Ontology (ONT) has recently been on a bull streak, continuously recording enormous gains every following week. It is a project on Onchain, a company founded in 2014. With the growth and expansion in the blockchain industry, we are seeing more and more projects like Ontology (ONT) and NEO
(NEO) that have something unique to offer rather than being a useless competitor of an already existing blockchain project. Ontology (ONT) is one such project with a focus on distributed trust collaboration. Ontology (ONT) comprises of a network of blockchain
rather than being a single blockchain. This is to allow for a combination of open and private blockchains.
The reason Ontology (ONT) gained a lot of popularity is because trust collaboration is a serious concern. Recently, a Facebook data breach exposed confidential details of 3 million of its users. Until now, there is not much users could do about it. However, platforms like Ontology (ONT) are confident that they have come up with a solution to this in the form of a trust collaboration platform coupled with a series of high performance blockchains comprising of distributed ledgers as well as smart contracts systems.
Ontology (ONT)’s Multi Source Identity System for People enables members of all businesses on a blockchain to be able to see and manage their data on the blockchain. For instance, a user can see what kind of their personal data their bank has access to. Furthermore, they can decide to limit access to any information they do not feel comfortable sharing while also being able to observe what information the entity has on them at the same time. The same is true of hospital records. Another feature of the Ontology Network (ONT) is its Mutli Source Identity for Objects. This enables users to update and manage identity of the products they own. This is done under the supervision of both the owners and producers. A mechanism like this eliminates instances of theft and unauthorized access. For instance, property like cars, phones, computers and even land records can be identity protected so that it cannot be stolen, claimed or used without consent.
Recently, Ontology (ONT) and NEO (NEO) contributed RMB 4 Million to a joint venture that will enable both partners to jointly develop API standardization, building of open standards for smart contracts, sharing of smart contracts ecosystem as well as innovation in cross chain technology. Both companies had signed the MoU in early May, which NEO (NEO) had announced in a tweet.
Ontology (ONT) like NEO (NEO) is also a Chinese blockchain project with a lot of influential partners like Sequoia Capital, Danhua Capital and Matrix. Ontology (ONT) has performed well against both Bitcoin
(BTC) and Ethereum (ETH). It is currently up against 1.5% against Ethereum but has formed a series of bull flags which look very bullish short term. Ontology (ONT) is currently listed on Binance and is currently trading at $6.08 per coin. The major source of volume for Ontology (ONT) comes from Binance, OKEx and Huobi in that order. These three together make up for 77% of the total volume.