There are different kinds of blockchains today and they serve different purposes. The problems blockchain offers solutions to exist not just in finance but also in other areas such as supply chain management and gaming. Intersecting needs in the 3 areas of digital identities for people and objects, data exchange, and collaboration with other blockchains led to the creation of the blockchain project known as Ontology.
In Q1 2019, Ontology has announced partnerships with ParityGames and GoWithMi to advance the cause of the platform. This is undoubtedly great news for all parties involved, but will it result in a boost in value for ONT?
The Ontology blockchain acts as a bridge between blockchain and the business world, as it enables businesses to take advantage of blockchain technology without having extensive knowledge of blockchain. Ontology basically makes it possible to customize public blockchains for different applications. Ontology is building an infrastructure for a peer-to-peer trust network that cuts across public chains, systems and industries.
Ontology is developed by Onchain, the same team that developed NEO. The crypto community has often compared and confused NEO and Ontology. While both projects are related and even complementary, they are nevertheless separate and have different goals. NEO is aimed at powering a digital economy, while Ontology is an infrastructure layer to bring businesses into that digital economy.
Ontology was initially created on the NEO blockchain, and its tokens were NEP-5 tokens. The Ontology mainnet launched on June 30, 2018. The NEP-5 ONT tokens then migrated over to the Ontology blockchain, to become ONT network coins. The platform has been gradually developing ever since. The Cloud platforms of Microsoft, Amazon, and more recently Google have added Ontology to their ecosystems.
Ontology Q1 2019 Partnership
Partnerships are important to blockchain projects because they help to draw users to the platform or solution created. This is because a blockchain solution that doesn’t have users will go into obscurity, no matter how good their technicals are. Ontology started on a good note with 6 dapps using the technology.
The partnerships announced thus far in 2019 are summarized below.
Ontology announced plans to co-develop a game platform using the open-source technology of Ontology on February 12, 2019. The partnership entails the launch of ParityGames’ first VR blockchain-based game called “The Isolated City” on Ontology. The game preview got over 1 million views on the video sharing website, Bilibili.
This partnership will also include integrating blockchain into the gaming items and asset marketplace, Skrskins, a platform that has over 500,000 trading users.
The aim of this collaboration by ParityGames is to create a fairer and more transparent economic model for the gaming industry. Ontology will also support ParityGames with capital and marketing.
On March 4, 2019, Ontology announced another partner, GoWithMi, which is working on a decentralized, location-based service infrastructure and digital land rights. Based on this partnership, GoWithMi has received investment and will continue to receive technical support from Ontology focusing on digitizing land rights using Ontology.
GoWithMi already has strategic cooperation with top companies in Southeast Asia such as Grab, Gojek, Akulaku, Shopee, Zoomy, as well as Toyota and Honda. GoWithMi technology was used in the 2018 Asian Games in Indonesia, with the Asian Games Smart Map app providing real-time navigation services.
The GoWithMi dapp has surpassed 1.2M downloads in Indonesia, and hopes to reach 10M users in Southeast Asia before the end of 2019. ONT is expected to be added as a payment channel on GoWithMi by June 2019.
Ontology is a promising project, as it is designed to bring businesses into the blockchain ecosystem. Although the platform is gradually gaining momentum, the successful integration of the current partnerships is expected to entice other businesses into the ecosystem. The increase in value these partnerships bring is expected to gradually factor into the market price of ONT in the course of the year.
When mainstream adoption comes for cryptocurrencies, there are cryptocurrencies that will go into obscurity while others will surge in a big way. There is ample reason to believe that Ontology can be one of the big winners, as it has great momentum so far.
Keep an eye on Ontology and 6 other crypto projects for a likely bull run after the bear.