PROVIDING TRADITIONAL BUSINESSES WITH ALL THE NECESSARY TOOLS TO CREATE THEIR OWN INDEPENDENT BLOCKCHAINS
Founded by members of the renowned Neo blockchain initiative, Ontology aims to revolutionise the business world as we know it. Whilst many blockchain firms seek to specialise in a unique problem, Ontology’s strength lies in the diversity of their approach.
In essence, Ontology intends to provide traditional businesses with all the necessary tools to create their own independent blockchains, without the need for prior knowledge of distributed networks.
For example, they offer the easy integration of traditional business services such as identity verification, the exchange of sensitive data and protocol management. At current, inadequacies of centralised trust networks mean that such services are vulnerable to insufficient privacy protection, cumbersome identity verification and suffer from monopolisation of data management.
Using Ontology, these flaws in the current status quo can be alleviated, by migrating all such desired services to comprehensively more efficient decentralised trust mechanisms, without businesses requiring prior knowledge, whilst meeting organisational needs of all sizes. This has the potential to become a catalyst for removing blockchains high barriers to entry in the business world, ultimately leading to large-scale adoption.
For this reason, many institutional investors are extremely excited about the project, as the broad business mindset appeals to their needs. Still in its infancy, with plenty of room to grow, Ontology could pose as a great long-term investment.
- Strong support from the Neo Foundation, with leading members of the City of Zion council transitioning over to Ontology from the popular smart contract platform
- Founder member Jun Li has worked in Fintech for an impressive 16 years and was Co-Founder of OnChain, which is well connected within the Chinese business community
- ‘Co-Builder Plan’, a collaborative effort to advance blockchain infrastructure is supported by some colossal Chinese venture capital firms including Sequoia China, Danhua Capital, Matrix Partners China, and ZhenFund.
- A large proportion of ONT tokens have been allocated to the technical community in order to incentivise growth
- Ontologies broad mandate could backfire if the network fails to become scalable, due to the pace of its own success
- As with many blockchain firms, the effectiveness of the project is yet to be seen and cannot be guaranteed, although the sequential release of their mainnet, id system and verifiable claim protocol in late June appears promising
- The threat of Chinese regulation impacting their innovation, although their team comprises experts with links to government bodies to mitigate this risk
Although Ontology is still a relatively young project, it has gained widespread support from the blockchain community within a short space of time. This can largely be attributed to the diversity of their approach, which seeks to satisfy the needs of businesses of all shapes and sizes, by providing a universal toolkit that aims to bridge the gap between the inadequate status quo and the decentralised future.
Hence, Ontology largely appeals to the business mindset by removing the high barriers to entry that blockchain often imposes and ultimately allowing for large-scale adoption. Such a business model, coupled with their nepotistic foundation and their soon to be released projects, suggests that Ontology has a great future ahead of them.
Over the coming months, it will become clear whether the project can live up to its prosperous beginnings, although with such prominent Chinese venture capitalists supporting the project, you may want to believe the hype.
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