Ontology is an open-source, high-performance blockchain that specializes in digital identity and data. Ontology’s unique infrastructure supports strong cross-chain collaboration and layer two scalabilities, thereby offering the businesses flexibility to design a blockchain according to their needs. Ontology 2.0 was developed by keeping in mind developers and enterprises and has comprised many new features like Multi-VM, Wasm-JIT, ONT ID 2.0, and Layer 2. Ontology can handle performance, personal data security, scalability, and compatibility using these advanced technologies. In this article, we’ll discuss Ontology –the leading blockchain for self-sovereign ID and data.
What is Ontology?
Ontology can be described as a decentralized blockchain framework that helps solve various issues associated with data integrity and identity security. Ontology provides a cross-chain collaboration and layer two scalabilities, simultaneously retaining control over the sensitive data, thereby offering business flexibility. Rather than forcing businesses and organizations to use a single public blockchain, this platform permits companies to design their blockchain that suits them. Ontology has its native cryptocurrency ONT (Ontology coin), which, according to ont price prediction, will reach at least $7.25 by the end of this year.
Ontology’s Vision for Decentralized Identity and Data
- The last three years have been spent by Ontology in realizing their vision for decentralized identity and data. They developed protocols and products to sustain a decentralized ecosystem that focuses on users and their data and identity.
- Ontology is an open-source blockchain that specializes in decentralized identity and data. Its unique infrastructure supports layer two scalability and cross-chain collaboration, thereby offering businesses to design their blockchain according to their needs.
- It provides decentralized identity and data sharing protocols for enhancing speed, trust, and security. Ontology features a mobile digital ID application ONT ID and DID use across the ecosystem, a decentralized data exchange DDXF, and a collaboration framework.
- Ontology’s decentralized identity is also known as the backbone of Ontology’s core protocol, a decentralized credit scoring system. Using core, users can access some unique features on their supported platforms, like lower collateral rates.
- Ontology plans to offer a decentralized Identity to DeFi, a type of interoperable infrastructure that Ontology intends to build soon. This distinguishes Ontology from other public blockchains that look for financial margins through the introduction of tokens.
- Decentralized identity is not the only data protection offered by Ontology; the SAGA protocol strives for growth in the data market industry. The data uploaded in the SAGA marketplace is protected and controlled by people who have created and uploaded their data.
- Ontology’s platform supports ONTO self-sovereign data wallet, built-in, a mobile app for data and asset management. It allows the drivers instantly to share their driving details with other ONT users. If there are any car accidents, they can immediately settle their insurance pay by Ontology-powered insurance application.
Cooperation and Partnership of Ontology and Binance
- Ontology and Binance share a long history in terms of collaboration and partnership that had profited both parties. One of the most crucial alliances is Ontology’s decentralized identity solution integration into the Binance Smart Chain.
- The integration sees Ontology and ONT ID as an exclusive partner for BSC to offer KYC user verification and a complete decentralized identity option.
- Recently BSC (Binance Smart Chain) has landed more projects. It has anticipated a considerable rise in the expansion of potential investors who might be interested in STO’s (security token offerings).
- One of the significant features of this partnership is locating potential investors to ensure that their identities are fully protected. It is validated through the overall trust ecosystem and Ontology’s Trust Anchor Gateway.
Ontology is empowering businesses to precisely choose what data they want to present from their blockchain. Some view this platform as a possible benefit for all those who want to keep progressing with the blockchain revolution.