Ontology is a blockchain platform specifically designed for user data management including decentralized digital identity (DID) and data tokenization.
What is Ontology?
- The Ontology ecosystem consists of ONT ID, DDFX, ONTO, SAGA, and Wing.
- ONT ID is a DID that provides verifiable user identification service without a need to move the user data ownership from the user.
- DDFX is a decentralized framework for data collaboration and exchange across systems.
- ONTO is a self-sovereign wallet app where users could manage their data and identity on Ontology ecosystem.
- SAGA is a decentralized marketplace for data exchanges where data owners could earn for the data that they provide to the data buyers.
- Wing is a credit scoring system that is used to rate users credit reputation that could integrate with various decentralized finance services and also possible to be used by centralized finance services using blockchain oracle. Supported by OScore protocol, this reputation data is able to be integrated across blockchain.
- Ontology network has been successfully tested for use in several applications such as data attestation, digital finance, automotive solution, and data marketplace.
- Ontology adopts a dual token mechanism in order to stabilize transaction fee on the network. To pay the fees, users need to use ONG (Ontology Gas) instead of ONT that has higher price fluctuations.
- Ontology network uses a new consensus mechanism that the team developed in house called VBFT and the Triones consensus system. It’s a combination of proof of stake, verifiable random function and Byzantine Fault Tolerance.
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Who is behind Ontology?
Ontology network was founded by Li Jun. The project is based in Shanghai and is also known to work closely with Neo and has been in association with Neo founder, Da Hongfei since its launch in 2018.
What is the purpose of ONT?
ONT is a governance token that is used for staking in the Ontology network consensus mechanism to secure the chain and prevent bad behaviour.
- Data ecosystem, especially DID, can be used to create a variety of applications in the real world and might change the way we manage identity on the internet.
- Barrier to adopt such technology is relatively high considering that today’s society has already been used to centralized data ownership by app developers or third parties who provide services.
- ONG is created with a purpose to stabilize interchain transaction fees on the Ontology network, however the value of ONG token is also highly fluctuating since its first launch.
- With 15 consensus nodes, the decentralization scale of Ontology network is considered low, hence the risk of market manipulation of ONT tokens is high since the block rewards go to only few institutions or individuals that have been running the nodes since the main net launched and accumulated a significant amount of ONT.
- The risk of product market fit could also be considered high due to the current state of society behaviour and habit of managing their data. Ontology brings the responsibility to educate the market to achieve a massive adoption of their technology.
News and Updates
- Ontology team is currently developing Ontology EVM (Ethereum Virtual Machine) to provide platform compatibility with the Ethereum ecosystem.
- As of July 2021, there have been around 120 DApps developed on the Ontology network.
- ONTO wallet new update v3.8.5 is released with adding support for Polygon network.
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