Ontology Cryptocurrency-Trust Networks Re-Envisioned

Posted: November 27, 2017 by Tyler Swope

Ontology Cryptocurrency-Trust Networks Re-Envisioned



https://ont.io/#/home

What Is Ontology Cryptocurrency

Well In today’s talk, I’m going to be jumping right back where this channel started. NEO…I have been a NEO fan since Antshares, I bought my first batch of a really good amount at 1.42. I have been posting and promoting NEO ever since. NEO is my bae, neo is my god. Not gonna lie, I’m a little upset about last weekends debacle and the community would love a response from FredAfrica and Malcolm regarding it but it looks like the team is just going to try and sweep it under the rug….not the best plan IMO…well now that my thorn to pick is gone let’s dive right into what needs to be talked about… and was completely overshadowed by all that shit and is very important to the NEO ecosystem….that project is Ontology Cryptocurrency.

So let’s dive into the whitepaper, and see what this is all about. So Ontology cryptocurrency describes itself as a blockchain/distributed ledger network that combines a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed attestation, and various industry modules. Together this will build the infrastructure for a peer-2-peer trust network which is cross-chain, cross-system, cross-industry, cross-application, and cross-device.

Ontology Trust

Ontology is all about trust. In the ONT there are three dimensions of trust. 1st there is trust through technology. The introduction of the blockchain has brought trust to the masses through quick and shared access to decentralized information. The blockchain is fundamentally changing the way trust will be performed in the future.

The next area of trust is trust through legal systems. Everyone knows this form of trust is the oldest trust mechanism, that ensures rights and protections for people and industries across the world. In the whitepaper they discuss economic systems which cannot be separated from legal systems. Pairing these two is critical for legal authentication, legal support, and identity verification.
The final area of trust is through communities. Trusting people close to us is the most natural form of trust. Sociologist say that we trust less than one hundred people, but with the introduction of the internet and decentralized networks these trust communities have been able to break this level.

Problems

What problems are currently plaguing trust networks?

1. Data currently has to verified by multiple sources and the process can become time consuming, costly, and put security in jeopardy….equifax anyone?
2. Individuals do not have say in their own data and the use of it
3. Data management is becoming monopolized
4. Inaccurate identify verifications,
5. Security issues in the internet of things
6. Transparency in equity management-such as how crowdfunded projects spend their funds

And there are many others

How does Ontology aim to solve these glaring problems? Well they are building a distributed trust system that will incorporate multiple trust types in an integrated protocol system with various blockchains and databases.
In the whitepaper it states they will develop this through partnerships to provide these distributed services. It states in order to meet the needs of different industries the design is flexible, modularized, pluggable, and easily expandable…..hodl up did they just say pluggable….well there is a meetup in SF this weekend where NEO will be presenting with Elastos and Stellar.
Stellar has an ICO taking place right now called Mobius, I have talked about this project before. Mobius is developing and already has developed API’s that will allow devs to easily implement and support advanced blockchain features. They also have a growing group of SDK’s that help developers connect real business to the blockchain in a snap.

Interesting Partnerships

Here is where things get really interesting, Stellar is developing an IBM/Stellar universal payment solution which will offer payments for everyone. Hyperledger fabric records the clearing operations of a transfer of value(basically the boring AML/KYC stuff) and decides on the right settlement path for the specific transactions. Thanks to Blockchain Brad for pointing this out to me, and allowing me to do the research into it. Subscribe to him if you haven’t, great researcher!
We know NEO and Onchain have connections to Hyperledger Fabric. This is where Da Hongfei and Erick Zhang, consequently developed many aspects of DNA. Hypeledger fabric is a business blockchain framework. Allows components such as consensus and membership services to be plug-and-play.

Another component, that I think is very very important is the operating system layer. Which I think has to do with Elastos. Elastos is trying to develop a decentralized operating system from the ground up with online security as the most important concept. In their design the internet, instead of being an application, because a resource similar to hard drives and RAM. Applications have no authority to access the internet directly and have to send access request in accordance with the rules that govern the system. This results in all applications being protected, and laying a solid foundation for the smart economy. NEO and Elastos are making themselves compatible with each other. Elastos will support the NEO virtual machine which will allow the writing of smart contracts. Elastos will be the operating system of the ontology system and NEO will help developers quickly create blockchain apps with smart contracts.

Conclusion

Well Ontology is going to have an ICO here soon, and if I am able to participate, I am going to throw a massive chunk of change at it. Looking at the price of NEO it is currently sitting at 38 dollars per share, about a 1.5 percent decrease from yesterday. My opinion says this is a great time to buy…
This is all shaping up to be bigger than we all could have imagined. I never though I would be holding so many coins that will be the foundation for a change in how trust is established throughout the globe. NEO is probably the best buy in crypto right now, because for 1 people do not understand its implications and 2 they don’t realize how these implications will change the world.

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