The cryptocurrency industry grew accustomed to the ERC20 token as the gold standard for altcoins. Now that NEO has grown in market share, we are starting to see NEP-5 tokens challenge that dominance. Projects like Ontology are the first to enter the market, an exciting prospect for those investors that still maintain concerns about the Ethereum blockchain. While Ontology’s purpose is necessarily ambiguous, the up and coming token does have some solid factors to consider.
First, it intends to create a platform from which the average business can incorporate blockchain technology. Making integration easier, if successful, would open up entire industries to the benefits of blockchain tech. These traditional companies often shy away from the prohibitive costs of development, which Ontology intends to use to their advantage. They will provide the tools, and the platform, to make blockchain development as common in the future as information technology is now.
Ontology and NEO
Over the past few months, the Chinese government showed itself to be very mercurial in relation to cryptocurrency. They have alternated between severe restrictions and shows of support, leaving many confused as to their intentions. However, one constant persists – NEO has earned the tacit approval, if not full support, of the Chinese government. As such, their NEP-5 standard ensures that new tokens will at least have the chance to succeed in the notoriously strict country. Given the recent increase in fraudulent initial coin offerings and exit scams like BitConnect, this isn’t necessarily the worst approach.
Ontology’s ONT token, itself built on the NEP-5 standard, airdropped to all NEO holders at the end of March. Although the two are completely separate entities, they are closely linked both in methodology and business partnership. NEO provided the initial code base for Ontology’s token, where Ontology will create an ecosystem in which non-blockchain companies can access that code base. It’s a symbiotic relationship that will help both currencies in the long run.
The Use Cases for Ontology
As Ontology plans on augmenting traditional businesses with blockchain features, it’s understandable that their specific use cases are somewhat nebulous. The key focus, for now, is to provide users with a way of verifying their identity using a slew of information provided from across the Internet. This trusted network is available to any company looking to add a layer of additional identity protection to their systems. As all the information is stored on the blockchain, and therefore both immutable and secure, it drastically cuts down on potential identity fraud cases.
Once the blockchain aggregates this information, it hides non-pertinent data points. That partially hidden information is then given to service providers at the request of the originating user. This can be useful for specific situations, such as medical, where some information is critical to the service – while the user would still prefer to avoid sharing everything. Various modules created by the ONT team allow companies to use information gathered from these identity pools. This includes statistical information on a group level but also scoring information for individuals. This opens new vectors for credit and social scores.
Decentralized applications are also native to the Ontology blockchain. Apps like ONTO allow users to control their collected information. They can use it as a form of digital ID for validation of assets. On a larger scale, the ONT Distributed Data Exchange Framework creates a full marketplace for this extremely valuable data. Ultimately, Ontology and their ONT token offer an entry point for businesses – particularly those in China that may feel blockchain is still risky, given their government’s current attitude. Additional adoption, particularly in this area of the world, can only help investors globally.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Ars Electronica via Flickr
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…