Ontology is a platform and a solution for creating distributed apps and smart contracts, expanding on the idea of the NEO ecosystem. In fact, the two projects share their masterminds and builders, and NEO owners received Ontology as an airdrop in two tranches. Since then, ONT has existed as a token based on the NEO network, known as a NEP-5 token. Ontology was an instant hit on exchanges, but it is also seen, in the long term, as one of the more promising ecosystems.
By design, Ontology is aiming to connect with other blockchains without causing conflict.
Properties of Ontology:
Ontology promises multi-sided solutions based on using a distributed ledger and offering scalable solutions to real-world problems. Ontology is an entirely open source project. Based on its white paper, Ontology promises to be:
“...A blockchain/distributed ledger network which combines a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed attestation, and various industry-specific modules.”
At the moment, the ONT digital asset is a NEP-5 token, a form of tokens based on the NEO network. ONT did an airdrop to NEO holders, and has a built-in audience of potential users.
In the future, ONT will become a staking coin paying out rewards in a two-token model. Holders of ONT will receive rewards in ONG tokens, which will also be gradable, similar to GAS on the NEO network.
Adoption and penetration:
Ontology has been riding on the reputation and distribution of NEO. Additionally, ONT was almost immediately listed on Binance, and became one of the “elite” digital assets with multiple trading pairs. ONT has a broad community and a clear roadmap, with the chance of becoming even more visible once it launches its new blockchain in a few months.
Management and governance:
Ontology is a next-generation platform, using an elaborate form of distributed governance and delegation, which involves the ONG digital asset.
Ontology is a project of Onchain, a China-based company that is also overseeing the NEO project. However, all ONT token holders will be able to participate in the consensus and governance of the ecosystem.
Risks and limitations:
Ontology is yet to launch a mainnet, and the process holds intrinsic technological risks. Additionally, scams and fake airdrops or sales have been riding on the fame of Ontology, requiring extra vigilance from potential buyers and users.