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Ontology (ONT) is Building a Better Blockchain Business

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Ontology
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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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