Another request from the community.
There’s been a shitton of confusion around this coin which we want to clear up.
People think this is the next big thing, but the use-case is a bit more focused than most think (because most are n00bs).
Today’s review is: Ontology.
Let’s dig in…
Ontology (ticker: ONT)
Wtf is this shit?
Due to its current market metrics and fan base, this project moved from mid-tier to high-tier.
Anyways, Ontology is aiming to be the go-to solution for enterprises to integrate blockchains in their infrastructure.
OMG (oh my god, not OmiseGo) – another one of these? Yep! But let’s see how Ontology stood out from the crowd.
Some brief background: Ontology was born out of a Chinese blockchain company called Onchain DNA, which spawned NEO in a similar fashion. Onchain is an R&D company that was creating AntShares (now NEO) with CEO Da HongFei, also the CEO of NEO…
Note that Onchain, NEO, and Ontology are all separate legal entities with separate funding. Ontology and NEO have a partnership between each other.
Ontology is a network of blockchains (really just NEO and Ontology lol…not much of a ‘network’ for now). Anyways, Ontology recognizes the fact that enterprises want their proprietary data to be secure and private..which is why they are reluctant to join public platforms like Ethereum.
Ontology’s partnership with NEO can be taken as a move to be the private, proprietary solution for enterprises to integrate the blockchain, while NEO is the outlet for public broadcasting..if they want to make anything public.
They also helped with and are part of NeoVM, NEO’s virtual machine to more easily launch dApps. They are working together to create a smart contract ecosystem as well as more smart contract standards for the industry.
Of course, Ontology has UX in mind, wanting to make things super simple for any business to integrate blockchain tech into their existing systems and processes. They are offering SDK’s and API’s so that these enterprises need virtually no blockchain knowledge. They just need to understand the practical use-cases they want to address.
ONT, the native Ontology currency, is NOT meant to be this currency that moons. In fact, the distribution of ONT might surprise you.
Here is the breakdown:
- 12% of coins have been distributed to the community.
- 28% to institutional partners and investors
- 15% to the core team
- 10% to the NEO council
- And the remaining 35% basically to technical development and rewards.
Keep in mind that ONT started as an airdrop to NEO holders and many major exchanges (such as Binance) supported the airdrop. You can only get ONT or ONG (their “Gas”) via aidrops.
ONG is like ONT’s Gas, as they do plan to support dApps as well. Their focus as a business though is not to be a sole blockchain, but to represent a network of blockchains for different use-cases.
TL;DR: Ontology is a network of basically two chains right now, founded and related to NEO and Onchain, but separately funded, and a separate legal entity. Aiming to provide a proprietary blockchain solution for enterprises…much like an AWS or Google Cloud like infrastructure offering, and it can currently communicate with NEO’s public chain.
Who tf is behind this shit?
Jun Li is the founder, also a co-founder of Onchain, and is also tied with NEO and their efforts. He has a primarily academic background, but he clearly has been moving the project in the right direction.
Overall, high-tier shitcoin due to market metrics and a loyal community, but can easily drop down as people realize the use-case is a bit smaller when compared to more open concepts like NEO or ETH.
Hope you learned some shit.
– Mike and Aaron