Connect with us

Blogs

Ontology (ONT): Partnerships and Triones Seed Note Recruitment

Published

on

Ontology
READ LATER - DOWNLOAD THIS POST AS PDF

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.”

For the latest cryptocurrency news, join our Telegram!

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 Pexels

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

Continue Reading

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

Continue Reading

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

Continue Reading

Elite