Ontology (ONT)

  • Community Manager

    Anyone heard of / interested in ONT (Ontology) tokens? One of their community advocates is a friend of mine, and he was telling me some main use cases of this project, how it could reshape how identity is verified (cross-confirmed by organisations around the world) as well as eradicate duplicate digital identities, just to name a few.

    Dug out more information on their cause out of curiosity:

    For example: if you want to go to a foreign country, you need to show your identity, such as your student visa or tourist visa as you enter the country. Customs will ask for the proof of your identity, and if you don’t have it, you are not allowed to enter that country.

    Therefore, whether we should trust someone should be based on standard methods, rather than individual and arbitrarily decision. For many people, they can have many identities on the Internet. Some are real and some are fake, but people on the Internet are not even aware of this.

    The Ontology Identity System (ONT ID) provides a complete solution for the traditional Internet application account system, giving back the control of the account system from centralized service providers to users themselves who can also manage their social network with ONT ID.

    They benefit from agreements with Trust Anchors:

    Trust Anchor refers to the partner that provides authentication services on the ontology ecosystem. It may be government agencies, universities, banks, third-party authentication service agencies (such as CA agencies), biometric technology companies, etc.

    Thought our crypto gurus would be interested, @ecent @Ng-Seng-He @geezfund @jonhan @antoniomc27 have you heard of them?

  • Emergent

    I traded them before. Hehe.
    But as a trader, I didn’t care how they work or if they have any real world potential. I was just there for the price action.

  • To be frank, it's just another s*** coin.

  • @ng-seng-he I dont hold any ONT but out of curiosity, why did you reach that conclusion?

  • @ecent ONT was meant to be a go-to solution for enterprises to integrate blockchains into their businesses and is one of the most hyped up Chinese made coin out there, after NEO and TRX etc. But their claim is huge and not easy to achieve, OST has similar motive to ONT but has failed to deliver since they ICO'd in 2017.

    This project is also highly linked to NEO, with Da Hong Fei in the driver's seat.

    As it can be seen for now, it has 0 use cases.

  • Emergent

    Ya. I remember getting free ONT air drops from holding NEO

  • @ng-seng-he Some say it's a high-tier one though.

  • @ng-seng-he Yes, I concur in that it’s an over-promising project. A few months back the blockchain went down for a few hours (freeze) due to a "scheduled maintenance". No news was announced to investors, until the network was seen to be paused, and then it was passed off as an upgrade. This can reflect how ONT is not decentralised; by virtue of being able to be taken down by developers who likely dominate the chain. Showing that ONT owns > a third of the nodes on the network (mostly centralised). With this a single point of failure, we can’t expect the ONT chain to operate if Ontology ever dies.

  • Community Manager

    @motan Thanks for sharing, that's a first -- where did you hear about this?

  • @kaeley-wn No problem! Here - https://blog.zerononcense.com/2019/03/18/ontology-is-riddled-with-issues-pt-1/ but i think the post has been taken down.


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