OntologyOntology is a blockchain/distributed ledger network which aims to create a trust ecosystem by partnering to provide distributed services that include data verification, data exchange, and lots more across different industries.
What is ONT?
Ontology is a blockchain/distributed ledger network which aims to create a trust ecosystem by partnering to provide distributed services that include data verification, data exchange, and lots more across different industries. Ontology can be applicable in almost all sectors including IoT (Internet of Things), finance, insurance, media, software development, payments, medical field, asset titles, and so on.
ONT combines a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed attestation, and various industry-specific modules. Together this builds the infrastructure for a peer-to-peer trust network which is cross-chain, cross-system, cross-industry, cross-application, and cross-device. In short, the key objective of Ontology is to use blockchain to connect the real world and develop a trust network & ecosystem.
How does Ontology work?
Ontology allows public and private blockchain implementation, forming a matrix of the blockchain, therefore making Ontology an ideal platform for businesses and industries. Ontology is revolutionary in the sense that it allows businesses without previous knowledge of distributed networks to use blockchain technology.
Onotology uses a new consensus mechanism named Verifiable Byzantine Fault Tolerance (VBFT). VBFT is a new consensus algorithm that combines Proof-of-Stake (PoS), VRF (Verifiable Number Function) and Byzantine Fault Tolerance (BFT). VBFT will form the core of the Ontology Consensus Engine (OCE). The protocol will guarantee the randomness and fairness of the consensus population generation, and ensure that state finality can be reached quickly. Due to the randomness introduced by VRF, the proposal, verification, and confirmation of nodes in each consensus round is difficult to predict, thereby greatly improving resistance against attacks to its consensus algorithm.
A summary of how the VBFT algorithm works are summarized with the following:
- Proposal nodes will be selected from the consensus network by VRF. Each candidate node will then propose a block;
- Multiple verification nodes are then selected from the consensus network by VRF, and then each verification node gathers blocks from the network, verifies those blocks, and then votes on the highest priority candidate blocks;
- Multiple confirmation nodes from the consensus network are then selected by VRF, and will perform verification on the voting results of the verification nodes, determining consensus. Once the consensus result of the confirmation node is received, a round of consensus confirmations is held and a fresh round of consensus begins.
Relationship between NEO and ONT
Whilst Ontology is closely associated with Neo via a number of key members/founders in the core team, the two projects are not directly related. NEO and Onchain are separate entities, so Onchain doesn’t own NEO, or NEO, Onchain. Similar to NEO, however, Ontology has a dual token system where ONT (Ontology) will be the governance token. ONT holders can vote in major decisions on the Ontology network, and will also receive system generated ONG (Ontology Gas).