What is Ontology (ONT)? – New Zealand’s Ontology Overview
What is the Ontology Network? Take a closer look and learn everything you need to know with Easy Crypto.
- Ontology was brought to market by Chinese company Onchain in November 2017
- Onchain has previously brought to market the phenomenally successful cryptocurrency, Neo
- With Ontology (ONT) Onchain plans to make blockchain technology easily accessible to modern businesses
- Check live prices and history here
Ontology & the Ontology ICO That Never Happened
Ontology (ONT) is one of the newest cryptocurrencies. Launched in November 2017, ONT immediately garnered positive investor interest.
No Ontology ICO was announced to raise investment capital. Instead, Ontology came to market as a fully-fledged blockchain which initially gave away coins free of charge, via a series of airdrops.
What is Ontology and Why is the Project so Exciting?
Onchain, the Chinese company behind Ontology, is the same company behind the successful cryptocurrency Neo. In early 2017, Neo coins could be purchased for mere cents on the dollar. Today, interest in the Neo blockchain has made the coin appreciate in value since its release to the public.
Bringing Blockchain Technology to Business
In brief, Ontology is designed to serve enterprise-level businesses. Blockchain technology is already piquing the interest of several major brands. However, benefiting from blockchain technology requires a significant upfront investment.
Ontology makes blockchain technology more accessible to business users. Specifically, by allowing businesses to create new blockchains on top of the existing Ontology network. However, Ontology doesn’t just provide an easy way to build business blockchains.
- Ontology allows businesses to create completely private blockchains for their own purposes which aren’t publicly visible to third parties
- The Ontology network allows businesses to build modular blockchains equipped with custom levels of functionality
- An Ontology software development kit (SDK) and API, allows enterprises to easily create and run their own private (or public) decentralised apps and blockchain based programs
In a real-world scenario, a retail brand, healthcare service, or financial services provider can use Ontology to build their very own blockchain easily. Once in place, businesses can tokenise data and assets, before linking these to different custom applications, blockchain modules, and transaction protocols.
- Businesses do not have to invest in IT infrastructure upgrades
- Creating a blockchain on Ontology does not require the hiring of dedicated developers
- Ontology hosted blockchains can be adapted to serve any industry sector, be it health, logistics, or equity management
Ontology blockchains can also be networked together to streamline different business processes. For instance, retailers can process and track orders through their blockchain, even when relying on a third party distributor to fulfil orders.
In the above example, order data would cross from a retailers Ontology blockchain to a product distributors blockchain. Orders would then be fulfilled automatically via the execution of a smart contract.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated August 29, 2022