Hello everyone Publish0x community! Welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
In this article we talk about more features of Ontology!
In the last E&S article I introduced you Ontology (ONT) and I said that is a public blockchain designed to provide companies with a concrete option to implement blockchain technology in their production process, regardless of how much knowledge of the crypto sector they may have. The Ontology network, in fact, allows users to perform customization of public blockchains to better suit various types of apps.
If you missed my first article about ONT, you can read it here
Technology behind Ontology
What makes Ontology unique from other blockchain projects is that it is not just a single blockchain, but is a network of blockchains designed to make it easy for business users to migrate proprietary systems to distributed ledger technology with minimal downtime and disruption to the systems involved. While the main blockchain is public, the other connected chains are like a private space for the enterprise. It offers them the benefits of blockchain technology quickly and easily, without the need to hire a development team or worry about security, provided by Ontology's main blockchain. In addition to the differences between the two networks, you'll also find several similarities in the design of NEO and Ontology, which shouldn't be surprising considering they share part of the same development team.
One of the main similarities is that they are both smart contract platforms used to host decentralized applications (dApps) and are competitors to the Ethereum network. Ontology was developed to specifically address the enterprise usage issues encountered with the Ethereum network. The main problem stems from the fact that Ethereum is open source, but many companies are not interested in an open-source platform because they prefer to keep their data proprietary and safe away from prying eyes. Ontology offers additional functionality beyond supporting business needs, namely acting as a bridge between NEO and legacy systems. Unlike many existing blockchain projects, Ontology is not concerned about its cryptocurrency becoming a consumer-facing transactional currency. Instead, it focuses on the needs of its enterprise user base.
The validation mechanism, in the Ontology system, is quite particular: there is in fact the already mentioned "VBFT consensus", which in turn is a combination of three different consensus models: the Proof-of-Stake (PoS) consensus, the Byzantine Fault Tolerant (BFT) and the Verifiable Random Function (VRF). It is not possible to mine these tokens, but thanks to the PoS mechanism who offers his tokens to the nodes of the blockchain in order to strengthen the network and speed up the transaction process, will receive tokens as a reward.
ONT ID, DDXF, ONTO Wallet
One of the goals of Ontology is to solve problems related both to the security of a person's identity and its sharing and to the integrity of the data. For this reason, the platform offers two distinct solutions; respectively ONT ID for the first one and DDXF for the second one; moreover a wallet is provided, called ONTO, that allows to manage in a secure way both one's own digital assets and digital identities and data also from smartphone through a simple application, available both for Android and iOS.
Thanks to Ontology, the concept of mutual trust is redefined: in fact, data sharing and productive collaboration are maximized by ensuring that one user can trust the other.
ONT ID is a decentralized infrastructure that helps users create and manage their digital identities by enabling authentication of these through a verification process provided by global figures, the Anchors, all based on blockchain, thus ensuring security and immutability of the data. These features, typical of any blockchain, are also amplified by the work done by Ontology Trust Anchors, which specifically results in providing a credential verification service for ONT ID owners, in exchange for ONTs for the service rendered. This revolution can be brought to all those cases that occur when third parties ask for verification of their credentials before accessing a service, thus asking to share information about their documents that contain sensitive data.
Through ONT ID, instead, there will be no more need to provide all credentials, but only the proof of identity, whose concept is similar to that of a notary signature on an authenticated document; in this specific case the thing that will be shared will be only the signature and not the whole document. In this way, applications and developers will be able to use ONT ID to quickly and securely verify the identity of new users, without them having to deal with sensitive documents, such as their passport. In terms of innovative data management, DDXF will be a decentralized exchange for data; unlike ONT ID, this is still under development, but it will certainly provide an infrastructure to tokenize your valuable data, a process that will then make it traceable, processable and transferable across multiple systems.
This is possible because Ontology was developed on a distributed ledger that allows for a distributed identity and data exchange system, which paves the way for an infrastructure for a peer-to-peer network based on trust, a network that can adapt to anything, being cross-chain, cross-system, cross-application and cross-device.
Next Sunday I’ll introduce to you a new cryptocurrency.
Are you an ONT investor? Let me know in a comment.
Be sure to follow my profile for receive the notification of my next articles on Publish0x!