What are the key attributes of the Ontology Coin.
China and cryptocurrencies: A complex relationship
The relationship between China and Cryptocurrencies have been very controversial and ambiguous. China has consistently been banning the all the crypto operations in the country and is a pioneer in it. Many countries follow the footsteps of China and banned the crypto operations in their respective countries as well. Even after such attitude of the Chinese government towards cryptocurrencies, most of the advanced crypto innovations have taken place in China itself. China beholds one of the largest Bitcoin mining pools of the crypto domain. Significant advancements have been undertaken in China, but most of the time, the companies had to shift their operation to other countries, keeping the regulatory concerns in mind. Let’s read about Ontology Coin and see if its worth investing.
What is Ontology Coin rationally?
The ontology coin project is also regarded as one of the easiest Blockchain platforms, that can be implemented by the companies whiteout any prerequisite of the knowledge of the cryptoverse. This process is highly challenging as there is no Blockchain platform available to integrate them easily with the industrial architecture. Initiated in 2017, by a parent company, Onchain, the project mainly looks forward to integrating the Blockchain and Business sector. With its robust network in operation, it provides greater security, data management, privacy through various authentication procedures.
What is team empowering the Ontology Coin project?
The highly experienced team members are collectively led by the Founder Jun Li, has a great expertise in the technological domain due to his previous positions at Infosys and China-based Financial Futures exchange. Ontology’s Chief Strategy Officer, Andy Ji has deep connections rooted within the Chinese government which would indirectly prove to be advantages for the development of the cryptocurrency blockchain platform in the country. He had served as a General Secretary for China’s Ministry of Industry and Information Technology and the director of the Hyperledger consortium. Due to the reliability of the team members, the project is highly capitalized.
The working model behind the Ontology Coin project
The trust mechanism which is incorporated by the Blockchain protocol is very intuitive and consists of four stages. The first stage comprises of the verification of the credentials of the real world objects and people. The second stage assists in the connection and verification of different applications. The third stage is vested with the verification of Technical practicalities such as verification of SDK, API, modules, etc. At the final stage, various networks are verified and connected with each other to optimize the overall functioning of the network. In this way, the real world elements are connected to the blockchain world.
A futuristic vision of Ontology Coin
The Ontology team members are highly dedicated to developing a Blockchain platform, in order to implement their Dynamic Network Architecture into most of the business platforms and develop it as a standard model for the same. These days, it is very rare that we find Blockchain integrations with the private or public Organisations. Ontology’s main aim is to democratize the use of Blockchain Technology in such fields. It even admissions for a digital identity management and has also put forth an excellent model for the same, which would indirectly prove to be highly useful for the HR industry, Healthcare, Criminal record, etc.
What is the future of the Blockchain Technology and is it worth investing in?
The future of the acceptance of the Ontology coin is highly optimistic as one of the key members of the organization has good connections with the Chinese government. According to speculations, it is also feared that the government might overtake the project in the name of national security after integrating their social systems with the Blockchain Network. The future of the Ontology coin greatly depends on the development of NEO, as it is indirectly connected with it, having a common place of origin. However, both are practically very different from each other.
Lesser known facts about Ontology Coin
It is interesting to know that, the Ontology Coin project never had a Public Initial Coin Offering and were available only through Airdrops for all the NEO holders at that time itself. The Ontology Coin is available on most of the Crypto exchanges in order to purchase them and various cryptocurrency wallets such as Ledger Nano S or Trezor also supports the Ontology Coin.
