Bitcoin Global News (BGN)
April 18, 2018 -- ADVFN Crypto NewsWire -- It’s really got nothing
to do with medicine but it does have a lot to do with customizing
blockchains on a user by user basis. The Ontology project is
ambitious to say the least, given that it hopes to tackle the
problem of scaling public blockchains to a level suited for
wide-ranging enterprise. On top of this, claims have been made that
it has a way of doing this that is easy enough for businesses with
no blockchain experience to understand.
So, all in all, what
exactly is Ontology?
First of all, as far as
raised capital, Ontology had no pre-sale. They ran a traditional
ICO in 2017 and then quickly moved to releasing live
projects.
Secondly, Ontology is a
network.
They’ve been provide custom public
blockchains for their users along with the capability to build
native Apps or decentralized applications on top of them.
Therefore, in this way, it is quite similar to the Ethereum network
in its core competencies.
Despite this, it appears that the
Ontology network is more of an involved than the Ethereum network.
The team describes its product as: “a distributed identity system,
a distributed data exchange, a set of distributed communities and
various industry-specific network modules,” all rolled into
one.
All in all, it may be concluded
that they are trying to be the complete blockchain solution for the
business world that doesn’t want to deal with a steep learning
curve and wants to feel like it has complete control over what it
implements.
As to the creators of Ontology,
there’s a small similarity with the Cardano creators in that the
currency and the technology around both of them were formed by a
private company. In both cases, these creators seem to serve as
hands-off, caretakers of these networks, providing help when needed
but not governance.
Overall, the key factor to consider
in terms of the team is that it is based in China. Up to now, the
Chinese government can be said to have had a fickle relationship
with the crypto-world.
Thus, the success of Ontology
largely depends on the long-term regulations that the Chinese
government decides to put into place in the
crypto-space.
On top of this, just like any
cryptocurrency, it’s essential that the Ontology team develops the
right partnerships to reach its primary goal of being a standard
for global business.
Since the Ontology ICO happened
less than a year ago, anything can happen. However, with the recent
announcement of their partnership with NEO, the future does seem
bright for the network.
By: BGN Editorial Staff