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Ontology (cryptocurrency)

Ontology (cryptocurrency)

Project providing multiple high-performance, flexible blockchain frameworks and a distributed trust collaboration platform

Ontology is a blockchain infrastructure project that provides multiple high-performance, flexible blockchain frameworks and a distributed trust collaboration platform.



Some of Ontology's early modules and protocols include:

  • ONT ID - A complete distributed identity framework supporting identity verification and authentication for people, assets, objects, and affairs.
  • ONT DATA - Framework that supports data cooperation and exchange of different things, data resource management, smart contract transactions, etc.
  • ONT SCORES - provides support for various businesses, to develop different credit evaluation logic according to distributed credible data.



Common applications supported by the Ontology infrastructure include:

  • ONTO - a comprehensive decentralized client product that gives users self-sovereignty of their digital identities, digital assets, etc.
  • ONT Trust search engine (ONT TSE) - provides portal, authentication, and connecting services for individuals, assets, objects, affairs.
  • ONT DDXF - Distributed data exchange framework allows to customize data trading marketplaces with ensured data and financial security.

Consensus System

The Ontology team developed their own consensus mechanism based on verifiable random function, called VBFT.



VBFT can be used for public and private blockchain applications. It has low resource consumption, like proof-of-stake systems, and can process approximately 3000 transactions per second.



Timeline

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Further reading

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A $700 Million Cryptocurrency Called Ontology Is About to Go Live - CoinDesk

Annaliese Milano

Web



Ontology Launches VBFT, a Next-Generation Consensus Mechanism, Becoming one of the First VRF-Based...

The Ontology Team

Web



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