Ontology (ONT)

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Ontology
Total supply1.000.000.000

Basics

"Ontology is a high performance, open source blockchain specializing in digital identity and data. Ontology's unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework"

"Ontology is a high-performance public blockchain and a distributed collaboration platform. Its open-source network provides a platform for smart contract creation and decentralized application deployment. The project is concentrated on facilitating self-sovereign identification (ID) and data management.

It aims to provide customizable public blockchain services, with support for multiple-layers, sharding (for scalability), multiple Virtual Machines, and privacy. It also enables cross-chain communication. What it means is that Ontology can launch applications on the mainchain (such as NFT's or utility tokens) as well as set up side chains for private blockchain use cases (such supply chain, healthcare consortiums, etc.) while still linking them back to the main chain."

History

"The protocol emerged from Neo, an ethereum challenger founded by Da Hongfei, who is also 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 was established by Li Jun, Founder of Ontology. During Ontology’s early stages of development, Ontology received technical support from some members of Onchain’s developer team. However, the two have always been officially separate projects pursuing their own goals."

Token

Launch

"At its launch, Ontology chose to forego the popular initial coin offering (ICO) model in favor of a series of community distributions and airdrops of its ONT cryptocurrency, which began life as a NEP-5 token on the NEO blockchain."

Token allocation

  • “Ontology has revealed they will be distributing 1,000 ONT tokens to everyone who signed up to their newsletter. Ontology has decided not to hold a public sale, and instead will be running a multi-phased token reward plan.”
  • From Messari (11-20-2020):

"12% to the Ontology Community for events

28% to Institutional Partners (11% still locked)

10% to NEO Council

25% to Ontology Ecosystem Development (13% locked)

10% to Ontology Technical Community Rewards

15% Ontology Core Team (11.25% locked)"

Utility

Token Details

  • From their blog (12-3-2018)

"Ontology adopts a dual-token model, with both ONT and ONG as utility tokens. Ontology decouples ONT and ONG to alleviate the risk of turbulent fluctuations of the native “asset” value on the gas fee."

"ONT enables holders to contribute to the network's security mechanism and participate in governance decisions.

Unlike most other crypto assets, ONT is indivisible; users can only acquire ONT tokens in whole units. Its counterpart, ONG, is divisible up to nine decimal points."

Stablecoin

Tech

Transaction Details

How it works

"The Ontology Ledger has its own consensus mechanism – VBFT, which is based on the VRF (verifiable random function) engine.

Ontology does not feature fixed block times, as suggested above. Block submission times vary according to the status of the network and can range from 1-30 seconds. The 15 seconds represents the average for block times observe on Ontology."

Staking

"ONT (Ontology) is Ontology’s first utility token, which is representative of network management. ONT holders do not receive any form returns solely by holding ONT but can be rewarded for their respective contributions towards the management and operation of the Ontology blockchain or participate in the network's Proof-of-Stake (PoS) consensus model. The team anticipates ONT could eventually contribute to the management of the Ontology blockchain. These contributions include commitments of ONT into the system reserved pool, which helps secure the network (i.e., a particular stake of ONT would be required to be placed for the running of nodes, facilitating consensus execution, transaction verification, etc.)."

Liquidity Mining

Layer Two

  • From Messari (2-11-2020):

"HydraDAO is an off-chain scaling solution of Ontology’s distributed ledger, which achieves scalability of performance, function, and business, including Oracle access, Layer 2 scaling solution, and cross-system communication."

Different Implementations

Interoperability

  • From Messari (2-11-2020):

"Ontology has updated its cross-chain solution to set up a new relayer chain to support cross-chain transactions between Ontology, BTC and Ethereum. The team is aiming for a release sometime in Q1 '20."

Parachain

"The integration of Ontology’s DeID is part of a wider effort for Ontology to build a parachain on Polkadot. They envision that the parachain will provide a series of credit-based services on decentralized identity and cross-chain communication. These credit services will include OScore as well, Ontology newly launched credit scoring system designed to seamlessly accelerate the potential to borrow or lend based on a user’s cryptocurrency transaction and asset management history. In addition, this parachain will bring cross-chain liquidity to the Polkadot network."

Other Details 

  • From Messari (2-11-2020):

"Ontology also offers a suite of tools developed by the core Ontology team to aid in the creation of enterprise blockchain applications. The available tooling includes:

  1. ONT ID: a decentralized identity solution framework that helps users control their data and identity. Opens the door to creating applications that require assigning identities to people or things (supply chain, medical records, credit scoring, financial services, copyrights, real estate)
  2. ONTO: a non-custodial wallet that can connect users to the Ontology ecosystem, such as dApps, airdrops, ONT ID authentications, DEXes, ONT NFTs, etc. ONTO maps your digital identity and real-life identity.
  3. DDXF: the data tokenization and resource exchange frameworks built by Ontology for blockchain applications. This is a new way of processing and managing application data. Through DDXF, application data is stored in a distributed way and data privacy is ensured. Essentially the achievement of self-sovereign data."

Privacy Method being used

Compliance

Oracle Method being used

  • Has their own oracle solution, in which they fetch data from external APIs and then a node records it on chain (1-2020).

Their Other Projects

OScore

  • From their blog (10-9-2020):

"OScore is a self-sovereign credit evaluation system based on user data stored on the Ontology blockchain. With full integration of ONT ID, Ontology’s decentralized identity framework, OScore supports cross-chain interaction and verifiable credentials, connecting user identities with personal accounts on the Ontology blockchain, eliminating third parties from the process. Once a user authorizes their financial data, Ontology’s OScore system generates a quantifiable credit score, while ensuring the user’s privacy is fully protected."

Governance

"The Ontology protocol upgrade process operates through a combined off-chain and on-chain model. Community developers can submit protocol improvements as ONT Enhancement proposals (OEPs), which describe the standard for core protocol specifications, client APIs, and smart contracts, through the Ontology Github repository. Each improvement proposal is then subject to a delegated on-chain voting process, enabling network stakeholders to determine the direction of the chain collectively.

Ontology developed the Triones Consensus Membership System as the first-generation of its on-chain governance model. As part of the Triones system, Trione Nodes can initiate the voting process for upgrade proposals, often submitted via Ontology's off-chain governance process. Once considered satisfactory by Trione Nodes' standards, other nodes can offer their feedback on the new proposal for a given period of time. The network eventually approves and executes an upgrade via an on-chain voting process. This system, and more specifically the on-chain voting function, is still in development with an anticipated arrival sometime in 2020."

DAO

Treasury

Upgrades

Roadmap

"Multi-layer, multi-chain business ecosystem. The team completed developing and testing Ontology's sharding design, leading the project to release its Sharding TestNet. The Sharding TestNet supports the following features: multi-layer sharding network structure; sharding solution based on smart contracts; cross-shard message communication between smart contracts; and cross-shard atomic call. More details can be found here.

Ontology has updated its cross-chain solution to set up a new relayer chain to support cross-chain transactions between Ontology, BTC and Ethereum. The team is aiming for a release sometime in Q1 '20."

Audits

  • Bug bounty program can be found here (2-11-2020), with bounties up to $8000.
  • CertiK claims to have done an audit for them, according to their website (12-6-2020). 
  • Messari mentions two audits, one for the Ontology codebase (7-2018) and one for the VM engine (8-2019).  

Bugs/Hacks

Usage

"As of late, Ontology has turned its focus onto providing self-sovereign digital identity solutions (through its ONT ID application) and private data management, particularly within the Japanese, Korean, U.S., and European markets. As an example, Ontology partnered with the South Korean-based Klaytn project, the public chain of Kakao. Ontology will have more technology, product integration, and interactions with Klaytn, including data privacy and the ONT ID application so that more Korean users can join the Ontology ecosystem, and more projects and enterprises can access the available markets."

Projects that use or built on it

Competition

"The project has ties to the NEO blockchain, also the brainchild of the Onchain team, and is part of the smart economy vision set out by NEO. NEO and Ontology are both not-for-profit public blockchains and open source projects but focus on different sectors. NEO is a more generic smart contract platform that focuses on digital assets. Ontology focuses more on digital identity and the data linked to identities (think medical records, credit scores, copyrights, etc.)."

"Ontology offers more flexibility for enterprises, allowing them to create customized blockchains to fit their specific needs in terms of features like governance and enhanced privacy, functionality that competitors like competitors like Ethereum and NEO lack by design.

The ONT chain also helps negate transaction network fees by generating and distributing free Ontology Gas (ONG) to ONT holders based on their holdings.

Ontology further provides additional features such as smart contracts, cryptographic identity proofs (ONT ID) and tokenized data (DDXF) that can seamlessly be transferred between different blockchains.

Example: A patient's medical records, subject to strict data privacy laws in most countries, may be utilized across the Ontology network without compromising the integrity and privacy of the patient's data. The medical business that is transferring the confidential data is able to control what is shared with other parties and under which conditions, with no fear of patient data falling into the hands of unauthorized parties."

Coin Distribution

Pros and Cons

Pros

Cons

Team, Funding, Partnerships, etc.

Team

"Ontology was founded in 2017 by the Chinese company OnChain, who also created NEO. The founding members include blockchain veterans Jun Li (current CEO) and NEO co-founders Da Hongfei and Eric Zhang."

"Members of Onchain, a blockchain development company based in China, contributed to much of the early network developments as well as its launch process. Onchain has since stepped back to let the Ontology Foundation, and its community of open-source developers, oversee the future direction of the protocol."

Funding

Partners 

"Ontology will support the development and deployment of NEAR's Decentralized Identifier (DID) solution with an eye on regulatory compliance."

1inch, Aave, ACCOMPLICE, BFH, Binance Smart Chain, BisonTrails, Bitnovo, Bitsa, Bloxroute, Celo, Certix, Chiliz, CMmadrid, Cryptodiffer, Danhua Capital, Digittal Chamber, Elrond, Ethereum, Google Cloud Partner, Gumi, HASHED, HTW, INATBA, MakerDAO, Matrix Capital, MCH, Microworkers, Moonstake, MovieBloc, NEAR, NEO, OGQ, Opera, Paxos, Polkadot, Sequoia Capital, Sesameseed, Spherity, SPOKKZ, Torus, Ubitus, Unstoppable Domains, Venezuela Blockchain, Waves and ZhenFund.

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