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If all goes well, $ 700 million worth of cryptocurrency is about to find a new home.
"That's because Shanghai-based Ontology, a project working closely with those behind the" smart economy "blockchain Neo, is expected to launch its live blockchain on June 30, a step that will find one of the top 20 crypto assets finally releasing its own proprietary technology.
Described as an enterprise-focused platform, Ontology is seeking to provide a high volume of fast and cheap transactions, helping businesses with the problems of interoperability and identity. As such, Ontology is one of several public blockchains catering to an enterprise that has been recently or will soon go live, Tron and Vechain being other notable contenders.
However, what might distinguish Ontology's claims is the experience of the team.
The protocol emerged from Neo, an ethereum challenger founded by Da Hongfei, who is also the CEO of Onchain, which developed a private enterprise blockchain platform called DNA.
Meanwhile, Ontology's founder Li Jun told CoinDesk that his company and Neo are "strategic technology partners," according to a spokesperson.
Ontology's corporate and technological genealogy may be difficult to keep track of, but the result is a pragmatic approach that appears to combine ambition with a lack of the ideological fussiness.
As Li said at a meetup in March:
"When you want to become a mainstream industry, you have to link to the real business scenario."
For a while, Li added, it seemed to be a good idea, but it soon became clear that "public blockchain is the future."
If you already trust each other, he explained, "blockchain is not necessary."
In addition to the need for companies, the most pressing needs to be met by the public sector, with a view to improving the quality of the company.
Two tokens, countless chains
Ontology has created a complex framework in its bid to satisfy all of these goals.
Similar to Neo (with NEO and GAS), the network will support two tokens. So far, only ONT exists. A token on the Neo blockchain, it was distributed to NEO in an airdrop, half of which has been completed.
Barring unforeseen obstacles, these tokens will migrate to a proprietary blockchain on June 30. Once there, they will serve as a governance mechanism.
Holders of ONT tokens, which will serve a similar role to Neo's GAS tokens, funding the execution of smart contracts. Each ONT will "release" ONG tokens for 18 years.
It is made up of multiple interoperable chains, anchored by a core blockchain (in a way that is not different from how and from which its "sharding" technology). According to those involved, his choice reflects Ontology's enterprise focus and the desire to give businesses flexibility in terms of designing a ledger.
Daniel Assab, Ontology's senior overseas market specialist, told CoinDesk:
"In this industry, there's a lot of chains that you want to cut up – cut their share in the ecosystem and try and take all of the competition in this area. But we want to cooperate with everyone, make this as possible. "
Speaking in March, Li noted that enterprise applications are to be able to customize. "They have a lot of requirements," he said. "They want their own blockchain with their governance model."
Ontology 's main chain will be based on a new consensus mechanism, VBFT – a combination of proof of stakes, verifiable random function and Byzantine Fault Tolerance – which the team expects to be able to process over 3,000 transactions per second.
Multiple networks mechanisms, however, on its subsidiary chains.
People and things
Ontology has conceived this elaborate architecture to "decentralized trust ecosystem."
"We want to integrate different trust sources," said in March, and not just the scattered and self-referential digital aspects of trust. real estate.
As he told CoinDesk, "Ontology can serve as a bridge connecting the physical world and business."
In other words, Ontology hopes to crack the problem of identity in the digital age, another goal being pursued by a number of blockchain projects. "
Digital identity for people, but wants to help define digital identity for people. To that end, it's partnered with the Chain of Things (COT), which founder Wang Wen described as a "universal basic platform for IoT [internet of things] and intelligent hardware "based on Ontology's platform.
Ontology has also partnered with Contentos, a blockchain-based streaming video project.
Ontology's team is based on an ID framework and marketplace, a reputation system, a trust search engine and a data exchange protocol. As with any self-respecting blockchain protocol, though, it aims to attract its ecosystem.
Called CoinDesk they are working on a C # software development kit and a Chrome plugin wallet, in addition to other projects.
Getting the swap right
Whether ontology can follow through on – or any – of its ambitions is an open question. But it is not enough to leave its holders behind.
"I can hold," "Assab said."
Users who hold their ONTs on certain exchanges, including but not limited to, but ontology social media admins said they should refer to individual exchanges policies.
For users who do the swap manually, Ontology has posted a frequently-asked questions and plans to release a token swap guidance next week.
They are not theoretically entitled to a certain headache for some users. The Ontology mainnet will accept only round numbers of tokens and disregard fractions. Even if the airdrop was for a fraction of ONT for NEO.
Users will have until October to complete the swap, but Assab said:
"If that deadline needs to be changed, it will be changed."
Correction: An earlier version of this article The relationship between Hongfei, Ontology, Neo and Onchain. From is not involved in Ontology, and neither Ontology nor Neo is a subsidiary of Onchain.
Construction image via Shutterstock
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