Cryptocurrency ONT migrated to its own blockchain

Cryptocurrency ONT with the current capitalization of about $775 million ready to find a new home. At the moment there is primary testing of the new blockchain, the launch of which took place on 30 June. The first version of the wallet for download was posted a few hours ago.

Shanghai company is the Ontology project, is closely associated with the «smart economy» of the blockchain Neo, and one of the 20 largest capitalization of scriptaction finally got a chance to implement its own technology.

Being focused on the enterprise platform, Ontology seeks to provide a large amount of fast and cheap transactions, and at the same time to help companies cope with the acute problems of interoperability and digital identity. Thus, the ONT will be one of several open blockchains for businesses which have been recently launched. Some of its key competitors — Tron and Vechain.

However, Ontology is the main advantage, which distinguishes the project from others – his team. The Protocol came out of Neo, and its CEO is Yes, Junpei (Da Hongfei). Neo and Ontology – subsidiaries Onchain, which has developed an indoor corporate blockchain called DNA. Junfei also holds the position of General Director in the Onchain.

Meanwhile, the founder of Ontology Li Jun (Li Jun) said that his company Neo and co-funded work on a standard API, common standards for smart contracts and «firewall technological innovation.»

Corporate and technological genealogy company Ontology can be somewhat complex, but the result was a pragmatic approach that apparently combines ambition with a lack of ideological vanity. At the meeting in March, Lee said:

«When you want the industry of the blockchain has also become known as the Internet, you need to link technology with real-life business scenario.»

Lee also added that in recent years began to notice the interest of companies not only controlled the type of the block chain DNA. Recent months, for it was obvious that «the future of the open block chain». As he explained: «If you already trust each other, the blockchain is not needed.»

By adopting this position Onchain, which has since received support from Chinese conglomerate Fosun Group and was accepted into the Microsoft accelerator in Shanghai, started work on an open platform that would meet the most urgent needs of the business. For example, the implementation of digital identity and flexibility in terms of technical design.

Two tokens and multiple chains

Ontology created a complex structure to achieve all of these goals.

Like Neo (NEO and GAS), the network will support two tokens. There is only ONT. A token on the blockchain Neo were distributed among the owners of NEO using «air assault» (airdrop). Half the tokens were distributed, the other half will be distributed soon after the launch of the core network. After that, they will serve as a control mechanism – users can vote tokens ONT when making decisions about the network.

The owners of ONT will also begin to receive new tokens ONG that perform a role analogous to the tokens in the GAS network Neo to ensure the implementation of smart contracts. Each ONT will «release» the tokens ONG for 18 years.

The most unusual aspect of the architecture of the Ontology – it consists of several interacting chains bound to the main blockchain (in fact, this structure is not much different from what Ethereum is positioning its technology Sharding, as well as the future structure of separate contracts EOS, Lisk and other competing projects). According to the creators of the project, the structure reflects the corporate orientation of the Ontology and the desire to provide flexible business solutions in terms of inventory development.

Daniel Assab (Assab Daniel), senior specialist on foreign markets Ontology, said:

«In industry there are many blockchains that want to dominate and eliminate competition from this region. But we want to cooperate with everyone, work with everyone to make interoperable interaction as efficient as possible».

In March, Li also said that enterprise applications should be customizable in accordance with the desires of the customer. «They have a lot of demands,» he said. «They want their own blockchain with its own management model».

Core network Ontology is based on a new mechanism of consensus – VBFT — proof combination of shares, verifiable random functions and Byzantine Fault Tolerance. The project team expects that the network can handle up to 3,000 transactions per second. The network intends to support some control mechanisms in the child chains.

People and things

Ontology developed this complex architecture to realize the fact that in its White paper called «decentralized trust ecosystem».

«We want to integrate different trusted sources,» said Lee in March, not only scattered and samootverzhennyj digital aspects of trust, such as private keys. The company wants to introduce sources from the real world: the legal system, and physical assets such as real estate. He also noted: «Ontology can be the bridge between the physical world and business.»

In other words, Ontology hopes to solve the problem of identification in the digital age – to achieve another goal, pursued by several blockchain projects.

However, Ontology is planning to address the issue of digital identity not only for people but also for digital products. To this end, the company cooperates with the Chain of Things (COT). Project founder Wang Wen (Wen Wang) describes the goal of this collaboration as the creation of a «universal base platform for IoT and smart hardware» to be developed on the platform Ontology.

Ontology is also working
with Contentos, a project to implement video streaming on the basis of the blockchain.

The Ontology team is working on several improvements, which will be launched in the coming months and years, including a system ID of «search engine trust mechanism» and a Protocol of data exchange. As with any self-respecting Protocol of the blockchain, the company aims to attract applications developers to create their own ecosystem.

The head of group of developers under the pseudonym Panther said that the community is working on a kit for software development in C# and a plugin for Chrome purse in addition to other projects.

The correct transition

The question of whether Ontology to implement all or at least part of his ambitions, is still open. For a start, the project needs to complete the transition to a core network without losing too many holders of tokens.

Many users will have to migrate manually, which causes concerns, because «people can forget to implement swap token… or just afraid to do it,» said Assab.

Users who store their ONT on certain exchanges, including Huobi and Binance, is likely to receive the automatic exchange of tokens. However, the administrators of the social networking Ontology stated that they are unable «to refer to policies of individual exchanges.»

For users which exchanges manually, Ontology published
a page with frequently asked questions. A more detailed step by step instructions, and updated after the release of the wallet is here.

Likely a headache for some users will need to ensure that you do not accidentally waive some ONT to which they are theoretically entitled. Another feature is that the core network Ontology will only accept integer number of tokens and ignore fractions, although many users can have fractional values, including the resulting distributions for the NEO ONT. Users will have time until October to exchange tokens, but when necessary, developers will be able to extend it.

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