You’ve heard of DeFi or Decentralized Finance.
But what about DID, or Decentralized Identity?
Leading the movement of this burgeoning blockchain use case is the Ontology network.
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What is Ontology?
The Ontology network is a high-performance open-source blockchain with multiple use cases
in its vibrant ecosystem.
Ontology also has two native tokens – ONT and ONG – that make its network go round.
Let’s get up to speed about the Ontology network in 2021 today.
Ontology differentiates itself from the pack by offering both public and private, permissioned
blockchain solutions for enterprises that want to be in control of their own governance
and data privacy.
While Ontology is a public blockchain, it offers decentralized identity solutions to
enterprises who may choose to use a private blockchain.
Ontology also allows its users to interact between multiple chains,to ensure the greatest
user experience.
Potential use cases range from the sharing of medical records in the healthcare sector
to transactions in the automotive industry like insurance payouts or car rentals.
Ontology was founded by Jun Lii, and actually began as a blockchain built on top of the
NEO blockchain. and Ontology’s mainnet was launched on 30 June 2018.
The Ontology blockchain is fast, cheap, and secure enabling more than 5,000 transactions
per second, low gas fees of only 0.05 ONG, and cross-chain functionality with partnerships
including Ethereum, Polkadot and Binance Smart Chain, powered by Poly Network.
Now let’s look at the real-world problems Ontology is solving.
Ontology has 5 core offerings: ONT ID or identity, OScore or credit scoring, ONTO or wallet,
Wing or lending, and SAGA or data.
ONT ID is undoubtedly Ontology’s biggest claim to fame to date.
It’s a decentralized identity framework that allows a self-sovereign system of identity
ownership and authenticity.
In layman terms, this means users like ourselves or businesses, are able to be in complete
control of our digital identities in a decentralized way.
Why is this big?
Well think about how many websites you log into a day and how much personal information
you need to give them in order to just have an account.
We always have to give our birthday, name and address.
It’s a lot.
You never have to expose your data to privacy risks (and unsolicited data collection) with
ONT ID.
This blockchain solution keeps your data in your hands, by allowing you to cryptographically
sign a proof using your private keys to release selected data.
You can also sign to approve who you are or your credentials without giving everything
else away.
From buying concert tickets to registering for a library card you can sign up with just
ONT ID and a mobile app.
The ONT ID protocol is already integrated with major public blockchains, with cross-chain
Universal Identity or (UI) supported by bigwigs like Ethereum, Polkadot, Binance Smart Chain,
and more to come.
So ONT ID is big.
But that’s not all.
Equally huge is SAGA, a decentralized data marketplace between data providers and data
consumers, and where data is traded in a trusted way.
With the rise of DeFi, Ontology has also jumped on the scene, offering OScore - a unique credit
scoring solution to help protocols manage user risks.
Other solutions include the ONTO wallet app with multi-chain support including DeFi functionality
and Wing Finance, a credit-based lending protocol with nearly $400M in value locked to date.
Ontology’s ecosystem is growing by the minute.
So, what about Ontology’s tokens?
Ontology has a dual-token system comprising of ONT and ONG.
ONT allows holders to have a say on future proposals regarding protocol changes.
holders can also stake their ONT tokens to help secure the network and receive rewards.
By staking ONT tokens, holders will earn ONG rewards.
And what is ONG?
ONG is the Ontology Gas Token and is used whenever transactions are made on the Ontology
blockchain.
So, what are your thoughts on Decentralized Identity and the Ontology network?
Remember to smash those like and subscribe buttons and let us know in the comments below.