It seems there is one cryptocurrency and blockchain project which has been making a lot of waves lately. Known as Ontology, this new high-performance public blockchain will be quite interesting to keep an eye on. So far, the project is still in the early stages of development, but there will be some milestones to be achieved in the coming months.
When it comes to public blockchains, one of the more pressing issues these days is scaling. No public blockchain can properly scale to enterprise-grade levels in their current form. Ontology aims to address that problem by introducing a new high-performance blockchain which serves as a distributed trust collaboration platform.
Under the Hood
It is evident this public blockchain solution will need some powerful features in order to work. As such, Ontology will offer a set of high-performance blockchains which come with their own set of distributed ledgers, as well as smart contract solutions. While there are so many blockchain projects on the market right now, it is evident smart contracts are not unique by any means. Even so, Ontology may provide some unique features to make this project stand out.
The main bread and butter of Ontology is supporting custom public blockchains for users. These chains can be used for different applications, which makes it seem like this is a sidechain-oriented project. With a modular approach to public blockchains and customizable options for various business solutions, Ontology is certainly working out so far.
The common modules for the various blockchains are quite interesting to keep an eye on. With multiple distributed scenarios to take advantage of, Ontology hopes to become a major player in the blockchain world. It seems there are plans to focus on digital identity solutions, data exchange protocols, and more. It’s an interesting mix of opportunities for enthusiasts of public blockchain technology.
The Native Token
As one would expect, Ontology has its own native token, known as ONT. It is the main currency of this ecosystem, and it will provide a lot of functionality in terms of access to various features across different chains. Whether or not this token will bring much value to the network remains to be seen, but it is evident using a native token will have advantages and disadvantages.
The Road Ahead
Forecasting the future of Ontology is not all that easy, as there is not much of a roadmap to go by. We do know the testnet is currently being deployed on GitHub, which should bring more positive attention to the project. It remains to be seen how long it will take the team to push the main net live, as that will be the point at which we can actually determine the true value of this network.