Ontology (ONT) Rating= 365/1000
Technology (0 to 300) = 205
- Speed (0 to 50) = 45
Ontology transaction speed claims to be around 4,000 TPS (transactions per second) on its Mainnet rising to 12,000 TPS for certain test environments and has sharding and side-chain scalability. While both Bitcoin and Ontology use the Proof-of-Work model, Bitcoin’s seven transactions per second cannot match Ontology breakneck transaction speed. This is due to Ontology merging their POW into a custom VBFT algorithm combining traditional BFT (byzantine fault tolerance) with POS (proof of stake) and VRF (verifiable random function).
- Cost (0 to 50) = 10
Ontology cost model called the compensation/lease model includes system fees and network fees. Network fees called ONT are the basic system fees that must be paid when entering the transaction pool. The system fee (ONG) is the fee charged for using the system’s computing resources or storage space. ONG and ONT cost less than a dollar making transaction cost reasonably affordable for users of the network. Exchange withdrawal fees are higher than some competitors though, typically 1 ONT or 4 ONG.
- Scalability (0 to 50) = 40
Ontology achieves a high level of scalability through two main solutions – Sharding and side-chains. Sharding is one multi-layered blockchain, whereas the concept of side-chains is multiple parallel blockchains. These solutions enable horizontal and vertical scaling enhancing the network’s scalability
- Environmental Impact (0 to 50) = 40
Unlike Bitcoin, ONG and ONT cannot be mined by Proof-of-Work consensus. Instead, with every new block being generated, it will distribute 5 ONG for all 1,000,000,000 ONT. These 5 ONG will then get divided and sent out to the ONT holders with every new block. Minimal power is consumed during the process. Therefore it is quite environment-friendly.
- Reliability (0 to 50) = 40
Ontology is quite reliable, thanks to the technology behind it. The platform fixes the problem businesses have with Ethereum and also bridges the bridge between NEO and existing legacy systems. The platform is focused on increasing trust in the world, making it quicker and easier to place trust in various entities and organizations.
- Decentralization (0 to 50) = 30
Ontology employs decentralized trust trees, which provide credibility for the whole tree. This model allows for trust and reputation, therefore, making the platform much decentralized.
Security (-250 to 0) = -190
- Security Threats (-100 to 0) = -100
While the network is quite safe, it suffers from some instances of security concerns categorized in different groups. That is General Security, Network Security, Protocol Security, Cryptographic Primitives Security, Smart Contract Virtual Machine Security, and System Smart Contract Security. These security threats could compromise the functioning of the network.
- Potential for being banned (-100 to 0) = -40
The Ontology project is based in China, which makes the future of this project uncertain since the Chinese government is imposing restrictive policies and regulations on cryptocurrencies and ICOs.
- Network Vulnerabilities (-50 to 0) = -50
Ontology suffers from critical network vulnerabilities that affect the core business system. These vulnerabilities can cause a severe impact, gain business system control access, gain core system management for staff access, and even control the core system.
Use Case (0 to 500) = 240
- Initial Main Use Case (0 to 100) = 40
Ontology was created as a secure blockchain project to support corporate needs, providing a way to protect their systems and their data. Ontology is a Blockchain-as-a-Service (BaaS), bringing the blockchain to corporations in a way that they can benefit from the distributed and decentralized nature of the blockchain ledger.
Ontology is created by the same team responsible for NEO but exists as a separate entity. Therefore, it does not only provide a platform for dApp ad smart contracts but also is supported by the NEO blockchain. Essentially, this opens the doors up to complete automation, meaning that organizations can perform data transactions without needing a third party to verify it.
- Mainnet (0 to 200) = 200
Ontology launched its mainnet as of June 30th. The infrastructure provides new high-performance public blockchains that have complete distributed ledgers and support smart contract systems. It also supports public chain customization and chain network collaboration. Ontology 1.0 includes a decentralized identity authentication protocol, a distributed data management protocol, and a credit score protocol.
- Additional Use Case (0 to 100) = 0
ONT tokens can also be exchanged with other cryptocurrencies to be used as a means of payment.
- Additional Working Products (0 to 100) = 0
Ontology team developed the Ontology distributed identity framework (ONT ID) to enhance the process of authorization and verification. ONT ID supports collaborative services such as distributed and diversified ownership confirmation, identification, and authentication of various entities, including individuals, legal entities, objects, and contents. These products however fall under the main use case category.
Core Team, Partnerships & Developers (0 to 200) = 110
- Core Team & Developers (0 to 100) = 40
The team behind Ontology is led by Da Hongfei, who is the CEO and co-founder of NEO. Jun Li is the founder of Ontology as well as the chief architect of Onchain. His previous experience includes working at the China Futures Financial Exchange. The team continues to work together to improve the platform. There have been various calls inside China and in the rest of the world that NEO and Ontology are both scams created by the same team, however we have found nothing substantial behind these claims.
- Partnerships (0 to 100) = 70
Ontology has received support throughout Asia from Large Chinese venture capital firms, including Sequoia China, Danhua Capital, Matrix Partners China, and ZhenFund.
The company has also scored a Co-Builder Plan with Singapore-based private equity firm Tembusu Partners, early-stage venture capital firm Accomplice, and South Korean-based crypto fund Hashed as well as Onchain.
It has also entered into strategic partnerships with Microsoft China, Alibaba, Hyperledger (hosted by The Linux Foundation, an open-source collaborative effort to advance cross-industry blockchain technologies), and has received investment from Fosun Group, one of China’s biggest corporate investors.
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