Dear Reader,
Today on Ninelives we are going to explore nine reasons which make the Ontology Network an excellent project. If the Ontology Network is not your thing, you can scroll down and find links to other topics in the #Ninelives series. Ontology (ONT) is the only blockchain project valued over a billion dollars (as of June 20, 2018) with at least 9 great things about it that we have not yet explored (BCH, ETC and USDT don't make the cut!) Ontology is the most successful coin to be launched on the NEO platform and it's own network(MainNet) is scheduled to be released at the end of the month. Now is a great time to discover 9 reasons, in no particular order, which make Ontology a fantastic project.
Cross-Chain Interoperability: Ontology aims to increase the compatibility of systems by building a Peer-to-Peer Trust Network which is used across various blockchains, industries, applications, and devices. It will focus on distributed identity, data collaboration, procedure protocols, and communities. Ontology can be described as a network for blockchains.
Trust Ecosystem: Ontology has a distributed trust framework at its core. ONT encourages trust through its cryptographic secure and easy to use framework for verifying data and identity. Centralized networks can be manipulated, ONT aims to increase trust in its blockchain technology and the institutions which use its technology by creating a standardized yet secure way of sharing and storing information.
OnChain: OnChain was established by the founders of NEO, Erik Zhang and Da Hongfei, it aims to develop blockchain solutions for businesses. Ontology Network was co-founded by OnChain and Jun Li so ONT it is closely associated with NEO and Chinese blockchain technological development. This interconnection is very powerful and will be a strong competitor for Ethereum based tokens which are not as established in China. The team and its founders have a history of working on cryptocurrency related projects.
Triones Node Incentive Structure: Similar to NEO's GAS or Vechain's Thor, holders of ONT will slowly but steadily accumulate Ontology Gas (ONG) in a "compensation/lease" model. Users of the ONT network will be able to consume ONG to do various things on the blockchain and not have to give up their precious ONT. ONG will be divisible and its supply and accumulation model are already set, for information on the distribution of ONG to ONT stakeholders see here
No Fees: The Ontology Network won't have any transaction fees, this is a huge advantage over blockchain payment networks with fees, free is good. Ontology tokens will be indivisible once they are on their own network, transactions fees will be paid for in ONG tokens (divisible to one-billionth). If you hold enough ONT, it won't cost you anything to move it around since the ONG you burn will have been accumulated for free.
Decentralized Identity Foundation DIF: ONT is the first Chinese Blockchain to join the Decentralized Identity Foundation, an organization which aims to standardize decentralized online identities. ONT identification protocols will be compatible with entities around the planet enabling users to identify themselves or validate the identity of others without entrusting a third party.
SmartX: ONT released a smart contract Integrated Development Environment (IDE). SmartX allows programmers to create, launch and invoke smart contracts in a uniform way thus increasing their productivity through a standardized interface. Ontology hopes SmartX evolves into a platform, similar to GitHub, for hosting and reviewing blockchain codes.
ONT Data: a framework which supports secure data cooperation and resource management while meeting individual privacy requirements. This will enable companies which store private data (such as hospitals, banks, and insurance companies) to operate their own secure blockchain while being able to select what to share with public blockchains like NEO or Ethereum. ONT Data increases the security of distributing information via a public ledger and should increase the public's trust of blockchain technology.
ONT coins were never sold: Ontology never had an Initial Coin Offering (ICO); 0.2 ONT/NEO was airdropped onto NEO holders and 1000 ONT (~$6600 June 21, 2018) were given away in January 2018 to each lucky individual who happened to subscribe to their newsletter. The remaining coins are for development, partners, and the team. Many ICOs are scams, they are often unnecessary and only exist to make a quick buck. Since all ONT will be given away, you cannot accuse it of being a get rich quick scheme.
Source of Ontology's Roadmap
Thank you for taking the time to read about the Ontology Network. ONTs rapid rise from a just a concept to a top 20 coin in less than nine months made it an ideal candidate for our latest segment of #ninelives. For further reading, I suggest starting with the ONT website https://ont.io/ My appreciation for blockchain technology has increased as a result of researching ONT and writing this post. Please don't hesitate to leave a comment with any corrections, concerns or compliments. The open discussion and debate of ONT are strongly encouraged.
In no way is this meant to be financial advice. I do not recommend purchasing, using, selling or holding Ontology, ONT, ONG or any cryptocurrencies. I am not affiliated with the Ontology Network or OnChain in any way and only have a small holding of ONT as the result of an airdrop. Please do your own research when making investment decisions. Cryptocurrencies are highly speculative and you can lose your entire investment.
Previous Topics in the Ninelives Series
| ICOs | IOTA | Bitcoin | TRON | Binanace |
|---|---|---|---|---|
| Ethereum | Stellar Lumens | Ripple | NEM | Vechain |
| Monero | Litecoin | Dash | Cardano | BAT |
| EOS | NEO |
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