The cryptocurrency market and the blockchain industry is an extremely exclusive space. The reasons for its exclusivity range from being a niche market to the lack of sound technical understanding. But the one thing everybody knows about the market is that its underlying technology is unparalleled and adoption of the technology is in the company’s best interest.

The blockchain technology as a solution to business needs is disruptive. It involves completely scrapping legacy systems and moving to an alien environment that can be difficult to understand. While many companies and enterprises do want to make the move to the blockchain, they are unable to because they don’t have the technical background to do so and hiring someone to do so is expensive.

This is the problem statement that Ontology and its team are trying to solve. Ontology is a blockchain solutions company based out of China that is essentially breaking down the barriers and overcoming commonly faced roadblocks while making the switch to the blockchain. Ontology, through their blockchain solutions, are making the blockchain more accessible to the business sector and other industries by making it more easy and compatible.

Ontology

Ontology is a blockchain solutions company based out of China. The company was founded in 2017 by Jun Li. Though the company has only been around for two years now, it has received a lot of support from the cryptocurrency and blockchain communities for the work it has done.

Essentially, Ontology is a public blockchain platform for projects of all scales and magnitudes. It goes a long way towards integrating the current business and industry sectors to the blockchain and cryptocurrency markets. It allows businesses that have no prior experience with the blockchain to experiment with the blockchain and eventually facilitate the switch from their legacy systems to the blockchain.

The blockchain solutions that Ontology offers, by a very large margin, circumvents the learning process and cuts down the price of hiring specialists too. It has ready-made blockchain solutions enabled with smart contracts that businesses can modify and use based on their requirements and specifications.

Ontology provides high-performance blockchains with multiple distributed ledgers and smart contract systems that facilitate business’ move from legacy systems to the blockchain. These blockchains that Ontology provide are modifiable to the needs and specifications of the company.

The blockchains provided by Ontology focus on the areas that the blockchain lacks. It works on the lack of privacy, ineffective data management strategies, lax security measures, etc. It is basically trying to instill trust in a pretty trustless environment through its ecosystem. The Ontology ecosystem has gone a long way in integrating two very different industries by providing solutions that are easily modified into the shape and size it is needed in.

Partnerships

In the cryptocurrency market, the partnerships that a company or project strikes decides the success or failure of it. It is very important for a company to make good strong and strategic partnerships to make progress and this is another field that Ontology does not disappoint in.

The blockchain solutions company has, over the past two years, struck some major partnerships that have really benefited both sides of the table. To start off with, in the very beginning, Onchain struck a partnership with NEO and both platforms decided to work together to make and facilitate real-world use cases of the blockchain.

The Ontology product is also funded by two big venture capitalists, which for a project in the cryptocurrency industry, is a big deal. The two venture capitalists are; Sequoia Capital and Danhua Capital. The company also has financial tie ups Zhen Funds and Matrix Partners China.

Other than these two big venture capitalists funding this project and a long term partnership with NEO, the company also has tie ups with Decentralised Advertising (DAD), #Hashed, Chain of Things (COT), etc.

Roadmap and Achievements

Ontology at the moment is preparing for its mainnet launch. The price of the ecosystem’s coin is expected to shoot up with respect to fiat as soon as this happens. The event of the mainnet launch is right on schedule as per the company’s roadmap among all other activities that the company has laid out.

The ONT

The native currency of Onchain’s project, Ontology’s ecosystem, is the ONT. It is the same token that the company used for its ICO and is currently valued at $2.39 USD. The token, along with all other altcoins in the market, also saw a large decline during the technical correction, but is recovering since.

The highest value of the coin was $10.36 USD at the end of April and since the coin has been on a steady decline. While the trends of the coin, given the potential of the project, are unsatisfactory, the 2018 prediction for the coin is  ~$4 USD. This prediction is made by taking into account the company’s mainnet launch and partnerships that are in store as of right now.

Ramaa Mohan