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The Ontology Network

April 18, 2018

The Ontology Network

 

It’s really got nothing to do with medicine but it does have a lot to do with customizing blockchains on a user by user basis. The Ontology project is ambitious to say the least, given that it hopes to tackle the problem of scaling public blockchains to a level suited for wide-ranging enterprise. On top of this, claims have been made that it has a way of doing this that is easy enough for businesses with no blockchain experience to understand.

 

So, all in all, what exactly is Ontology?

 

 First of all, as far as raised capital, Ontology had no pre-sale. They ran a traditional ICO in 2017 and then quickly moved to releasing live projects.

 

Secondly, Ontology is a network.

 

They’ve been provide custom public blockchains for their users along with the capability to build native Apps or decentralized applications on top of them. Therefore, in this way, it is quite similar to the Ethereum network in its core competencies.

 

Despite this, it appears that the Ontology network is more of an involved than the Ethereum network. The team describes its product as: “a distributed identity system, a distributed data exchange, a set of distributed communities and various industry-specific network modules,” all rolled into one.

 

All in all, it may be concluded that they are trying to be the complete blockchain solution for the business world that doesn’t want to deal with a steep learning curve and wants to feel like it has complete control over what it implements.

 

As to the creators of Ontology, there’s a small similarity with the Cardano creators in that the currency and the technology around both of them were formed by a private company. In both cases, these creators seem to serve as hands-off, caretakers of these networks, providing help when needed but not governance.

 

Overall, the key factor to consider in terms of the team is that it is based in China. Up to now, the Chinese government can be said to have had a fickle relationship with the crypto-world.

 

Thus, the success of Ontology largely depends on the long-term regulations that the Chinese government decides to put into place in the crypto-space.

 

On top of this, just like any cryptocurrency, it’s essential that the Ontology team develops the right partnerships to reach its primary goal of being a standard for global business.

 

Since the Ontology ICO happened less than a year ago, anything can happen. However, with the recent announcement of their partnership with NEO, the future does seem bright for the network.

 

 

By: BGN Editorial Staff

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