The blockchain is a revolutionary technology, and hardly anybody would disagree with it. But this new technology has brought a new set of problems. And one of the biggest problems is the scalability. Every blockchain user has to stay updated, and this demand constant download of copy of data. The volume of this is in hundreds of gigabytes. Ontology decided to leverage on this issue and came up with its blockchain.
Ontology is focusing on integrating the needs of digital identities, exchange of data, and interactions and collaboration with other blockchains. The ontology also has its own crypto token named ONT. In the first quarter of 2019, Ontology announced a partnership with two companies, one being a gaming platform named ParityGames and other one is GoWithMi. These partnerships are certainly beneficial for Ontology blockchain. But, would it help in raising the market value of ONT coins.
The Ontology blockchain is leveraging on the gap between blockchain and the business world which does not know how to use this technology smoothly. It helps businesses to enjoy all the benefits of blockchain without needing acquiring the extensive knowledge of blockchain. It also helps in customizing public blockchains for multiple applications; it also has a P2P trust network.
NEO creator ‘OnChain’ has developed the Ontology. It is one of the reasons why there is confusion in the market for these two names. Though both of the projects share a few similarities, they are separate and have different goals. While NEO focuses on boosting and supporting a digital economy, Ontology aims to offer an infrastructural layer to the businesses to enable entering a digital economy.
Ontology was at first developed on the NEO platform, and its tokens were called NEP-5 tokens. This Ontology mainnet was introduced on June 30, last year. Then NEP-5 ONT tokens were shifted to the Ontology blockchain to make them the ONT organize coins. The Ontology platform has been growing step by step since then. Ontology is added to the ecosystems of known named like Microsoft and Amazon.
Partnerships help blockchain to draw more users and increase the adoption rate too. Here are the partnerships of Ontology undertaken this year.
On 12th February 2019, Ontology blockchain announced its plan to co-build a gaming platform utilizing its in-house open-source technology. The partnership is planning to introduce ParityGames’ first VR game which will be blockchain-supported. The game will be called “The Isolated City” and will be run on Ontology network. The preview of this game was launched a few days ago which has received more than 1 million views.
Integrating the blockchain with one gaming marketplace named Skrskins is also part of the partnership. Skrskins has more than 500,000 users.
On March 4, this year, Ontology made an announcement of another partnership. This time it was joining hands with a company named GoWithMi. GoWithMi is a location-based, service infrastructure which works on a decentralized theme. Under this partnership, GoWithMi has received funds from Ontology and Ontology will keep on providing technical support to it. GoWithMi is already in strategic collaboration with big names like Grab, Shopee, and Toyota, among a few. GoWithMi technology was also a part of the last year’s Asian Games in Indonesia.