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Ontology (ONT) is a proposal of the Chinese company Onchain that was launched in the main commercial markets in 2017, constitutes a proposal of high performance public Blockchain, which includes a series of distributed ledgers and a system of intelligent contracts, for projects of all types and sizes, being a giant step to eliminate the barriers between the blockchain technology and the business sector, thus serving the real economy.
During its operation in the markets it has managed to register a capitalization of more than USD $ 570 million and a daily trading volume of more than USD $ 85 million, highlighting among other similar proposals, it also allows corporations to implement real mechanisms and adjust them to the business needs.
Ontology is revolutionary in the sense that it allows businesses without a prior knowledge of distributed networks to use blockchain technology, since it has a solid trust ecosystem that uses 4 layers, the first is responsible for the verification of people, wealth and organizations, the second to verify the applications and link them, the third with modules, protocols, SDK and API and finally the fourth chain is responsible for joining all the chains.
To achieve its goal of closing the gap between blockchain technology and the real world, this project works together with NEO focused on digital assets and global smart economies, while Ontology focuses on trust, identification and exchange. of information and authorization, are two things that benefit from being together, but that remain as separate entities.
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One of the important aspects of this initiative is that it serves as a liaison point to interconnect diverse ledgers, in a similar way as in the case of ICON’s Blockchain, although it does not involve the exchange of digital assets, so it is compatible with chains of public blocks and offers the possibility of customizing distributed networks for different purposes and applications, this means that Ontology seeks to be universally adaptable for a wide variety of functions.
Each node of the network is able to verify each data transaction, and the only information that would be necessary to share among the rest is only the veracity of the information processed, a process that greatly lightens the workload of the network.
Ontology is a digital currency that can not be mined, so those interested in acquiring balances can only do so through commercial activities on specialized platforms or campaigns run by the company that supports the project.
In conclusion this blockchain initiative is very interesting and different, it hopes to change the business world by providing a flexible and more accessible blockchain technology, closing the gap between the business world and the blockchain technology.
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