The Ontology Web3 network: definition and purpose
Ontology is a 2017-released blockchain meant to provide individuals and enterprises with a simple way to integrate their business into the blockchain. The creation of this network is part of the larger trend that saw the introduction of many multichain projects since 2017.
These projects, Ontology included, are there to provide an easier way to develop decentralized apps. They came into being back in 2014, at which point enterprises recognized their potential for extending their reach into the decentralized web. Ontology proved a highly successful provider in this sense.
So, what is it and what made it good? Let’s explore just that.
Ontology multichain functionality
The core function of the Ontology blockchain is that it allows users to create additional chains parallel to the main one. The creators of these chains can create custom rules and mechanisms so that their framework would better suit a particular dApp they were created for.
This ensures an increased scalability and flexibility of Ontology, as every user can tailor the environment and not have to adapt to the system. It means that the decentralized apps you create can better fit their framework, working with increased efficiency and enjoying higher scalability.
Creation of decentralized solutions
Decentralized solutions like decentralized apps, finance, and exchanges are automated blockchain-based service providers created with the help of smart contracts. They were introduced alongside the Ethereum blockchain, and have since proven a major factor in the further development of crypto technologies, owing to several advantages:
- Automation. With the help of smart contracts, you can automate any process on the blockchain to a much larger degree than was possible before. Thanks to that, you can increase your online business exponentially.
- Flexibility. The highly modifiable nature of these contracts ensures that you can place any requirement before them, placing them into any sort of encoded sequence. Accordingly, developers can create basically any sort of app on the blockchain.
- Scalability. A by-product of both other advantages, and the technologies ingrained into the Ethereum network, smart contracts enable businesses to grow much faster and for less cost.
Since their debut back in 2014, smart contracts have been adopted by nearly every new project. The advantages offered by them outweigh any cost of implementing them inside a network. Not that they are particularly hard to install, it’s more about the vision. The automation, speed, and efficiency of smart contracts should be complemented by a secure, scalable, and stable network.
Ontology makes a particular focus on scalability and accommodates dApps in particular. The entire framework is built to better accommodate the creation of decentralized apps and other decentralized solutions. As such, Ontology is a network that offers the most in terms of app development.
Consensus mechanism
Ontology uses a rather uncommon consensus mechanism called Verifiable Byzantine Fault Tolerance (VBFT). The Byzantine Fault Tolerance is in general a rather well-known concept based inherently on the Proof-of-Stake consensus mechanism. However, it has additional priorities and additional rules.
As per VBFT, the nodes involved in the creation of new blocks typically resolve the issues by voting. They first vote for a validation leader, choosing them out of the many participating nodes. This node will then propose a block to create, launching another round of votes.
Additionally, the Byzantine Fault Tolerance makes an effort to allow the nodes to continue their validating even if there are malicious and faulty nodes in the system. Basically, if there are people trying to cheat the system, they at least won’t be able to spoil the process or redirect it to suit only their needs.
The ‘verifiable’ part in the name refers to the process of verifying the transparency of all actions committed by nodes. All of them can be audited, and if a participant won’t follow the protocol and rules, they can be deemed a malicious participant. All of that is basically to ensure that no one party abuses the system.
Notably, the system’s inner token called ONT comes in handy during these voting processes because everything in terms of governance requires a steady staking of ONT.
Digital identities
Another focus of this project is on the digital identities. A digital identity is basically your footprint on the web. Everything you’ve posted, all the data you’ve submitted, and all the personal details out there are your digital identity. However, it can also be understood as a process of creating a personalized presence online.
Ontology introduced many instruments that enable apps and enterprises to adopt a more expansive model of digital identities than previously accepted on the blockchain. Since the crypto world is meant as an anonymous and transparent place, there wasn’t much demand for it originally.
However, as time went on, businesses entered the decentralized web. In order for them to ensure the user experience (and also the regulations they have to stick by), they need to introduce various user authentication, KYC mechanisms, and generally collect more personal details from a client than what’s typical on the blockchain.
It doesn’t just benefit the businesses, but it’s also good for the users. In many cases, blockchain apps are actually too anonymous. Oftentimes, you can benefit from a little personalization. Many also want to be sure that other personalized accounts on the platform are real people.
In the end, the data can’t be mishandled. Despite the collection of personal details that Ontology apps can encourage, it’s still not as strict as on the centralized web, and this data is completely protected.
Conclusion
In short, Ontology is an excellent environment for developing and expanding decentralized apps. Most core features in the system are aimed at the improvement of some aspect of this process. It’s not as comfortable for regular users, but enterprises and aspiring devs will find Ontology rather compelling.
