Ontology Network

Ontology Network is a platform that has taken the security and speed issues as a priority and leveled the data verification and transfer. The Ontology Network combines distributed identity systems, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed authentication and custom modules for various sectors. However, cross-chain is the infrastructure of inter-peer trust based on systems, industry, applications, and cross-devices. Blockchain sheds light on developing a global trust network by removing one of the most significant obstacles in trade today.

What is ONT token
What is ONT token

Ontology Network includes multiple types of trust in a protocol system that is integrated with various block chains and databases. Multiple resource identities and multiple source data exchange protocols have been applied to the network by creating a distributed trust system with cross-chain, cross-industry, cross-system, cross-application, and cross-device.

Developers are planning to develop a trust ecosystem through partnerships in order to deliver distributed services such as data validation, data exchange, and credit to the industry. Users on the network can easily develop distributed services without pre-distributed network information. This means that a very fast ecosystem is passed on to life.

Thanks to the cooperation of colleagues through various resources, Ontology Network (ONT) enables instant verification of people and objects, establishes a reputation system, facilitates distributed content production, trade, and financial services.

As a decentralized, multi-factor authentication system, it provides authentication systems for people, organizations, and physical objects.

Ontology Network (ONT)’s scope

What is ONT coin
What is ONT coin

It is clear that this public blockchain solution requires some powerful features for its operation. For this reason, the Project will offer its own intelligent distributor solutions as well as a number of high-performance blockchains that come with their own distributed books. While there are a lot of blockchain projects on the market right now, it’s clear that smart contracts are by no means unique. Even so, Ontology Network (ONT) can provide some unique features to highlight this project.

The basic structure of the project supports specific public barriers for users. These chains can be used for different applications, which makes it look like a side-focused project.

The solution of common modules for various blockchains is remarkable. Utilizing multiple distributed scenarios, Ontology Network (ONT) hopes to be an important player in the world of blockchain. There seem to be planning to focus on digital identity solutions, data exchange protocols and more. An interesting opportunity for enthusiasts of public blockchain technology.

ONT Token

As expected, the crypto parabola has its own local token known as ONT. This ecosystem is the main currency unit and will provide a lot of functionality in terms of access to various features in different chains. This will show when the toggle will add value to the network, but it’s clear that there are advantages and disadvantages of using the project’s unique local token.

Possible future of Ontology Network (ONT)

It’s not that easy to predict the future of the project. Because a roadmap is not very detailed. We know that Testnet is now deployed in GitHub, which should draw more attention to the project. It will show how long the team will keep the main network alive. Because this is the point where we can determine the real value of the network.

How does Ontology Network (ONT) work?

First-floor people help to confirm finances, things, and organizations
Confirm the second layer applications and link them together
Approves third-floor link modules, protocols, development kits and application interfaces
The last layer of the chain links the different protocols

With this development, Ontology aims to be the source of the authenticity and validity of identity and ownership. In this case, even social platforms can integrate with Ontology Network (ONT) for trust.

By the way, It can be useful to say that two of its important founders are Jun Li and Julia Yu.

Jun Li founder. He was the founding partner of Onchain before. She also promotes herself as the project Cheif Architect.

Julia Yu is the marketing director. He’s pretty active on Reddit. He’s writing articles on Medium.

Some features of  Ontology Network (ONT)

What is ontology network
What is ontology network

Multi-Factor Authentication

Ontology’s identity verification system is particularly decentralized.

The industry does not define decentralized identity verification, it is actually built by project-specific requirements.

Organizational Identity

Organizational networks can be established by using information such as student IDs for academic institutions or employee IDs for businesses. Everyone can select a range of identity verification methods in order to create systems free from third-party interference. Private information is securely stored in decentralized databases.

Specialized Identity Verification

Entities can create specialized identity verification systems based on industry-specific or legal requirements, for example by integrating compatibility with external electronic identification system such as CA Identity Manager, or by integrating requirements of governments, organizations, academia, businesses, or social groups.

Community Trust

Community trust is a really effective system where communities and individuals play an active role in identity verification.

Trust Anchor

A trust anchor is an entity that has been entrusted to conduct identity verification. The higher the trust in the trust anchor, the higher the trust in the network.

Statement

ONT BTC Chart of Binance
ONT BTC Chart of Binance

A statement is the medium of community trust. In Ontology platform, a movement is a confirmation passed from one entity to another; only one statement is needed to verify information instantly.

Trust Transfer

Trust transfer is conducted by submitting information required and receiving a statement. This could be an individual.

Entity Registration and Authorization

An identity registration and authorization system can be built with Ontology’s adjustable configurations or by using a third-party authentication system such as CA Identity Manager.

Users’ authentication and industry-specific verification methods can be used too in order to allow participants to access to identity verification through the blockchain.

Data Directory

Data can be registered in categories to directories and use data identifiers (ONT Data ID) and data resource identifiers (Data URI) to match and verify requirements through the decentralized system.

Procedure Protocols

Ontology’s procedure protocols are carried out with distributed ledger technology, cross-chain entities, cross-system privacy, and cross-chain protocols.

Data Exchange

All entities using Ontology Network (ONT) can use the data exchange. It enables users to have full control of their data, having the tools to trade it while being able to meet their own privacy requirements.

Data Attestation

The distributed ledger system does not only store data but also records its use. Each data request, data matching, data transfer, and data usage is attested to the ledger, forming a complete private record of the data use.

Smart Contracts

Businessmen and women can grow by implementing smart contracts and trust networks in new procedure protocols, controls, and exchanges of data.

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About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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