Ontology Network - Undervalued Cross-Chain Blockchain Project - December 2017

in #neo7 years ago (edited)

Cross-chain blockchain for trust and identity

Advantages

  • Strong team (ex NEO / OnChain)
  • Strong vision to be the global foundational infrastructure of a trust ecosystem
  • Cross-chain interoperability support
  • Strong product roadmap across multiple industries (Health care, government administration, insurance, internet of things, asset management, copyright protection, public welfare, financial services)

What is it?

  • Ontology Network is a Cross-chain trust and identity blockchain
  • It incorporates multiple trust types in an integrated protocol system with various blockchains and databases.
  • Multi-source identities and multi-source data exchange protocols have been implemented into the network, building a distributed trust system that is cross-chain, cross-industry, cross-system, cross-application and cross-device
  • Ontology Network aims to develop its trust ecosystem through partnerships to provide distributed services including: distributed communities, data verification, data exchange and credit across industries

What problems does it solve?

Existing Identity & Trust Technology

  • Inaccurate identity verfication
  • Emergence of new sources of trust
  • Identifying false information
  • Weak encryption systems
  • Fragmented sources of trust

Existing Security In Trust Technology

  • Security issues in IOT identity management

Existing Data Management In Trust Technology

  • Data management monopolisation
  • Data fragmentation

Core technology

  • Decentralised identity verification (Multi-factor authentication, Entity registration and authorisation, Procedure protocols, Data attestation)
  • Data exchange (Peer to peer data transmission, data authorisation mechanisms, copyright protection of data, distributed data storage)
  • Data directory
  • Ontology marketplace
  • GlobalDB
  • HydraDAO
  • Ortorand consensus engine

Use Cases

Identity blockchain for people

  • Users can collect and manage their own identity data from various sources including public institutions, banks, businesses, family colleagues and friends

Identity blockchain for objects

  • Users can register digital identities of physical objects into the distributed network. Each object has its own API and can interact with other digital identity holders

Distributed data exchange

  • Ontology network provides a data exchange for users to exchange their data (e.g. with hospitals and banks)

Online communities

  • Ontology network provides the framework for communities to run in a decentralised system

Distributed reputation system

  • Ontology network calculates local and global trust levels according to modifiable criteria

Decentralised inclusive financial services

  • Ontology network helps businesses and individuals to become active managers of their data. With multi-source data coordination, individuals can easily apply for financial services at fairer interest rates

Valuation

  • Current cap: ?
  • Potential cap: $1bn - $10bn by 2019

Summary

  • Ontology network is a very high quality cross-chain blockchain
  • Ontology has the potential to hit $1bn - $10bn circulating marketing capitalisation by 2019.

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Very exciting project, cant wait!

I bought some yesterday. It seems to be a winner especially with the kind of team it has.