In spite of the wonderful advantages cryptocurrencies have over traditional currencies, companies have been resistant to the idea of adopting the technology. There has been several efforts to get businesses to switch to the digital currency platforms but there are factors militating against the efforts including the open-source nature of most blockchain platforms which makes it hard for companies to trust them with proprietary data. This is a problem Ontology, owned by the Chinese developer Onchain, wants to change.
What is Ontology?
Ontology is a new platform from Onchain that makes it possible for companies to integrate blockchain technologies into their business. This may sound too generic, but individuals that known about Onchain can easily understand why this platform is interesting. Onchain is the company behind NEO/GAS platform. It is important to note here that Ontology is a different company from both Onchain and NEO.
The major purpose for the development of Ontology is to offer a reliable platform for enterprises to leverage on the blockchain technology and improve their process. It is made to be adaptable to different sectors with focus on providing verification and authentication in such aspects of business transaction as ownership and identity.
Features of Ontology
Ontology (ONT) is not meant to be a consumer digital currency like Bitcoin and ethereum. It is rather a cryptocurrency targeted at enterprises. Ontology is not a single blockchain platform like regular cryptocurrencies. It is rather a network of blockchains that will allow enterprises to operate their own blockchains that will be accessible to them.
Ontology has what can be referred to as Trust Network with 4 chains that are linked together. The design structure of the platform is also very flexible. It is modularized, pluggable, and easily expandable. This feature offers enterprises the opportunity to customize their own blockchains for a wide range of functions.
How Ontology (ONT) was launched
ONT was launched in an unusual manner. Instead of the popular Initial Coin Offering (ICO) method, Onchain decided to launch ONT by airdropping to the NEO community in February 2018. It was specifically distributed to Ontology’s Newsletter subscribers, NEO DevCon attendees, and NEO holders. Most exchanges supported this method of launch.
Over the small period it has been in circulation, ONT has did well in the market. As at mid-April, it had a market capitalization of $1,009,810,959. Of the total supply of 1,000,000,000 ONT, 241,236,481 were in circulation. The price of the token is around $4.19 currently.
It is also important to note at this point that only 12% of the total ONT is held by the community. 28% is held by institutional partners, 10% by NEO council, 35% BY Ontology for development and technical community support. Also note that Ontology is independent of NEO totally.
Just like NEO/GAS, Ontology is set to be a dual-token platform. Ontology GAS (ONG) will soon launch and will function just like the GAS in NEO. Holders of ONT will receive ONG to enable them participate in network decision.
Future of Ontology
Onchain is a reputable developer and their NEO platform has been a success so far. Several institutions are still sceptical about the idea of adopting blockchain but it is uncertain how long the resistance will last. So far, Ontology seems to be in the right direction and will only get better with time.