Ontology is a young project, launched on top of Neo Platform. Listed only two months ago, Ontology has reached an all-time high of about $10 and marketcap of $1b. Since no ICO was held, that is a decent performance for circulating supply distributed via airdrop. There has been a lot of hype surrounding Ontology, and with good reason. According to the website, Ontology is A New High-Performance Public Chain Infrastructure & A Distributed Trust Collaboration Platform. Ontology is a public multi-chain project that seeks to restore trust in real world scenarios using blockchain.
Before we proceed further, to learn more about Ontology, catch Jun Li, founder of Ontology, on Huobi Talk this Thursday. There will be a delicious airdrop prize pool of 3, 408 ONT for registered Huobi Pro live viewers to go with the informative episode. You can also pick Ontology on Huobi Pro where it is traded in ONT/BTC and ONT/ETH pairs. More information on how to reduce your transaction fees on Huobi Pro here.
I have written a previous article on Ontology, you can read it from here. This article seeks to extend that discussion further and introduce some of the points I failed to cover.
In a nutshell
Ontology is a new generation public blockchain project. Ontology will leverage the qualities of Neo, to provide new high-performance public blockchains that include a series of complete distributed ledgers and smart contract systems. The blockchain framework will support public blockchain systems, customizable for different applications. This is particularly useful for unique needs of private enterprises. Ontology supports collaboration amongst chain networks with its various protocol groups.
Enterprises will be able to utilize modules on Ontology to customize their personal needs reducing the hustle of building from scratch. Specific requirements will dictate the development of new common modules.
A quick recap of what Ontology seeks to remedy
Data storage is fragmented, monopolized by a few corporations which have the final say in how they utilize our data. Recent malpractices exposed of Facebook and Google come to light. Centralized storage is also vulnerable to hacking, recent cases of Equifax and cryptocurrency exchanges exposing the faulty setup creating a single point of failure. In centralized setups, there is a disjointed workflow due to numerous connected parts having to trust each other to work together properly. In addition, there is need to verify data stored on centralized containers, to prevent selfish activity from malicious actors.
These and plenty of other failures of current data management cut across multiple industries making Ontology platform relevant in many fields.
The founder of Ontology, Jun Li is also the co-founder of Onchain, and he heads close to 60 core team members at Ontology. With experience and expertise spanning multiple fields including blockchain technology, distributed application management, marketing and business development, Ontology has a world-class roster.
Roadmap, token model and token distribution
Ontology never carried out an ICO, all the coins in circulation are from the airdrop held in January. Currently, the Ontology testnet version is out. Mainnet is planned for June 2018.
After the launch of the mainnet, users will be able to exchange NEP-5 ONT(which does not release ONG) for ONT on the Ontology mainnet. ONG will act like Neo gas, and will be released periodically by mainnet. There will be a total of 1 billion ONG tokens released periodically.
16% in first year
52% in first 4 years
80% in first 12 years
Vote in major decisions
Receive ONG(Ontology Gas)
Utility token (Token transactions, network storage and smart contract execution)
Total supply: 1,000,000
Ontology community: 12%
Institutional partners: 28% (locked for 2 years in 4 batches)
NEO Council: 10%
Ontology ecosystem Development: 25%
Ontology Core Team: 15%(locked for 4 years)
Ontology technical community reward: 10%
Some of the partnerships established so far are with eco-system builders, creating a working-together relationship.
Ontology is very ambitious. As of now, not many partnerships of companies or governments using Ontology’s platform have been announced. When that happens, value will rise higher. With mainnet and bullish market sentiment around , you can easily purchase some Ontology from Huobi Pro and be part of the biggest projects of the year.