ONTology Network ($ONT) – Building Trust among the trustless system

May 26, 20180

 

Be it be any existing coin or an upcoming ICO, they all speak in the same language. All of them want to integrate blockchain into real world use. In nutshell harness the power of blockchain or the distributed ledger into the use of real world businesses, institutions and governments, thereby creating value not only the institutions but also to the token holders. But being easily said it’s still a far away reality.

Some of the major reasons are 1) The underlying concept of Blockchain is to create a truly decentralized world. In simple terms remove the need to trust. There lies the major problem as well. All said and done about of the infinite benefits decentralization, businesses, institutions and governments still need a certain element of trust. For e.g. in order to verify identity or to understand about its customers, data access levels etc.
2) The challenges of legacy infrastructure
3) Blockchain, as in the original design, are made to be publicly visible whereas most of the institutions do not want some of their data to be accessed by anyone around. Some of the concerns will be its security as well as leakage of sensitive data to unintended parties. For e.g let’s take the example of a Bank. The information needed by a teller to execute his/her job will be different from an analyst. Where as a customer support agent will need an entirely different set of data for executing her/his job. In the current scenario the Bank will be providing then with different platforms and various level of data access in order to help them to executive their job. All these system will be synced to each other in regular intervals so that all the data will be up-to-date. This is where the real challenge is and this is where ONTology comes into play.
Yes you understood now. ONTology defines itself as a series of public multi-chain project or a bridge that will connect the real world to the digital world
What Is ONTology ?
ONTology was found by Jun Li. It was launched by OnChain, the company led by NEO’s founders, Da Hongfei and Erik Zhang.
As per ONTology whitepaper it define itself as
“A diverse, integrated, distributed trust network and the infrastructure for building a trust ecosystem. ONTology encourages trust cooperation and allows projects of all shapes, sizes, and technologies with different business scenarios and compliance requirements to pass through ONTology ’s chain networks and take advantage of the distributed trust network how they see fit.(ont.io)

For the layman to understand it act as the bridge between the private and public blockchain. ONTology can help organization to act as a platform to build their own private blockchain and help them to connect to outside ecosystem like NEO, allowing organization to harness the benefits of various ecosystems without compromising them.

Current partnerships
It has already partnered with several international Ecosystem co builders like Tembusu Partners, Accomplice, # Hashed and the new one in the block NAGA

ONT Token (Currently trading on Huobi Pro)
The ONT token is currently an NEP-5 token on the NEO blockchain it’s main net is expected to be launched on Q2 2018. Once main net is launched you can use a private wallet to generate ‘gas’ in the form of ONG tokens

Market Performance
Since launch, ONTology (ONT) has been doing more than great in terms of growth and performance. In April along ONT has managed to acquire multiple gains and is termed to be the fastest growing coins for the year 2018.
Feels like grabbing some. Then Huobi Pro is the right place to be.

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