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Ontology (ONT) is Building a Better Blockchain Business

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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.

We will be updating our subscribers as soon as we know more. For the latest on ONT, sign up for our free newsletter!

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

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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