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Ontology (ONT)

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Ontology (ONT)

Date of introduction: 27/11/2017

Rank on Coinmarketcap: 27

Current price:  $1,60 per ONT

Current circulating supply: 241,236,451 ONT

Total Maximum Supply: 1,000,000,000 ONT

Type of token: NEP-5

Mineable: No

Official Website:  https://ont.io

 

 

What is ONT

‘’Ontology provides new high-performance public blockchains that include a series of complete distributed ledgers and smart contract systems.

Ontology blockchain framework supports public blockchain systems and is able to customize different public blockchains for different applications. Ontology supports collaboration amongst chain networks with its various protocol groups.’’ – Ontology

What does this mean?
Ontology is a blockchain platform specifically build for businesses and corporations that don’t have any blockchain technology at all. What Ontology essentially is doing is tearing down the barriers between the business sector and blockchain technology.

Currently, businesses are unable to integrate Blockchain technology into their operations as it requires extensive knowledge concerning Blockchain and distributed networks. Companies and businesses currently face poor privacy protection, untapped data value, data management monopolization and ineffective identity authentication.

Ontology is revolutionary in the sense that their trust ecosystem platform can resolve all these issues as it can be tailored to specific needs.

In other words, Ontology is aiming to offer global adoption of blockchain technology in the business sector, and they aim to do so by ensuring that the Ontology network is mass-customizable for any business.

 

Ontology and NEO

ONT should be viewed as the following; if NEO is at the center where you would hold all your assets, ONT will be the bridge that connects your data on the NEO blockchain to the outside world e.g. real-life companies, hospitals, universities.

 

NEO focusses on digital assets and smart economy, ONT focusses on trust, identity distributed data, trust within the cooperation scenario. Although both platforms will be public, ONT focusses more on private / corporate use while NEO focusses on public peer 2 peer use.

 

NEO and ONT complement each other nicely as together they will try to bridge the gap between blockchain technology and the real world. While NEO and Ontology have similar goals, NEO focuses on digital assets and a global Smart Economy whereas Ontology focuses on trust, identity, and data exchange and authorization.

 

Lastly, ONT is the same as NEO when it comes to Proof of Stake (POS). If you hold ONT in a wallet, over time you will generate Ontology Gas (ONG). Currently ONT is still running on their test-net and the ONT token is divisible. The main-net is due in Q2 of 2018 and ONT holders can change their tokens for new main-net ONT tokens which are indivisible (just like NEO).

 

 

Leadership

Jun Li
Founder of Ontology

Jun Li has a Bachelor’s degree in Computer Science, Master’s in Communication Engineering, MBA and PMP. Currently is a senior blockchain architect and blockchain solutions professional and has over 16 years of work experience in IT and Fintech. Li previously provided technical architecture, management and planning support for top international IT firms and major Chinese financial exchanges. He has taken part in the architecture design and technical management of many major systems and has built multiple technical teams and systems from scratch.

 

Andy Ji
Chief Strategy Officer

Andy Ji has substantial experience in the creation and development of Blockchain technology. His experience ranges from being the leader of one of the Top 500 Blockchain groups, Deputy General Manager of Wanda Technology Group Innovation Center and Wanda’s Chief of Blockchain Technology, Deputy Secretary-General of China’s Ministry of Industry and Information Technology’s Blockchain Technology and Industrial Development Forum, a director of Hyperledger, has written several books on Blockchain development and hosted many Blockchain community events.

 

Team

The Ontology team consists of 40 full-time members ranging from software engineers to protocol architects and everything in between.

 

 

Location

 HQ is located in Shanghai, China and the main market ONT is targeting is the Chinese one.

 

Exchanges offering ONT

  • Binance
  • Huobi
  • Gate.io
  • OKEx
  • KuCoin
  • Abucoins

 

Partnership

ONchain
Mother company of both NEO and Ontology.
Onchain is a Blockchain Research & Development company based in China and envisions large scale adoption of distributed ledger technology in both the private and public sector. Their Distributed Networks Architecture (DNA) focusses on digital asset application and supporting of businesses. They have partnerships with Microsoft and other similar major companies.

 

NEO
NEO Formerly known as Antshares is the People’s Republic of China’s first ever open source blockchain. Since its founding, NEO’s mission has been to improve and revolutionise the way e-commerce is done. Neo has been designed to get the existing up to date and get it plugged into the new age smart economy. Neo is making use of tech to connect and network people and businesses en masse.

 

Venture capital investors:

  • Sequoia China
    Has 46 years of experience in building and growing companies, they have a large community and worked with Apple, Cisco, Oracle, Google Alibaba, Airbnb and JD.com. Sequoia are considered to be ‘’The Entrepreneurs Behind The Entrepreneurs’’.
    sequoiacap.com/china/en.

  • Danhua Capital (DHVC)
    Is a Venture Capital fund that primarily invests in the early and growth stages of a company. They focus their attention mainly on Artificial Intelligence, AR/VR, Big Data, Blockchain, Enterprise Software and other disruptive technologies. DHVC offers resources such as education/research/entrepreneurship/capital market and extensive network possibilities both in Silicon Valley and China.
    http://danhuacap.com/?lang=en

 

  • Matrix Partners China
    Aims to build long-term relationships with entrepreneurs and assist with the building of significant. Industry-leading companies. They are the daughter organization of Matrix Partners (a premier U.S. Venture Capital firm) but only focus on the Chinese market. Matrix Partners China combines local knowledge with global experience and vision. Their past successes include Focus Media, Eachnet and Baidu.
    https://www.matrixpartners.com.cn/index.php/en/

 

  • ZhenFund
    ZhenFund was founded with the aim to promote innovation among youth in China. They focus on helping entrepreneurs to achieve success and provide mentorships and resources.
    http://www.zhenfund.com/en/about

 

 

Future plans

  • The ONT main net is due in Q2 of 2018
  • Second round of Token distribution starts in Q2 of 2018

 

Positive sides

  • Compliments NEO very well
  • Is a venture of Onchain
  • Has good VC backing
  • Already established good partnerships
  • No public ICO

 

Negative sides

  • Still very new, real value remains to be seen
  • No roadmap
  • No public ICO

 

 

Notes
Ontology never held a public ICO, instead, they chose to hold a multi-phased token reward plan, distributing their tokens amongst people that believe in the project early on. This way, Ontology ensures that tokens will be distributed amongst people that contribute value to the community rather than having whales accumulate large sums.

 

Token distribution plan:

  • Ontology Community: 12%
  • NEO Council: 10%
  • Ontology Core Team: 15%
  • Institutional Partners: 28%
  • Ontology Ecosystem development: 25%
  • Ontology Technical Community Reward: 10%

 

The first round of token distribution has ended, and ONT tokens has been distributed amongst subscribers to the newsletter, NEO DevCon attendees and NEO holders.

 

The second distribution rounds start after the Main-will be released in Q2 of 2018. This round will focus on participation in Ontology, further details will be released at a later date.
medium.com/ontologynetwork

 

ONT explained (video)

https://www.youtube.com/watch?v=ThV13J_M85Q

 

 

ONT Whitepaper

There are a total of 5 whitepapers explaining Ontology, with 2 still in the making. Each white paper covers a specific topic:

  • Introductory White paper
  • Technology White paper
  • Ecosystem White paper
  • Technology Yellow paper (TBA)
  • Governance White paper (TBA)

 

Link: https://ont.io/documents

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