What is Ontology? Breaking Down The Tech | Will $ONT Keep Mooning?

6,076 Views · Posted 6 years ago

Ontology, the new multi-chain system, constructed by Jun Li, and members of NEO’s private branch Onchain. The technology behind this project is downright amazing, but understanding it can be quite a challenge. So today, let’s unpack the technology that is Ontology!!

The core of Ontology is a complete distributed ledger system which includes the core ledger, a smart contract system, and a security system.

The Ontology ledger supports the Ontorand Consensus Engine. The core consensus algorithm of the engine is a new consensus called VBFT, which combines proof of stake, verifiable random function, and byzantine fault tolerance.

How is trust built within Ontology?

The Ontology trust model generates trust between entities using both centralized and decentralized models. Different models can be used according to the specific scenarios and needs.
With the centralized trust model, one or a group of entities act as the trust anchor. A trust relationship between the entities is established based on that trust anchor.

Within this trust framework is distributed identity protocol ONT ID. ONT ID maps and links different authentication services of a single entity such as a person or a device.

Moving out of the distributed trust framework, the next core protocol is smart contracts. Ontology adopts the NEO Virtual Machine (NEOVM) written in GO. This executes and implement logic control to Ontology’s application layer. As we know from some of my past videos, the $NEO Virtual machine has high scalability through deterministic call trees, which allow for dynamic sharding.

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