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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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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

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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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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