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Ontology (ONT): Partnerships and Triones Seed Note Recruitment

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Ontology

Ontology has recently announced its partnership with COT on 28th May 2018. COT became the first strategic partner of ONT in technology and intelligence. The aim is to increase opportunities and improve their standings in the cryptocurrency world. The major concern is structuring the required hardware to compute IoT (Internet of Things) on the technology. This is of utmost importance as their multi-chain network will not function properly in the blockchain. Being a provider of IoT network, Chain of Things (COT) has an experienced technology faculty team in the field of intelligence hardware and IoT.

Chain of Things is looking forward to collaboratively build a platform on the network’s chain. The project will be guided by Ontology’s strategy. The newly built platform will focus on trust and transactions and thus strengthen business and the support communities. They will join their core technologies to solidify the platform. According to Wen Wang, the founder of COT, the objective of the COT cooperative public chain system is to address the areas in which businesses are facing problems. Partnering with Ontology means that they will jointly “establish a data exchange and digital identity collaboration platform to jointly promote the development and success of a system which fully integrates objects with our digital world.”

The framework of Ontology (ONT) supports systems of the blockchain in public as well as enables the developers to custom them for various applications. Another reason for this collaboration is that Chain of Things is focused on an ecosystem that is run by multi-chain in the blockchain technology.

Triones Seed Note Recruitment and Consensus System

Following the first IoT partnership with Chain of Things (COT), Ontology announced the Triones seed note recruitment plans officially on 31st May 2018. The recruitment began on the first of this month and the list of candidates for the first cycle will be revealed on 16th July. Interested parties can register through the official website of Ontology itself. Those who participate in the Triones seed recruitment will receive ONG from basic consumption of the entire multi-chain network system that includes storage fees, network fees, smart contract fees and other charges. The participating nodes will also get an extra 1% ONG per annum from the community incentives portion.

Verifiable Byzantine Fault Tolerance (VBFT) is the consensus mechanism of the Ontology network. It is a combination of Verifiable Number Function (VRF), Proof of Stake (PoS), and Byzantine Fault Tolerance (BFT). According to the Ontology team, this combined mechanism will “dynamically select candidate nodes that meet certain conditions to form a consensus network and be responsible for performing consensus.”

Ontology plans to put a “compensation/lease” cost model in place where the ONT token holders will be able to receive ONG tokens. The ONG tokens will act as utility tokens such as to utilize the blockchain services. From here a part of the ONG tokens used will be reserved for the Triones Consensus Nodes. The cost model of Ontology will be regulated by OngLimit, the unit price OngPrice, and the marker of the smart contract executions. The users will have the flexibility to get their blocks in the front for consensus node mechanism by paying a premium. According to the official release of Ontology, the system and network fees will be given to the governance contracts on completion of the transactions. ONG will be equally distributed among the participating nodes.

Unlike ONT tokens, ONG tokens can be divided up to the eighth decimal point. As ONT will be transmitted on the Ontology blockchain, the unbinding of ONG tokens will start. The sender and the receiver of the transactions will be authorized by the ONG governance contract to manually extract the unbound ONG tokens to their wallet. The rate at which ONG will begin to unbind depends on the amount of ONT held and the amount of time. As per the ONG unbinding list, “around 16% of ONG will be unbound in the first year, around 47% in the first four years, and around 82% in the first 12 years.”

The Triones Consensus System consists of

  • Consensus node group: It is made up of seven entities or individuals that have been selected in the candidate approval process. They usually have a high stake through ONT token ownership (above 100,000 ONT).
  • Candidate node group: This is built into the consensus design that will most likely have large-scale deployment in future (>2400) nodes. The node costs and the volume of business done on the Ontology chain make the way for adjustments in the candidate network size.
  • Dynamic participator node group: Anyone who holds ONT will have a stake in the Triones Consensus System governance.

According to Ontology’s founder Jun Li, “Users of different sizes can participate in the governance model through different forms and methods. The research into public blockchain governance is a continuous and dynamic process, and Ontology sincerely welcomes community feedback and suggestions. We will also continue to summarize experiences from our practice, and work towards optimization of public chain governance and the realization of its values.”

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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.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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