Hello everyone PUBLISH0X community! Welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible
In this article we talk about more features of Ontology
In the last E&S article I introduced you Ontology (ONT) and I said that is a public blockchain designed to provide companies with a concrete option to implement blockchain technology in their production process, regardless of how much knowledge of the crypto sector they may have. The Ontology network, in fact, allows users to perform customization of public blockchains to better suit various types of apps.
If you missed my first article about ONT, you can read it
Technology behind Ontology
What makes Ontology unique from other blockchain projects is that it is not just a single blockchain, but is a network of blockchains designed to make it easy for business users to migrate proprietary systems to distributed LEDGER technology with minimal downtime and disruption to the systems involved. While the main blockchain is public, the other connected chains are like a private space for the enterprise. It offers them the benefits of blockchain technology quickly and easily, without the need to hire a development team or worry about security, provided by Ontology's main blockchain. In addition to the differences between the two networks, you'll also find several similarities in the design of NEO and Ontology, which shouldn't be surprising considering they share part of the same development team.
One of the main similarities is that they are both smart contract platforms used to host decentralized applications (dApps) and are competitors to the Ethereum network. Ontology was developed to specifically address the enterprise usage issues encountered with the Ethereum network. The main problem stems from the fact that Ethereum is open source, but many companies are not interested in an open-source platform because they prefer to keep their data proprietary and safe away from prying eyes. Ontology offers additional in this specific case the thing that will be shared will be only the signature and not the whole document. In this way, applications and developers will be able to use ONT ID to quickly and securely verify the identity of new users, without them having to deal with sensitive documents, such as their passport. In terms of innovative data management, DDXF will be a decentralized exchange for data; unlike ONT ID, this is still under development, but it will certainly provide an infrastructure to tokenize your valuable data, a process that will then make it traceable, processable and transferable across multiple systems.
This is possible because Ontology was developed on a distributed ledger that allows for a distributed identity and data exchange system, which paves the way for an infrastructure for a peer-to-peer network based on trust, a network that can adapt to anything, being cross-chain, cross-system, cross-application and cross-device.
Next Sunday I’ll introduce to you a new cryptocurrency.
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