30 Jun 2018 Samantha McLauren
The $700 million Ontology Goes Live
The team behind Ontology is working closely with the developers of the smart economy blockchain NEO, in its aim to deliver an enterprise-focused platform. The blockchain solution is designed to offer users a high volume of cheap and quick transactions while helping businesses handle current issues related to interoperability, identity, and security.
Ontology is one of the many public blockchains focused on enterprise, standing next to Tron and Vechain.
Ontology stands out from the rest of the players in the niche with its protocol. It is based on Neo, a protocol that challenges Ethereum and founded by Da Hongfei, who is also CEO of Onchain.
Ontology’s founder Li Jun clarified that Neo and Ontology are strategic partners and that he believes in making blockchain mainstream through business implementation.
Ontology will support two tokens, similar to Neo. Currently, only ONT exists - a token on the Neo blockchain, which was distributed to NEO holders through an airdrop, half of which was completed and its other half is being done with the MainNet launch.
With the release of the blockchain, the tokens will serve as a governance mechanism, as users will be able to stake ONTs to make network decisions. All ONT token holders will receive the new ONG token (similar to NEO and GAS tokens), which are funding the execution of smart contracts. One ONT releases ONG tokens for 18 years.
Ontology is designed with multiple interoperable chains, which are anchored by a core blockchain.
The blockchain aims to achieve high customization levels. The team is open to cooperation with everyone so that the network can become as compatible as possible.
This is essential to Ontology’s main purpose - to fit the needs of the business. Li Jun added that businesses have a lot of requirements and the best solution for them is to allow them to create their own blockchain with their governance model. This is why the team aims to develop the network in a way that it will be able to support multiple governance mechanisms with subsidiary chains.
The network’s main chain is based on an innovative consensus mechanism VBFT which combines proof of state, verifiable random function and Byzantine Fault Tolerance. This is expected to allow the processing of over 3,000 transactions per second.
With this structure, Ontology’s team enables a decentralized trust ecosystem that can act as a bridge that connects the physical world and business.
Ontology is a very ambitious project, which hopes to crack the problem of defining identity in the digital age. They don’t want to do that only for people but for digital items as well. Whether they can follow on any of their ambitions is an open question. The main issue they are currently facing is that users will have to swap manually their tokens after the migration.