Ontology Crypto To Go Live

By Ravindra Chagetha

A $700 million worth of cryptocurrency is all set to find a new home. And, all credit goes to Shanghai-based Ontology, a project that has been involved in the working of the “smart economy” Blockchain, Neo. The most anticipated date for the launch its live Blockchain is June 30.

Defined as an enterprise-focused platform, Ontology aims to facilitate a high volume of instant transactions, which in turn could assist different businesses, tackle with the different problems of interoperability and identity. Ontology is one of several public blockchains that is looking forward to cater to enterprise that have recently gone live or going to go live. The important point to note is – the protocol has been developed from Neo, founded by Da Hongfei, CEO of Onchain. Apart from this, Ontology’s founder Li Jun has too conveyed that his company and Neo, both are “strategic technology partners”. Just a few months back, Li even went ahead to state at a meetup, “Today, it is very much essential to make Blockchain as a mainstream industry like the internet, and to do so, it is vital that we link it to the real business scenario.”

In fact, Li Jun majorly emphasized that public Blockchain is the future, and Onchain has already started to work on a public platform that could very well assist business meet different needs like securing digital identities in the real world, providing the much-needed flexibility covering factors like technical design and averting the creation of restrictive silos.  

Two tokens, countless chains

The most important aspect to note is that, Ontology has produced a multi-layered framework in its bid to mollify all of these goals. Unlike Neo, the network will support two tokens. A token on the Neo blockchain was distributed to NEO holders in an airdrop. Excluding unexpected obstacles, it is anticipated that these tokens will be switched to a proprietary Blockchain on the launching date. The moment, it goes live, it will serve as a governance mechanism.

Moreover, all those individuals who are holding ONT tokens will also start receiving fresh created ONG tokens, which will too help in the funding of the execution of smart contracts. For next 18 years, every single ONT will release ONG tokens. The key aspect about Ontology’s design is its multiple interoperable chains. Daniel Assab, Ontology’s senior overseas market specialist, said: “In this industry, there are many chains that plan to cut their share in the ecosystem. However, we are very much open and looking forward to cooperate and work with everyone.”

Speaking in March, Li noted that enterprise applications want their own Blockchain with their governance model. The good news is that Ontology’s key chain will be primarily based on a new-fangled consensus mechanism, VBFT. This VBFT is nothing but an amalgamation of evidence of stake, provable random function and Byzantine Fault Tolerance that would allow easy processing of over 3,000 transactions per second.

Li told CoinDesk, “Ontology can serve as a connection between the physical world and business. We are very much sure that Ontology would be able to crack the problem of identity in the digital age.”

Ontology has also partnered with Contentos, a Blockchain-based streaming video project. Ontology’s team is now planning out different implementations to be launched in coming months which includes, ID framework and marketplace, a reputation system, data exchange protocol. Panther, who is also a founder of a community development group, told that they are planning a C# software development kit and a Chrome plugin wallet.

Many market experts are still not sure whether Ontology can be a big success or not. Though, the key concern that many experts has expressed is that it must complete its transition to mainnet without parting too many of its token holders. Today, any of the user holding their ONT on certain exchanges, including Binance and Huobi, could very well swap their tokens automatically, although Ontology social media admins had said that they should “refer to individual exchanges’ policies.” Moreover, Ontology has also taken care of those users who perform manual swapping and so has posted a frequently-asked-questions page and various plans to release a token swap guidance.