What is Ontology (ONT)? =

Ontology (ONT) is a new coin that fans of NEO probably know. On March 1, 2018, all owners of NEO received Ontology tokens on their balance. Now that we are a few months further, this new project has made a lot of progress and they have just launched their own MainNet. In this article you will find an explanation of what Ontology does, how you can buy the coin and you can see on the right what the price of the coin does.

 

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  • What is Ontology?
  • Characteristics token
  • Team
  • roadmap
  • Advisors & Partners
  • Popularity
  • Criticism
  • Conclusion
  • Buy Ontology

What is Ontology (ONT)?

Ontology is a project that aims to remove the barrier between the business world and blockchain technology. They make it possible for companies without knowledge of the blockchain to start using this revolutionary technology. At the moment, many companies want it, but without knowledge it is very difficult to start with it.

Ontology provides tools to help these companies get started. Every company can arrange the implementation of the technology according to their own wishes and you can adjust it so that it fits perfectly into your business. Because Ontology makes it possible for everyone to apply blockchain and to organize its use according to their own wishes, this can be an important step towards mass adoption of the technology.

Ontology does not only focus on financial companies, governments, pharmaceuticals and other companies that want to grow fast can also use Ontology.

Ontology network format

The Ontology network is designed flexibly so that it can be used for all industries. They have divided it into four chains:

  1. Verification of people, capital, things and organizations
    Ontology is also called ‘The Network of Trust’ or the network of trust. This first layer makes it possible to store sensitive information about people, capital, things and organizations by verifying this information
  2. Applications that can be linked to each other
    Decentralized applications (dApps) run on the blockchain and it is very valuable if they can work together. We all know how handy it is that whatsapp has integrated a camera function and that we can take a picture and send it with the push of a button.
  3. Modules, protocols, Software Development Kits and APIs that can be linked together
    This is mainly a very technical layer
  4. This fourth layer ensures that the previous three layers are connected and can work together

 

K-Dub from the Crypto Zombie channel does a good job of explaining the Ontology network. If you want to understand the project even better, you can watch this video of more than 21 minutes. The video is organized as follows:

01:48 ONTology Airdrop info
04:13 Onchain parent company of NEO and ONT04:50 Ontology overview and description19:27 Team20:00 Conclusion

The Token/coin of Ontology: ONT

Ontology has not held an ICO for the distribution of its tokens. Instead, they opted for an airdrop. In Q1 of 2018, a total of 20 million ONT tokens were distributed among all people who owned the coin NEO. For every NEO you owned at the time, you got 0.2 Ontology. 0.1 of that was distributed immediately and the other 0.1 was distributed to the people on July 9, 2018.

During the first airdrop it was Ontology tokens and in the second airdrop it was Ontology coins. This means that Ontology first had tokens based on another blockchain, in this case the NEO blockchain. In the meantime, they have launched their own MainNet and are now coins based on the Ontology blockchain. Anyone who still owns the tokens can have them converted to coins. When everyone has had the chance to make this ‘swap’ all tokens will be burned and we will only continue with the Ontology Coins.

->> if you want to know more about the differences between tokens and coins

Token Distribution

The very first distribution of the tokens are distributed as follows:

  • 28% Institutional partners
  • 25% Development of the ecosystem
  • 15% Squad
  • 12% Community
  • 10% NEO council
  • 10% Reward for the tech community

 

It is good to see that a quarter is spent on the further development of the ecosystem. On the other hand, 28% for partners is a bit on the high side.

What role does the token have?

For the value of a token it is important to know what its function is within the network. When we look at Ontology we can compare its function with that of NEO. It is seen as a “Governance” and “Utility” token. This means that it is used to secure the network and to carry out transactions.

Dividend

Anyone who has ONT coins in their wallet will be paid a kind of dividend called Ontology Gas (ONG). This is done in the same way that we know it from NEO and NEO Gas. With an Ontology Calculator you can easily calculate how much Gas you can earn per Ontology.

Characteristics

coin symbol

ONT

Total number of coins

1 billion

Number of coins in circulation

151.3 million

Starting Price Coinmarketcap

$1.88

Token/coin type

Before July 1, 2018: based on the NEO blockchain
After July 1, 2018: based on proprietary Ontology blockchain

Team

The Ontology team consists of more than 60 employees from all over the world. The core team are experts in blockchain, application development, product management, design, marketing and business development. They all studied at good universities such as Tsinghua University, Peking University and Chinese Academy of Sciences. In addition, they have gained valuable work experience at leading financial institutions and internet companies such as IBM, Cisco and EMC.

The team has already succeeded in bringing about blockchain solutions for financial institutions, banks and brokerages.

In the table below you can read about the experience of the founder and the experience of the Chief Strategy Officer. If you want to know more about the other team members, you can read more about this on their website.

 

Name

Position

Experience

Jun Li

Founder

  • Bachelor in Computer Science and Master in Communication Engineering
  • He is a Senior Blockchain Architect and has over sixteen years of experience in IT and Fintech.
  • In addition to his expertise in the field of IT, he also understands the financial industry, in particular internal management and external communication

Andy Ji

Chief Strategy Officer

  • He has extensive experience with blockchain technology. He was previously a leader of one of the top 500 blockchain groups, Wanda Technology Group
  • He has participated in the Chinese Ministry of Industry and Information Technology
  • He has written several books on blockchain

 

 

 

roadmap

The team has put a roadmap online in which they indicate which goals they want to achieve in the coming months/years. Below you can see their goals point by quarter/year.

 

  •  

Q3 2018

    • Side-chain and cross-chain Proof-of-Concept
    • Protocol for cooperation between different chains
    • Improved network performance
    • Launch of the ONTO application
    • Launch of the data exchange framework
  •  

Q4 2018

  • Chain Network Proof of Concept
  • Sharding
  • Chain Network System
  • Improve performance
  • Launch of the ‘Trust Search Engine’
  • Support for a marketplace where data can be exchanged
  • Support for decentralized applications (dApps)
  •  

2019

    • Focus on the development of the sharding technology
    • Focus on providing blockchain solutions for businesses
    • Further expansion of support for dApps
  •  

2020

  • Continuation of the implementation of the sharding technology

Advisors & Partners

Ontology has six advisors at the time of writing. This group will help align the ecosystem with business to create a platform for real business applications. The following table shows which six are in this group.

Group of advisors

Name

Experience

Shoucheng Zhang

  • Professor and researcher at Stanford University
  • Experience in physics and electrical engineering
  • Won several major awards in the field of science
  • Founder of DHVC. This is a company that invests in startups
  • He is heavily involved in blockchain and regularly publishes his insights

Bin Zhang

  • CEO of China Chengxin Credit
  • Co-founder of Union Mobile Financial Technology
  • More than twenty years of experience in the field of internet, finance and big data
  • He has worked at Microsoft as a Marketing Manager

Xianyang Yang

  • Chairman of Shenzhen Yanzheng Investment Develop Co
  • angelinvestor
  • His expertise lies in developing innovative biopharmaceuticals

Andy im

  • He is the founder and chairman of the Private Equity firm Tembusu Partners
  • Chairman of Viking Offshore & Marine Limited
  • Director of Leisure International
  • Chairman of MoneyWorl Group of Companies

Feng Li

  • Founder of FreesFund
  • Former partner of DG Capital
  • He focuses on investments in education
  • Manager of investment projects in internet finance

Jun Jun Sun

  • Founder and CEO of Milestone Investment Management
  • Director of China Europe International Business School Private Equity Association
  • Formerly a manager of a securities brokerage firm
  • His focus is on investing in finance, artificial intelligence and blockchain

NEO as a partner

Ontology and NEO are teaming up to build an ecosystem where blockchain will serve the world’s economy. This collaboration does not just happen out of the blue. The parent company of Ontology and NEO is OnChain. Da Hongfei, the founder of NEO is the CEO of this company. OnChain has two main projects namely NEO and Ontology. Where NEO is a public, open-source blockchain, Ontology is a private, closed blockchain. Together they form an ecosystem in which they work closely together.

This means that a dApp from NEO can use Ontology and an Ontology service can use NEO.

Public blockchain vs Closed blockchain

NEO is a public blockchain and Ontology is a closed blockchain, what does this actually mean?

Everything you put on a public blockchain is accessible to everyone. Anyone can view the transactions made and the stored data. You will probably understand that not every company is eager to share company and customer data publicly. There is therefore a closed blockchain for these kinds of needs, in this case that of Ontology. The two separate blockchains can work together perfectly within an ecosystem and the following example makes this clear.

Suppose a bank wants to verify my identity before I open a bank account with them. For this verification, they use a service that runs on the NEO blockchain. I show that I am who I say I am and they check this. After they approve my request, they don’t store my data on the NEO blockchain but on Ontology’s. As a result, it is not transparent to everyone, but it can be easily accessed when necessary. In such a situation, NEO’s service contacts Ontology to get the sensitive information. It’s like Ontology is the protected database of sensitive information.

Popularity and community

Because of the airdrop that the project has done, they quickly gained a lot of name recognition. Within a few months they already have more than 50k followers on Twitter and more than 30k followers in the Telegram group. According to many experts, Ontology is a project with a lot of potential and can be just as successful as NEO. NEO currently has over 300k followers on Twitter and I wouldn’t be surprised if Ontology will grow to these numbers as well.

Popularity Ontology (July 2018)

Twitter

58k followers

Telegram

31k followers

Facebook

4.5k followers

Reddit

10k readers

Criticism

Ontology has only just been launched and at the moment there are no significant criticisms to mention. It is somewhat strange that institutional partners received 28% of the tokens during the token distribution. This is a significant number. Not every investor is happy with this finding.

 

Conclusion

  • Many companies want to get started with blockchain but don’t know where and how to start. Ontology wants to create an ecosystem together with NEO that makes it easy to integrate this revolutionary technology with your business operations. If they succeed in this, both projects will be invaluable
  • Companies and governments are open to blockchain against the fact that all sensitive information is open and exposed on the internet. A solution has been found for this with the closed blockchain of Ontology. The data can be stored on the blockchain without others being able to view it. In combination with NEO’s public blockchain, it can come up with a suitable solution for everyone.

Ontology, together with NEO, wants to connect the business community with blockchain technology. This is a wonderful goal and with such a strong team we are confident that they will succeed. If you also have confidence in the future of Ontology, you can invest in the coin via the instructions below. When Ontology becomes more and more used, there is a chance that their coin will rise.

How do I buy Ontology?

Buying Ontology on Bitvavo is a piece of cake. Within a few minutes and for less than a euro you can already be the proud owner of ONT.

  1. Register here for free at Bitvavo
  2. Verify yourself by clicking on your name in the top right corner and then go to ” Verification “.
  3. Transfer money via iDeal. You do this by clicking on ” Deposit Euros “.
  4. Then enter the amount and choose iDeal as payment option so that the money is in your Bitvavo account within a minute. Then click on “Pay”.
  5. If you click on ” Overview ” afterwards, you will see the money.
  6. Find ONT, click on it and then press “Buy”.
  7. Invest the amount you have in mind in ONT.
  8. Congratulations! You bought ONT!
    Don’t forget to save your username and password

Sources

Coincentral
Medium Website

 

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