by Marshall White.

Find Marshall on Discord: MarChampa#2340