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Ontology (ONT): Partnerships and Triones Seed Note Recruitment

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Ontology
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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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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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